2017 Annual Report by Glenelg Golf Club

2017

ANNUAL REPORT A golf course that inspires the senses; a Club experience that elevates the spirit. Escape to The Bay.... GLENELG GOLF CLUB INCORPORATED | ABN 94 199 789 857

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 Darren Royals

COMMITTEE Greg Rundle

PRESIDENT:

Helen McMutrie

VICE PRESIDENTS:

David Lindsay Ian Symons

KEY MANAGEMENT PERSONNEL

GENERAL MANAGER:

Ben Kavenagh

FINANCE & ADMIN MANAGER:

Carly Clough

FOOD & BEVERAGE MANAGER:

Zak Soliman

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 2017 Paul B. Duregon

Bevan M. Roberts

Michael S. Adair

Paul J. Grosvenor

Phillip J. Maunder

Kay Nyland

Darren W. Royals (elected March 2017) Greg C. Rundle

8 11

A total of twelve (12) Committee of Management meetings were held for the year ended 31 December 2017.

2017 Annual Report

2017

CAPTAIN’S REPORT

CAPTAIN Paul Duregon

It has been an honour and a privilege to be able to serve the membership of Glenelg Golf Club for the past two years. I sincerely thank the elected Committee of Management and our management team for their hard work in developing and enhancing the member services and experiences offered here at Glenelg. I present this 2017 Captain’s Report as my last as Captain of this great Club. Now in our 91st year, I remain of the belief that 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, as recently

published through our new Strategic Plan represents a strong fit with the needs of the evolving market place. Our food and beverage offerings continue to be the envy of most golf clubs in Australia, as is our unrivalled Golf Operations team, who oversaw an unprecedented 5 pennant titles out of 6 in 2017, and includes some of the very best golf coaches available. Our financial position is sound. While the Committee of Management have been extremely diligent with debt reduction in previous years, the return on investment analysis of greater investment in our facilities and infrastructure will remain a key issue to work through as the Club moves forward. We are very fortunate to have a unique and loyal membership base who act as great ambassadors for our Club. 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, welcoming and friendly atmosphere experienced by members and guests. I hope you enjoy reading about the activities of the Club in 2017.

Glenelg Golf Club Incorporated

ABN 94 199 789 857

From a staffing perspective, we had a year of significant change. We said goodbye to a number of significant servants of the Club in General Manager David Brand, Admin staff Cathy Symons and Kerry Crossman, House Manager John Lanica, Course Operations Manager Graham Stevens and Membership Manager James Hampel. All made significant contributions to the Club. We are thrilled that both David and Cath have remained as active (and very talented) playing members. We welcomed new General Manager Ben Kavenagh, who has been very visual amongst the membership. Ben has been busy engaging committee, staff and members in a club-wide strategic process that plots an exciting future for the Club, with management now firmly focused on its delivery. Elysia Yap was elevated to our permanent staff in the important Membership Officer role while we recently welcomed Zak Soliman to the Food and Beverage Manager position and Tia Johnstone to the admin desk.

FINANCE The year ended 31st December 2017 reported an operating surplus of $68,131. Total equity increased to $4,460,239 whilst the Club’s cash position increased by $10,175 with $157,792 available at year end. Cash flow generated from operating activities of $451,048 was used to fund the Club’s debt reduction and capital expenditure programs for the year. With similar operating activities to prior year the volume of Employee Provisions paid out limited cash flow available to meet the debt reduction, with $125,000 being used to reduce the Club’s loan facilities to $1,375,000. Since the Club’s debt reduction program was introduced in 2010, a total

of $2,075,000 has been repaid – a solid performance through challenging financial conditions. A further $67,130 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 $55,836. When accounting for this, the Club reduced its total borrowings by $137,294 to $1,471,878. Some key projects were completed in 2017, with capital expenditure totalling $358,748 for the year. The need to invest back into our facilities and infrastructure saw completions to the eastern balcony canopy roof and upgrades to the outdoor furniture for the clubhouse, the completion and opening of the

19th hole along with golf course maintenance fleet upgrades and numerous bunker, tee-block and path refurbishments. Other projects saw the introduction of the competition management program in the Pro-Shop, a phone system upgrade, sand bay construction and various minor acquisitions. Operationally, total net income grew by 2.6% to $3,230,054 in 2017. Membership revenue was positive for a fifth consecutive year, despite another anticipated reduction in FME numbers. Subscription revenue totalled $2,020,453, an increase of 1.9% over 2016 figures. FME numbers as at 31st December 2017 were 746.3 compared with

2017 Annual Report

766.6 in 2015, a membership retention rate of 96.1%. Entrance fee revenue totalled $163,367, a decrease of $29,637 on 2016 figures. The Club’s golf operations reported strong revenue of $710,864, an increase of 14.8% on the back of growing golf course activity indicated by increases in competition fee, green fee revenue and cart hire. Green fee revenue grew 18.1% to $507,066 with cart hire increasing by 9.3% to $125,512. Food and beverage remains an important contributor to the Club’s overall financial performance. Revenue generated by bar and catering departments in 2017

totalled $2,479,731, a reduction of $14,185 on 2016 levels. Notably revenues generated are almost on par with total revenues generated through membership activities. Despite reduced revenue for the year, bar posted a net profit of $216,615 – a 6% improvement on 2016 figures – whilst Catering posted a net profit of $67,224, down nearly 13% on 2016 results. The hospitality department relies heavily on function income, with 45% of revenue in 2017 arising from Weddings, Functions, Trade Day and Conference activity.

costs of utilities, maintaining the club, and course. Administration expenses increased 7.6% to $974,827, with staff turnover & recruitment along with increased technology costs contributing to the majority of the increase. Golf course expenditure totalled $1,755,676 for the year - a decrease of 2.6% - with a reduction in staffing levels and decreased depreciation contributing largely to this. House saw a 6.6% increase with increases in utilities and depreciation the largest contributors.

Total expenditure for the year grew marginally to $3,244,899, with many cost saving initiatives introduced to offset the ever rising

Trade and other payables for the year end totalled $351,381 compared with $315,486 in 2016.

Glenelg Golf Club Incorporated

ABN 94 199 789 857

GOLF COURSE The past 12 months saw further confirmation of the unprecedented levels of member satisfaction in our golf course (Golf Business Advisory Services), and based on the continued increase in visitors accessing the course from around the country and overseas, our reputation continues to grow. However, we have been aware for some time that we cannot become complacent in the ongoing maintenance of the course, the Club’s greatest asset. This has again been confirmed by member survey results that clearly identify the golf course as the primary reason most of us are members at “The Bay.” We have enjoyed over a decade of minimal course disruption, but it has become increasingly clear that there needs to be some significant investment in the course to address some infrastructure issues that compromise the daily management of the course as well as its potential to be improved. As a result, in 2017 we sought to reset our focus on the course looking into the next phase of its history. We considered what we have learned from the course redevelopment that was completed some 13 years ago, how the game has changed in that time, and what will be required in the foreseeable future as the Club seeks to meet and overcome the challenges that face the game of golf globally. The importance of this planning process is already becoming evident, with the development of the 19th hole a major first step and well received improvement to the course. But we believe the next 12 months will be some of the most exciting many of us will have experienced in our time at Glenelg, and will set a solid platform for the course into the future. Following on from the reconfirmation of the Course

Design Concept by the Committee of Management, we are finalising a review of the existing Course Enhancement Plan in consultation with Crafter and Mogford (our Course Architects) that will provide clear and consistent objectives for the course. These plans will consider design elements, infrastructure priorities, available resources, vegetation management, and importantly the most effective use of the limited space we have within the course boundaries. Many of the recommendations from these plans will be simple to implement, a number will require detailed planning. All of them will result in the ongoing improvement of the course that is essential to the Club retaining the excellent reputation it has developed over the past 15 years. But 2017 also saw a lot of work undertaken on and around the course, including. •

The tee complexes at the 5th, 10th and 16th holes were

remodelled and/or had new path networks created to improve aesthetics and traffic management •

Significant modifications to bunkers on the 3rd, 4th, 8th, 10th, and 17th holes were undertaken as part of a program to improve access and maintenance efficiency

•

Re-establishment of the bent grass nursery

•

Removal of Casuarina trees on holes 4, 15 and 18

•

Redevelopment of old green waste site at rear of third tee, including formation of new rear tee on 3rd hole

•

Construction of sand bays

•

New storage racking in rear shed (adjacent 12th green) to improve equipment and product storage

We also saw the re-introduction of the “Friends of the Course”, with some great work being completed in the second half of the year.

2017 Annual Report

We hope to see more members engage in this initiative throughout 2018. Towards the end of 2017, approval for the redevelopment of the 5th hole and 6th tee complex, was given. This promises to be an exciting project that not only sees the replacement of some very old and unreliable irrigation equipment, but also the refurbishment of an area to better reflect the character of the rest of the course, as well as address some safety and traffic movement issues. The latest Golf Australia Magazine rankings indicate we have held our ground quite well (have moved from 25 to 30) given the limited significant course work undertaken in recent years compared to many other clubs throughout the country. We are confident that the adoption and implementation of the Course Enhancement Plan in the years to come will continue to position our course very favourably at a national level, and serve to further enhance our reputation as well.

CLUBHOUSE, FOOD & BEVERAGE As mentioned earlier, our food and beverage offerings play a key role in the financial success of the Club, particularly the activity generated through our function rooms for weddings, conferences and corporate golf day catering. Accolades were again received during 2017 with the Club being named Australia’s Best Club Reception Venue at the Australian

Bridal Industry Academy’s 2017 Awards, with such being broadcast on the front page of the Adelaide Advertiser. The Club was also recognised through Clubs SA for conducting the Best Members Event for our fantastic 90th birthday celebrations. Our general bar and bistro operations generated just under $1.4m in revenue in 2017, a decrease of 7.6% over 2016. Function operations generated just over $1.1m in revenue in 2017, an increase of 12.1% over 2016. A number of Club events were held during the year, including a Captain’s Dinner – with triple AFL premiership captain and Brownlow medallist, Michael Voss teaming up with Pikes Wines to entertain a room full of members and guests.

Texas BBQ Ribs, a new menu item in 2017

FUNCTION NUMBERS

Michael Voss at the Captain’s Dinner with Janet Fleer, Jill Hodge and Ruth Martin

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2017

2016

2015

Weddings

Functions

110

173

113

Conferences

188

170

250

Golf Days

Glenelg Golf Club Incorporated

ABN 94 199 789 857

Our function business again was a major contributor to the Club’s financial performance with 354 functions, conferences, weddings and golf days held during 2017. Wedding numbers increased from 20 to 24 leading to a notable improvement in profitability. Targeted marketing campaigns through social media and the hosting of a Bridal Open Day during the year has seen an uptake in 2018 bookings at the highest they have been in many years at 34 already.

MEMBERSHIP & GOLF Membership interest remains sound at our Club with a retention rate of 95.6% in 2017. This interest has been driven by a focus on providing members with a high quality 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 seen, our Club continues to provide an adaptive mix of options and flexibility to ensure we retain our current members and attract new ones. A promotion at the end of 2017 saw the introduction of the ‘Bay Experience”. This category was designed for the busy 25-45 year old that has played golf, but moved away due to time and costs. It is hoped this offering will reacquaint this demographic to the game and our fantastic Club, with hopefully some getting ‘the bug’ back, leading to a deeper engagement down the track. Strategic alignments with new and existing corporate partners were again forged during the year including a new partnership with the Audi Stadium 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 organisations and with benefits flowing through membership conversions and fundraising opportunities. We thank former Crows player and now Glenelg Golf Club ambassador, Tony Modra for promoting the Club within media and social circles, and look forward to a similarly strong relationship with AFLW and Adelaide Football Club’s Best and Fairest Erin Phillips.

15 year old Jack Buchanan claimed his first Men’s Club Championship title

On the golfing front, there were many success stories during 2017. Glenelg’s pennant teams experienced great success in 2017. Of our seven teams Simpson Cup, Bonnar Cup, Pike Cup, Sharp Cup & Women’s A4 were all victorious and our Sanderson Cup team fell just short in the final. Sam Earl, Jackson Kalz, Anthony Olsen (captain) & Elysia Yap were named in their respective Golf SA Pennant Teams of the Year. Elysia Yap continued her steady golf throughout the year notching up her third consecutive Club Championship, she represented SA in the Women’s State Team alongside Sarah Crocker and Charley Jacobs. Other State Representatives in 2017 were Jack Buchanan, Harry Burner, Andy Fiebig, Jackson Kalz (Captain) & Frank Vucic (SA Boys’ Team), Lachlan Barker, Sam Burton, Jackson Kalz & Will Somerfield (SA Men’s Team) and Charley Jacobs, Shakira Kuys & Emma Sutton (SA Girls’ Team). 17 year old Jackson Kalz had an exceptional year of individual performances with wins in the Victorian Junior Masters, Victorian Junior Open and Golf SA Junior Vardon Trophy. He was selected to represent Australia at the Aaron Baddeley International Junior Championship and the IMG Academy Junior World Golf Championship where he finished in fourth place.

2018 Bonnar Cup Champions defeating The Grange at Flagstaff Hill

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

The Women’s A4 Team won the inaugural pennant and were promoted into Women’s A3 in 2018

2017 Annual Report

State Champions included Lachlan Barker (SA Boys’ Amateur), Will Somerfield & Jack Tanner (SA Men’s Foursomes), Andy Humphries and Elysia Yap (SA Mixed Foursomes) and Shakira Kuys (SA Country Girls’ Amateur). A full list of other notable performances in 2017 is included with this report. We are lucky to have what is arguably the best Golf Operations team in Australia. As a group, the team have developed 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 continue to strive for excellence to build a stronger Club for future generations. The Club remains in talks with Golf Australia regarding the possibility of hosting the Women’s Australian Open. Space issues are a hurdle, but the Club is of the believe these may be solvable. In the meantime, we are hosting the 2018 Australian Women’s Interstate series in May this year and are very pleased to have been offered the March 2019 Queen Sirikit Cup, an International Women’s teams event.

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 2017 with a further increase in activity amongst our junior members. Our junior membership numbers are at a seven year high, including one of the largest contingents of active

Glenelg claimed back-to-back pennant titles, defeating Kooyonga at Royal Adelaide in July. Photo: David Brand

Glenelg Golf Club Incorporated

ABN 94 199 789 857

Glenelgâ&#x20AC;&#x2122;s Pike Cup Team were victorious against Kooyonga in the Final, a particularly momentous day given the Pike family connection. Photo: David Brand

female junior golfers in the state. The Golf Operations team conducted another successful Junior Development Golf Day with coaching and golf provided followed by a casual BBQ in the clubhouse with parents and friends. Fundraising activities headed by a very enjoyable Foundation Day (where Jason Norris, fresh off his Fiji Open victory entertained the crowd), continued to subsidise tournament entry fees, travel expenses, individual lessons, Junior Tigers and High-Performance clinics for our up and comers. We encourage members to continue to support the Glenelg Golf Club Foundation through 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 Clubâ&#x20AC;&#x2122;s Heritage Fund during 2017.

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 2017 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 their commitment to the Club. Vice-Captain, Bevan Roberts, has provided valuable counsel to myself and the group and I am sure he will prove to be a strong Captain over the next two years. In line with our Strategic Plan, each COM member has taken on a leadership role in each pillar. Bevan has provided sound financial leadership, Phil Maunder heads up our Couse Committee, Greg Rundle oversees House, Paul Grosvenor Membership and Darren Royals leads the new Governance Committee. This committee has instigated the proposed constitutional changes that will

2017 Annual Report

reduce expenses, create greater efficiencies and make it easier for members to have a voice on key issues going forward. After significant service to the Club, Kay Nyland (Golf Ops) and Michael Adair (Admin) are concluding their roles on COM. On behalf of the entire Club I sincerely thank both for their selfless input and trust they will continue to enjoy their playing and social involvement at the Club for many years to come. Our Women’s Sub-Committee again oversaw a busy program for our female members under the guidance of Women’s Captain, Sue Tuohy and Vice Captain, Sue Raggatt. Liz Kelton handed the reigns of Women’s President over to Cheryl Franzi with Annette Rieniet’s taking on the Vice

Presidency role. Together with Joy Green, and the support of the Golf Operations team, the Women’s Sub-Committee continued their outstanding work managing a packed women’s social program. One of the very noticeable attributes of our Club is the numerous members who readily volunteer their time and experience. They assist with managing Pennant Teams, refereeing, performing maintenance duties, coaching, marshalling, starting, assisting with member mail-outs and the many other duties essential to support the operation of the Club throughout the year. We do not have enough space to mention all by name, so I take this opportunity to thank you all for your support throughout a very successful and enjoyable 2017 program.

Our team of hard working and dedicated staff continued to provide me with great support. Our new-look team, now led by our General Manager Ben Kavenagh, and supported by senior management heads including Daryl Sellar (Course Superintendent), and Shane Robinson (Head Professional) continue to provide service to members and guests that is second to none in South Australia. I believe we have the very best team available to run our great Club. The Administration department also underwent some changes, but is still overseen by the very hardworking Carly Clough who continues to provide accurate and professional financial and administrative oversight.

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

Glenelg Golf Club Incorporated

ABN 94 199 789 857

The Glenelg Golf Club Team

Long-time Club member Elysia Yap now heads up our critical membership area and we recently welcomed Tia Johnstone to the highly member interactive role of reception and administration. Our Course Maintenance team do a remarkable job. Every year, budgetary pressures are placed onto what is our single biggest expenditure department, and every year, the team are able to deliver a golf course that has improved markedly from the previous year. The team, led by Course Superintendent Daryl Sellar and new Course Operations Manager Simon Grieve, 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. Our team manage to deliver a range of services from 200 person functions to three person conferences to twilight bistro dinners where 120 main meals are 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, now led by Food and Beverage Manager, Zak Soliman, our Sales & 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 staff that form part of our Club community. Shane Robinson has put together a formidable Golf Operations team during his tenure at Glenelg. His coaching team, with leading PGA professionals Gareth Jones and Adrian Wickstein, and ALPG professional, Sarah King, also offer a service second to none in Australia. Recently we were proud to see Adrian be offered the South Australian High Performance Manager role. This role will allow Adrian to still have some availability at Glenelg Golf Club to continue to teach our members. The Golf Ops team also welcome James Miller to the assistant Pro Shop Manager role.

2017 Annual Report

Owen Burgan, Rod Gillies and Allen McIlvena

As Captain, I have had the pleasure of playing with and meeting a broad range of members throughout my time in the role and every day, I hear new and interesting stories. Two GGC members received the extraordinary honour of Orders of Australia. Congratulations to David Holst and Barbara Deed. The Club is very proud of you both. I also had the pleasure of hosting the 50 Year Club luncheon in September – an event that recognises the Club’s’ longest serving members. Bill Fuller, Jill Tillett and Sue Tuohy were the latest member to join this exclusive group.

As mentioned from the outset, I feel privileged to be a small part of such a fantastic Club. The people that 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.

Sadly, we also lost several long serving and popular members during the year. Former Captain, John Handford, passed away in 2017, and we also said goodbye to Morreen Barter, Devron Booth,

As Captain, I have taken my role as a Club custodian very seriously and now look forward to re-joining the general membership on our world class golf course for many enjoyable years to come.

CONCLUSION

Sunset over the clubhouse and new eastern balcony canopy roof. Photo: David Brand

Glenelg Golf Club Incorporated

ABN 94 199 789 857

Glenelg Golf Club

FOUNDATION Building a stronger Club for future generations

JUNIOR GOLF & ELITE PLAYER DEVELOPMENT FUND ACTIVITIES 2017

2016

Sharp Cup won back-to-back pennants after defeating Kooyonga at Flagstaff Hill

INCOME 4,495

4,691

Captainâ&#x20AC;&#x2122;s Lunch raffles

7,356

Winery Challenge raffle

1,401

Saturday Competition donations

Member donations

11,051

2,108

Foundation Golf Day

22,479

21,765

Miscellaneous fundraising Golf Australia donation 90th Birthday raffle TOTAL INCOME

4,132

513

3,000

5,826

49,384

39,433

3,100

489

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

EXPENDITURE Junior Development Golf Day Golf SA squad entry fees

1,982

Individual junior lessons

9,504

18,546

Tournament entry fees

8,412

13,025

Tournament travel expense subsidies

4,455

12,953

Junior Tigers & High Performance clinics

1,387

4,182

5,126

26,858

56,303

Junior High Performance squad trip 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:

$37,391.00 INFRASTRUCTURE DEVELOPMENT FUND BALANCE:

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

$8,474.00 2017 Annual Report

MEMBERSHIP STATUS For the year ending 31 December 2017

Category

Male

Female

2017

2016

2015

2014

2013

2012

331

39.6

370.6

401.3

418.2

453.5

477.3

501.3

95.9

109.1

104.8

97.5

115.7

128.5

Six Day

51.9

24.2

76.1

74.2

83.8

73.9

60.5

Weekday

81.5

39.7

121.2

112.1

108.1

112.4

112.8

108.5

Intermediate

6.6

0.4

7.9

9.6

9.9

11.3

Junior

6.9

1.3

8.2

6.2

3.7

4.4

Country

15.1

1.2

16.2

16.1

12.6

15.7

18.6

Corporate

19.9

16.7

29.1

27.5

18.3

0.5

12.5

8.5

12.5

15.5

5.6

3.8

Non Playing

0.2

0.4

0.7

1.1

2.6

3.1

PGA

1.4

1.3

1.2

1.1

Introductory *

5.1

5.7

1.8

Twilight *

0.3

4.3

4.8

1.8

0.3

3.9

0.3

4.1

4.4

5.6

4.9

5.8

611.3

135

746.3

776.6

801.9

820

852.8

876.5

1380

1447

1429

1418

1439

1501

Full Provisional

Casual Womenâ&#x20AC;&#x2122;s Try Golf

Social * / Pinehill * Total FME Total members

*FME denotes Full member equivalent

Male

Female

2017

2016

2015

2014

2013

2012

Honorary

Full Paid

Temporary

135

143

131

134

132

139

Category Life

Total members

Glenelg Golf Club Incorporated

ABN 94 199 789 857

HERITAGE FUND SUMMARY OF ACTIVITIES Opening balance:....................................... $23,179.00 Interest earned:.................................................$125.00

HERITAGE FUND BALANCE:

$23,304.00

HERITAGE FUND MEMBERS

as at 31 December 2017

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”.

70+

Donald Cant

Pauline Sanderson

Peter Steadman

60+

Modge Brown

Brian Faehse

Peter McDonald

Noel Taplin

Jonathan Cook

Rod Follett

Dennis Nunn

Rhonda Watson OAM

John Dibben

Alec Jordan

Liz Pitcher

Peter Wheatley

Les Diercks

Bernie Manser

Elliott Shea

Richard Bowering

Leon Grealy

Steve McKee

Sue Tuohy

Geoff Chapple

Brenton Green

Rob McMutrie

Graham Webster

Geoffrey Cock

Geoff Hallion

Jane Nelson

Jan Wheatley

Mike Dobson

Charles Harris

Marcia Oldfield

Dennis Whitford

Peter Drew

David Jervis

Cathy Symons

Chris Whitford

Pat Duguid

David Lahiff

David Tamblyn

Tony Whitford

Chris Ellis

David Lindsay

Gary Thompson

Bill Fuller

Margaret McCann

Jill Tillett

Geoff Gitsham

John McEntee

John Tully

50+

2017 Annual Report

OFFICE BEARERS 1927-2016 Year

President

Captain

Vice-Captain

Year

President

Captain

Vice-Captain

1927

A.J. Roberts

S. Jackman

F.G. Hicks

1973

N.E. Bagshaw

J.D. Omond

M.C.E. Summers

1928

A.J. Roberts

S. Jackman

F.G. Hicks

1974

N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

1929

A.J. Roberts

S. Jackman

F.G. Hicks

1975

N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

1930

A.J. Roberts

S. Jackman

F.G. Hicks

1976

F.G. Collins

R.B. Bennett

G.A. Hodgson

1931

A.J. Roberts

F.G. Hicks

John Hill

1977

F.G. Collins

R.B. Bennett

G.A. Hodgson

1932

Not Appointed

F.G. Hicks

John Hill

1978

F.G. Collins

G.A. Hodgson

H.T. Slade

1933

W. Fisk

John Hill

G. McLeay

1979

F.G. Collins

G.A. Hodgson

H.T. Slade

1934

W. Fisk

John Hill

G. McLeay

1980

F.G. Collins

H.T. Slade

B.J. Manser

1935

W. Fisk

J.E. Ashton

G. McLeay

1981

F.G. Collins

H.T. Slade

B.J. Manser

1936

W. Fisk

J.E. Ashton

G. McLeay

1982

F.G. Collins

B.J. Manser

J.E.O. Handford

1937

W. Fisk

K.C. Crookall

Dr. A.H. Guymer

1983

F.G. Collins

B.J. Manser

J.E.O. Handford

1938

W. Fisk

Dr. A.H. Guymer

Dr. C.B. Maddern

1984

R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1939

Frank Smith

Dr. A.H. Guymer

J.E. McKee

1985

R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1940

Frank Smith

J.E. McKee

V.M. Thomas

1986

R.B. Bennett

G.D. Gitsham

A.K. Whitford

1941

Frank Smith

V.M. Thomas

W.B. Holt

1987

R.B. Bennett

G.D. Gitsham

A.K. Whitford

1942

Frank Smith

V.M. Thomas

W.B. Holt

1988

R.B. Bennett

A.K. Whitford

D.N. Barton

1943

Frank Smith

V.M. Thomas

W.B. Holt

1989

R.B. Bennett

A.K. Whitford

D.N. Barton

1944

Baden Pattinson

V.M. Thomas

W.B. Holt

1990

R.B. Bennett

D.N. Barton

J.L. Waddy

1945

Baden Pattinson

W.B. Holt

A.C. Brooke

1991

R.B. Bennett

D.N. Barton

J.L. Waddy

1946

Baden Pattinson

W.B. Holt

A.C. Brooke

1992

R.B. Bennett

J.L. Waddy

J.R. Giles

1947

W. Allen

E.Caradoc Ashton

S.N. McKee

1993

R.B. Bennett

J.L. Waddy

J.R. Giles

1948

H.H. Handby

E.Caradoc Ashton

S.N. McKee

1994

D.N. Barton

J.R. Giles

J.A. Rawson

1949

H.H. Handby

E.Caradoc Ashton

S.N. McKee

1995

D.N. Barton

J.R. Giles

J.A. Rawson

1950

C.H. Fidock

S.N. McKee

F.G. Collins

1996

D.N. Barton

J.A. Rawson

I.P. Symons

1951

C.H. Fidock

S.N. McKee

F.G. Collins

1997

D.N. Barton

J.A. Rawson

I.P. Symons

1952

C.H. Fidock

F.G. Collins

S.D. Harris

1998

D.N. Barton

I.P. Symons

D.M. Lindsay

1953

C.W. Anderson

F.G. Collins

S.D. Harris

1999

J.L. Waddy

I.P. Symons

D.M. Lindsay

1954

C.W. Anderson

S.D. Harris

D.M. Watson

2000 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1955

C.W. Anderson

S.D. Harris

D.M. Watson

2001 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1956

C.W. Anderson

S.D. Harris

D.M. Watson

2002 J.L. Waddy

C.R. Whitford

P.J. Norman

1957

C.W. Anderson

D.M. Watson

C.M. Wood

2003

C.R. Whitford

P.J. Norman

1958

C.W. Anderson

D.M. Watson

C.M. Wood

2004 B.J. Manser

P.J. Norman

I.R. Brooks

1959

C.W. Anderson

D.M. Watson

C.M. Wood

2005 B.J. Manser

P.J. Norman

I.R. Brooks

1960

W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2006 B.J. Manser

I.R. Brooks

P.R. McGrath

1961

W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2007 B.J. Manser

I.R. Brooks

P.R. McGrath

1962

W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2008 B.J. Manser

P.R. McGrath

N.J. Johnson

1963

W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2009 G.D. Gitsham

P.R. McGrath

N.J. Johnson

1964

N.E. Bagshaw

P.T. Morton

2010

G.D. Gitsham

N.J. Johnson

A.J. Martin

1965

N.E. Bagshaw

P.T. Morton

J.A. Butler

2011

G.D. Gitsham

N.J. Johnson

A.J. Martin

1966

N.E. Bagshaw

P.T. Morton

J.A. Butler

2012

G.D. Gitsham

A.J. Martin

G.M. Fox

1967

N.E. Bagshaw

J.A. Butler

J.A. Manning

2013

G.D. Gitsham

A.J. Martin

G.M. Fox

1968

N.E. Bagshaw

J.A. Butler

J.A. Manning

2014

G.D. Gitsham

G.M. Fox

P.B. Duregon

1969

N.E. Bagshaw

J.A. Manning

J.R. Alderman

2015

H. McMutrie

G.M. Fox

P.B. Duregon

1970

N.E. Bagshaw

J.R. Alderman

J.D. Omond

2016

H. McMutrie

P.B. Duregon

B.M. Roberts

1971

N.E. Bagshaw

J.R. Alderman

J.D. Omond

2017

H. McMutrie

P.B. Duregon

B.M. Roberts

1972

N.E. Bagshaw

J.D. Omond

M.C.E. Summers

J.L. Waddy

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

Yrs 4

Name

Yrs

Name

Yrs

Name

Grosvenor, P.J.

McCarthy, K.J.

Stone, J.C.F.

Yrs 3

Alderman, J.R.

Guy, G.R.

McFarlane, A.

Summers, M.C.E.

Allen, W.S.

Guymer, Dr. A.H.

McFarlane, K.B.

Symons, I.P.

Ashton, E.C.

Handford, J.E.O.

McGlasson, A.

Thomas, V.M.

Ashton, J.E.

Harris, S.D.

McGrath, P.R.

Thompson, G.R.

Bagshaw, N.E.

Hartford, B.B.

McKee, J.E.

Trabilsie, F.J.

Barton, D.N.

Hendry, J.M.

McKee, S.N.

Truscott, R.W.

Bennett, R.B.

Hewett, L.P.

McLeay, G.

Vivian, A.B.

Hicks, F.G.

McLuckie, R.

Waddy, J.L.

Hill, J.

McMutrie, H.

Walsh, T.I.

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

Brooke, A.C.

Hodgson, G.A.

Merrett, A.F.

Warburton, C.

Brooks, I.R.

Hodgson, J.W.

Morton, P.T.

Watson, D.M.

Brooks, L.A.

Holt, W.B.

Nelson, R.A.

Watson, E.J.

Burgan, O.T.

Hull, S.C.

Newton, R.

Weston, G.W.

Butler, J.A.

Humphries, W.G.

Norman, P.J.

Wheatley, J.A.

Campbell, K.S.

Jackman, A.J.

Nyland, K.

Whitford, A.K.

Chamberlain, R.R.

Jackman, J.W.

Oâ&#x20AC;&#x2122;Brien, G.P.

Whitford, C.R.

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

3 21

Jackman, S.

Omond, J.D.

Wood, C.M.

Jarrad, B.

Palmer, J.S.

Wood, L.M.

Connelly, P.F.

Johnson, A.C.M.

Percival, S.T.P.

Wood, W.C.

Crookall, K.C.

Johnson, N.J.

Phillips, D.W.

Woolcott, E.S.

Cudmore, D.C.

Johnson, W.G.

Phillips, M.B.

Wright, H.F.

Dale, M.E.

Kenny, J.P.

Price, W.D.

Young, W.D.

Darling, A.E.

Kimber, A.W.

Pritchard, W.A.

Dignan, J.A.

Koukourou, S.

Ranaldo, J

Duregon, P.B.

Lacey, E.H.

Rawson, J.A.

Ellers, L.G.

Lewis, F.A.

Rawson, K.A.

English, R.J.

Lindsay, D.M.

Reade, T.C.

Ferris, B.T.

Maddern, Dr. C.B.

Roberts, B.M.

Flehr, B.E.

Maddern, J.P.

Royals, D.W.

Follett, R.M.

Mahoney, W.J.

Rundle, G.C.

Foster, G.C.

Mallen, L.

Sando, H.H.

Fox, G.M.

Manning, J.A.

Sands, R.G.

Frances, I.K.

Manser, B.J.

Sauerbier, L.C.

Freeman, R.E.N.

Marshall, A.K.

Skinner, L.P.

Martin, A.J.

Slade, H.T.

Gillespie, D.P.

Martin, S.G.

Stanhope, B.H.

Gillman, J.F.

Maunder, P.J.

Stevens, G.B.

Gitsham, G.D.

Mausolf, N.

Stevens, R.F.

Goldsworthy, J.S.

McCarter, L.

Still, J.A.

Giles, J.R.

5 11

2017 Annual Report

CLUB CHAMPIONSHIPS & CLUB TROPHY WINNERS For the year ending 31 December 2017

Event

Winner

Runner Up

Men’s Club Championship

Jack Buchanan

Jack Tanner

Women’s Club Championship

Elysia Yap

Jill Hodge

RF Stevens Trophy

Jackson Kalz

Jack Tanner

Men’s B Grade Championship

Ian Gardner

Adam Rice

Men’s C Grade Championship

Austin Baker

Henry Cleland

Women’s B Grade Championship

Annette Rieniets

Deb Bennett

Women’s C Grade Championship

Peg Howard

Margaret Whelan

Men’s A Grade Plate

Richard Yap

Adam Weller

Men’s B Grade Plate

David Watkins

Richard Karolewicz

Men’s C Grade Plate

Paul Bock

Chris Parkinson

Boys’ Club Championship

Frank Vucic

Jackson Kalz

Girls’ Club Championship

Charley Jacobs

Shakira Kuys

Men’s Senior Championship

Nick Eblen

Andrew Nash

Jimmy McLachlan Memorial Trophy

Lachlan Barker

Sam Earl

Men’s Foursomes Championship

James Bridgen & Jackson Kalz

Harry Burner & Jack Ramage

Women’s Foursomes Championship

Josie Gale & Jill Hodge

Sue Raggatt & Sue Tuohy

Men’s A Grade Foursomes

Harry Burner & Jack Ramage

Henry Duregon & Josh Hodgson

Men’s B Grade Foursomes

Allen Campbell & Peter Thomas

Paul Kennewell & John Ward

Men’s C Grade Foursomes

Bevan Roberts & Fred Vaskas

Women’s B Grade Foursome

Ros Henderson & Ros Osborn

Deb Bennett & Jill McDonald

Women’s C Grade Foursome

Pat Aitken & Meg Woods

Marie O’Halloran & Julia Stone

Mixed Foursomes Championship

Andy Humphries & Elysia Yap

John Noble & Sarah Crocker

Rhonda Watson Brooch (Gross)

GLENELG: Josie Gale, Matilda Wheare & Elysia Yap

Rhonda Watson Brooch (Net)

WEST LAKES: Gail Beaumont, Liz Mann & Judyth Uzzell

Brian Ferris Memorial Trophy

William Somerfield

Matthew Lisk (The Grange)

Eric Scovell Junior Vardon Trophy

Frank Vucic

Jack Tanner

Glenelg Women’s Vardon

Elysia Yap

Emma Sutton

Owen Whitford Trophy

Colin & Amy Anderson

Neil & Lorry Brown

Lance Begg Trophy

Paul Grosvenor & Elysia Yap

Tony & Ruth Martin

Winter Pinehurst Foursomes Trophy

Mike Nunan & Barbara Deed

Lee & Emma Cole

Burgandy Trophy

Harry & Chris Larsen

Ian & Ros Henderson

Don Harris Memorial Trophy

Peter & Jane Nelson

Andrew & Kristy Morrison

Glenelg Golf Club Incorporated

ABN 94 199 789 857

Men’s Event

Winner

Men’s Event

Winner

Governor’s Cup

David Watson (Where)

Glenelg Trophy (Juniors)

Aaron Buchanan

Senior Cup

David Marshall

Boys’ Handicap Matchplay

Calvin Perks

Anzac Memorial Trophy

Kane Hyams

Rawson Memorial

Grant Goodier

Captain’s Trophy

Darren Stephens

Don Watson Memorial

Greg Binns

President’s Trophy

Joe Charles & Chris Pudney

Frank Collins Memorial

Andrew Grieve

Glenelg Trophy

Richard Yap

AH Smerdon Memorial

Louis Langanis

Sam Percival Trophy

David Shetliffe

Steve McKee Memorial

Tony Raman

Milo Sprod Trophy

Peter Leggett

Summer Cup

Joe Charles

Reg Sands Starter’s Trophy Andrew Leonard

FA Lewis Memorial

Richard Yap

Norm Omond Medals

A Grade: John Noble

Harold Wright Memorial

Bob Schmidt

B Grade: Ralph Faithfull

Brian Bashford Memorial

Michael Gage

C Grade: Dean Nyland

Joe Ashton Trophy

Modge Brown

Women’s Event

Winner

Women’s Event

Winner

President’s Foursomes

Barbara Deed & Peggy Lau-Flux

Captain’s Trophy

Deb Bennett

Shylie Rymill Foursomes

Barbara Deed & Peggy Lau-Flux

Laurel Wreath

Jo Ricourt

Consistency Cup

Jan Dale-Harris

International Bowl

Silver: Jill McDonald

Veterans’ Handicap Net

Cathy Symons

Bronze: Deb Bennett

Veterans’ Handicap Gross

Jan Dale-Harris

Shane Robinson Trophy

Christina Larsen

Essex Stroke

Silver: Matilda Wheare

Club Medal 1

Judy Holst & Margaret Davis

Club Medal 2

Jane Nelson

Extreme Veterans’ Trophy

Jean Roberts

Caddy & Managers’ Trophy

Anne Marks

Most Improved Handicap

Eliza Baker

Past Committee Trophy

Marg Gordon

Jacka Trophy

Jo Lendrum

Wallace Stroke

Josie Gale

Turkey Gobbler

Stephanie Meek

Anne Smerdon Trophy

Charley Jacobs

Parfection Prize

Peggy Lau-Flux

Ella Cole Trophy

Shakira Kuys

Bronze: Deb Bennett

Holes In One Peter Farmer (Mar) - 11th Hole

Brian White (Jun) - 11th Hole

Adrian Pope (Sep) - 14th Hole

David Scholz (Apr) - 16th Hole

Wayne Tanner (Jun) - 11th Hole

Sarah Crocker (Nov) - 14th Hole

Barry Jarrad (Apr) - 3rd Hole

Michael Gage (Aug) - 16th Hole

Jill Hodge (Nov) - 11th Hole

Troy Pretty (May) - 14th Hole

David Tamblyn (Aug) - 16th Hole

Andrew Barber (Dec) - 3rd Hole

Matt Sturgeon (May) - 11th Hole

Cathy Symons (Aug) - 14th Hole

Charles Drew (Dec) - 3rd Hole

Sam Raschella (Jun) - 11th Hole

Henry Duregon (Aug) - 11th Hole

Bob Loveday (Dec) - 14th Hole

James McDonald (Jun) - 16th Hole

Steven Wild (Aug) - 16th Hole

2017 Annual Report

PERFORMANCES OF NOTE For the year ending 31 December 2017

PENNANT CHAMPIONS SIMPSON CUP: Anthony Olsen (Captain), Lachlan Barker, Sam Burton, Sam Earl, Josh Hayes, Jackson Kalz, Ben Layton, Michael Munn BONNAR CUP: James Bridgen, Jack Buchanan, Harry Burner, Henry Duregon, Dave Hiern, Andy Humphries, Michael Munn, Jack Tanner, Frank Vucic, Ben Winton PIKE CUP: Bec Hughes, Shakira Kuys, TIlly Miels, Louise Pike, Emma Sutton, Cathy Symons, Sam White SHARP CUP: Aaron Buchanan, Harry Burner, Harry Edwards, Liam Kennewell, Marcus Kuys, Luke Sandford, Jack Tanner, Mitchell Ward WOMEN’S A4: Cathy Darling, Fiona Eblen, Sandy Francas, Jill Gehling, Anne Marks, Sue Raggatt, Wendy Vaughan

Jackson Kalz & Grace Kim (NSW) 2017 Victorian Junior Masters Champions

GOLF SA PENNANT TEAM OF THE YEAR: Anthony Olsen (Captain), Sam Earl, Josh Hayes, Jackson Kalz, Elysia Yap

STATE REPRESENTATION Boys’ State Team: Jackson Kalz (Captain), Jack Buchanan, Harry Burner, Andy Fiebig, Frank Vucic Girls’ State Team: Charley Jacobs, Shakira Kuys, Emma Sutton Men’s State Team: Lachlan Barker, Sam Burton, Jackson Kalz, William Somerfield Women’s State Team: Sarah Crocker, Charley Jacobs, Elysia Yap 17 & Under Schools Team: Jack Buchanan, Charley Jacobs, Jade Kinita, Shakira Kuys, Jade Kinita, Jack Tanner, Frank Vucic 15 & Under Schools Team: Jack Buchanan, Charley Jacobs, Shakira Kuys, Elkie Philp 12 & Under Schools Team: Josh Grundel

Andy Humphries & Elysia Yap 2017 Golf SA Mixed Foursomes Champions

STATE HIGH PERFORMANCE SQUADS Tier 1: Sam Burton, Jackson Kalz, Ben Layton, Frank Vucic Tier 2: Aaron Buchanan, Jack Buchanan, Harry Burner, Charley Jacobs, Jacob Rillotta, Jack Tanner Tier 3/Talent ID: Darcy Burns, Holly Burns, Harry Edwards, Mitch Ward

INDIVIDUAL PERFORMANCES 2017 Victorian Junior Masters: Jackson Kalz 2017 Golf SA Boys’ Amateur Champion: Lachlan Barker 2017 Mt Compass Women’s Vardon: Emma Sutton 2017 Mt Compass Boys’ Vardon: Frank Vucic 2017 Tea Tree Gully Boys’ Vardon: Jackson Kalz 2017 The Vines Men’s Vardon: Sam Burton 2017 The Vines Boys’ Vardon: Lachlan Barker 2017 Tanunda Pines Women’s Vardon: Shakira Kuys 2017 Flagstaff Hill Women’s Vardon: Elysia Yap 2017 Flagstaff Hill Boys’ Vardon: Lachlan Barker 2017 Blackwood Men’s Vardon: Lachlan Barker 2017 Blackwood Women’s Vardon: Elysia Yap 2017 West Lakes Boys’ Vardon: Jackson Kalz 2017 Sandy Creek Women’s Vardon: Emma Sutton 2017 Kooyonga Men’s Vardon: Jack Tanner 2017 Kooyonga Women’s Vardon: Elysia Yap 2017 Golf SA Country Girls’ Champion: Shakira Kuys 2017 Golf SA Boys’ Vardon Trophy: Jackson Kalz 2017 Mt Osmond Boys’ Vardon: Frank Vucic 2017 Golf SA Junior Open: Jackson Kalz 2017 Golf SA Junior Open: Jack Buchanan 2017 Victorian Junior Open: Jackson Kalz

Glenelg Golf Club Incorporated

ABN 94 199 789 857

Frank Vucic 2017 Club Junior Champion & Junior Vardon

Jackson Kalz 2017 Golf SA Boys’ Vardon Trophy

2017

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 2017 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 Other Expenses Depreciation Other Income Catering Levy forfeited Interest Recieved Phone Tower Miscellaneous

TOTAL NET INCOME

The accompanying notes form part of these accounts

2017 Financial Reports

Consolidated 2017 2016 $ $

2,020,453 167,366 287,439 72,563 13,794 2,561,615

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

Golf Club 2017 $

2,020,453 167,366 287,439 72,563 13,794 2,561,615

2016 $

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

78,286 507,066 125,512 0 (5,469) (58,709) (51,997) (80,003) (78,319) (61,813) (77,183) 297,371

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

78,286 507,066 125,512 0 (5,469) (58,709) (51,997) (80,003) (78,319) (61,813) (77,183) 297,371

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

1,049,054 (366,915) 682,139

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

1,049,054 (366,915) 682,139

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

(422,533) (4,466) (34,971) (3,554) 216,615

(441,345) (2,130) (35,026) (3,361) 204,322

(422,533) (4,466) (34,971) (3,554) 216,615

(441,345) (2,130) (35,026) (3,361) 204,322

1,430,677 (539,639) 891,038

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

1,430,677 (539,639) 891,038

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

(732,114) (26,118) (16,594) (25,913) (23,075) 67,224

(713,160) (25,139) (14,133) (32,317) (23,403) 77,526

(732,114) (26,118) (16,594) (25,913) (23,075) 67,224

(713,160) (25,139) (14,133) (32,317) (23,403) 77,526

67,791 2,327 56,360 43,727 170,205

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

67,791 2,327 56,360 43,727 170,205

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

3,313,030

3,230,054

3,313,030

3,230,054

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2017 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

TOTAL EXPENDITURE

Consolidated 2017 2016 $ $

2017 $

2016 $

488,877 10,050 84,179 17,939 26,189 45,883 36,311 17,029 15,444 49,566 14,273 1,866 56,370 110,851 974,827

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

488,877 10,050 84,179 17,939 26,189 45,883 36,311 17,029 15,444 49,566 14,273 1,866 56,370 110,851 974,827

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

880,264 200,232 69,571 24,007 22,016 19,348 69,496 25,158 177,466 268,118 1,755,676

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

880,264 200,232 69,571 24,007 22,016 19,348 69,496 25,158 177,466 268,118 1,755,676

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

9,908 53,745 118,382 120,756 41,075 209,848 553,714

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

9,908 53,745 118,382 120,756 41,075 209,848 553,714

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

(39,318) 0 (39,318)

Golf Club

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

(39,318) 0 (39,318)

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

3,244,899

3,226,700

3,244,899

3,226,700

68,131

3,354

68,131

3,354

TOTAL COMPREHENSIVE INCOME FOR YEAR

68,131

3,354

68,131

3,354

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY

68,131

3,354

68,131

3,354

NET SURPLUS / (DEFICIT) Other Comprehensive Income

The accompanying notes form part of these accounts

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017 Note

Consolidated 2017 2016 $ $

2017 $

Golf Club 2016 $

2 3

157,792 325,453 59,240 127,902 670,387

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

157,792 325,453 59,240 127,902 670,387

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

4 5

0 6,506,766 6,506,766

0 6,748,217 6,748,217

639,433 5,848,065 6,487,498

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

7,177,153

7,301,652

7,157,885

7,282,384

6 7a 8a 10

351,444 117,599 422,928 596,398 1,488,369

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

351,381 117,599 422,928 596,398 1,488,306

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

7b 8b

179,595 1,048,950 1,228,545

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

179,595 1,048,950 1,228,545

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

TOTAL LIABILITIES

2,716,914

2,909,544

2,716,851

2,909,481

NET ASSETS

4,460,239

4,392,108

4,441,034

4,372,903

Retained Earnings Outside Equity Interests in Controlled Entity

4,431,992 28,247

4,363,861 28,247

4,441,034 0

4,372,903 0

TOTAL EQUITY

4,460,239

4,392,108

4,441,034

4,372,903

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

The accompanying notes form part of these accounts

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2017 Retained Earnings $

Outside Equity Interest $

Total $

Consolidated Entity Balance at 1 January 2017 Profit attributable to members of controlling entity

4,363,861 68,131

28,247 0

4,392,108 68,131

Balance at 31 December 2017

4,431,992

28,247

4,460,239

Balance at 1 January 2017 Profit attributable to members of controlling entity

4,372,903 68,131

0 0

4,372,903 68,131

Balance at 31 December 2017

4,441,034

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

Controlling Entity

YEAR END 2016 Consolidated Entity

Controlling Entity

The accompanying notes form part of these accounts

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2017 Note

Consolidated 2017 2016 $ $

Golf Club 2017 $

2016 $

CASH FLOWS FROM OPERATING ACTIVITIES 2,479,731 2,438,237 710,864 (5,321,800) (26,189) 170,205

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

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

2,479,731 2,438,237 710,864 (5,321,800) (26,189) 170,205

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

451,048

416,715

451,048

416,715

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

(358,748) 55,169 0 0

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

(358,748) 55,169 0 0

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

Net Cash (Outflow) from Investing Activities

(303,579)

(412,146)

(303,579)

(412,146)

Repayment of Borrowings Additional Leases Established Repayment of Bank Loans Debentures Repaid

(67,130) 55,836 (125,000) (1,000)

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

(67,130) 55,836 (125,000) (1,000)

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

Net Cash Provided Inflow / (Outflow) from Financing Activities

(137,294)

(143,174)

(137,294)

(143,174)

10,175

(138,605)

10,175

(138,605)

147,617

286,222

147,617

286,222

157,792

147,617

157,792

147,617

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

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

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 2017 reporting periods. The consolidated entityâ&#x20AC;&#x2122;s assessment is that there will be no material 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 2017 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.

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 â&#x20AC;&#x153;loans and receivablesâ&#x20AC;? 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.

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

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

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.

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES e)

Employee Benefits Provision is made for the associationâ&#x20AC;&#x2122;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.

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.

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.

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

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.

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

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

Note

Consolidated 2017 2016 $ $

2017 $

Golf Club

123,089 11,399 23,304 157,792

2016 $

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

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

The effective interest rate on short-term bank deposits was 6.7% (2016: 6.2%); 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

157,792

147,617

157,792

147,617

109,375 140,415 75,663 325,453

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

109,375 140,415 75,663 325,453

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

0 0 0 0 0

0 9,975 (9,975) 0 0

638,328 0 0 1,105 639,433

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

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

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

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).

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

Note

Consolidated 2017 2016 $ $

Golf Club 2017 $

2016 $

NOTE 5 - PROPERTY, PLANT & EQUIPMENT Freehold Land*

658,704

Clubhouse Less Accumulated Depreciation

6,040,667 (1,994,759) 4,045,908

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

6,040,667 (1,994,759) 4,045,908

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

Clubhouse Plant & Equipment Less Accumulated Depreciation

708,927 (473,883) 235,044

560,703 (405,748) 154,955

708,927 (473,883) 235,044

560,703 (405,748) 154,955

Course Buildings Less Accumulated Depreciation

394,929 (297,110) 97,819

394,929 (277,512) 117,417

394,929 (297,110) 97,819

394,929 (277,512) 117,417

Administration Plant & Equipment Less Accumulated Depreciation

371,648 (331,621) 40,027

340,161 (313,682) 26,479

371,648 (331,621) 40,027

340,161 (313,682) 26,479

Bar Plant & Equipment Less Accumulated Depreciation

162,084 (147,290) 14,794

162,084 (143,736) 18,348

162,084 (147,290) 14,794

162,084 (143,736) 18,348

Catering Plant & Equipment Less Accumulated Depreciation

364,791 (312,721) 52,070

364,791 (289,645) 75,146

364,791 (312,721) 52,070

364,791 (289,645) 75,146

Golf Carts Less Accumulated Depreciation

159,806 (51,516) 108,290

151,319 (56,767) 94,552

159,806 (51,516) 108,290

151,319 (56,767) 94,552

Course Plant & Equipment Less Accumulated Depreciation

4,311,335 (3,501,970) 809,365

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

4,298,122 (3,488,754) 809,368

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

Entrance Road & Car Parks Less Accumulated Depreciation

564,632 (274,918) 289,714

564,632 (253,806) 310,826

564,632 (274,918) 289,714

564,632 (253,806) 310,826

Capital Improvements Less Accumulated Depreciation

1,163 (1,001) 162

1,163 (977) 186

1,163 (1,001) 162

1,163 (977) 186

Range Assets Less Accumulated Depreciation

237,076 (82,207) 154,869

236,166 (57,418) 178,748

237,076 (82,207) 154,869

236,166 (57,418) 178,748

TOTAL PROPERTY, PLANT & EQUIPMENT

6,506,766

6,748,217

5,848,065

6,089,516

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

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 2017

Depreciation

Write Back of Accumulated Depreciation

Carrying amount at 31 December 2017

Additions

4,184,598

3,000

(141,690)

4,045,908

Clubhouse Plant & Equipment

154,955

Course Buildings

117,417

148,224

(68,135)

235,044

(19,598)

97,819

Administration Plant & Equipment Bar Plant & Equipment

26,479

31,488

(17,940)

40,027

18,348

(3,554)

14,794

Disposals

Golf Club Clubhouse

Catering Plant & Equipment

75,146

(23,076)

52,070

Golf Carts

94,552

50,760

(42,273)

(37,022)

42,273

108,290

Course Plant & Equipment

928,261

124,367

(61.784)

(227,409)

45,933

809,368

Entrance Road & Car Parks

310,826

(21,112)

289,714

Range Assets

178,748

909

(24,788)

154,869

186

(24)

162

6,089,516

358,748

(104,057)

(584,348)

88,206

5,848,065

Capital Improvements

Consolidated Entity Freehold Land

658,704

4,184,598

3,000

(141,690)

4,045,908

Clubhouse Plant & Equipment

154,955

148,224

(68,135)

235,044

Course Buildings

117,417

(19,598)

97,819

Administration Plant & Equipment

26,479

31,488

(17,940)

40,027

Bar Plant & Equipment

18,348

(3,554)

14,794

Clubhouse

Catering Plant & Equipment

75,146

(23,076)

52,070

Golf Carts

94,552

50,760

(42,273)

(37,022)

42,273

108,290

Course Plant & Equipment

928,258

124,367

(61,784)

(227,409)

45,933

809,365

Entrance Road & Car Parks

310,826

(21,112)

289,714

Range Assets

178,748

909

(24,788)

154,869

186

(24)

162

6,748,217

358,748

(104,057)

(584,348)

88,206

6,506,766

Capital Improvements

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

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

Note

Consolidated 2017 2016 $ $

2017 $

Golf Club 2016 $

233,678 117,766 351,444

204,672 110,877 315,549

233,678 117,703 351,381

204,672 110,814 315,486

220,733 53,328 (156,462) 117,599

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

220,733 53,328 (156,462) 117,599

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

217,754 33,960 (72,119) 179,595

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

217,754 33,960 (72,119) 179,595

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

375,000 47,928 422,928

500,000 51,620 551,620

375,000 47,928 422,928

500,000 51,620 551,620

1,000,000 48,950 0 1,048,950

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

1,000,000 48,950 0 1,048,950

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

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 2017, $1,375,000 of the Club’s facility was utilised ($1,500,000 in 2016). $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.

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

Note

Consolidated 2017 2016 $ $

Golf Club 2017 $

2016 $

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

47,928 48,950 0 96,878

Less Future Finance Charges Present Value of Minimum Lease Payments

(7,307) 89,571

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

51,620 56,552 0 108,172 (8,479) 99,693

47,928 48,950 0 96,878 (7,307) 89,571

51,620 56,552 0 108,172 (8,479) 99,693

117,118 179,022 296,140

123,589 296,140 419,729

117,118 179,022 296,140

123,589 296,140 419,729

71,615 11,292 194,028 44,957 24,692 47,515 0 132,929 46,066 23,304 596,398

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

71,615 11,292 194,028 44,957 24,692 47,515 0 132,929 46,066 23,304 596,398

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

68,131

3,354

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

2017 Financial Reports

68,131

3,354

584,348 0 (141,293) (39,318)

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

584,348 0 (141,293) (39,318)

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

(123,378) 0 85,957 18,710 (2,109)

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

(123,378) 0 85,957 18,710 (2,109)

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

451,048

416,715

451,048

416,715

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

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

Fixed Interest Rate Maturing Within 1 Year 1 to 5 Years

Floating Interest Rate

2017 %

2016 %

2017 $

2016 $

2017 $

6.7

6.62

128,089 0 123,089

113,177 0 113,177

0 0 0

1.75

1.67

0 0

422,928 422,928

2016 $

2017 $

2016 $

0 0 0

551,620 1,048,950 1,057,552 551,620 1,048,950 1,057,552

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.

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.

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 2017, 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 2017 2016 $ $

2017 $

Golf Club

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

(29,438) 29,438

(32,183) 32,183

(29,438) 29,438

(32,183) 32,183

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

(32,183) 32,183

10,050 10,050

9,600 9,600

10,050 10,050

9,600 9,600

2016 $

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

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

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 (2016 - $0).

The names of the persons who were officers of Glenelg Golf Club Incorporated at any time during the year ended 31 December 2017 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 Darren W. Royals

Term completed March 2017 Elected March 2017

Elected March 2017

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 2016/17 was upheld and therefore no expense or accrual has been recognised in relation to 2017/18 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.

2017 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017

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

0 0 0

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

0 0 0 0

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 2017 Country of Incorporation Parent Entity Glenelg Golf Club Incorporated

Australia

Subsidiary Glenelg Golf Links Limited

Australia

2016

Percentage Owned (%) *

* percentage of voting power in proportion to ownership

2017 Financial Reports

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 2017 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 2017, and of their results for the year then ended.

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 2017: 1.

Paul Duregonâ&#x20AC;&#x2122;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, 2018

PAUL DUREGON Captain

2017 Financial Reports

BEVAN ROBERTS Vice-Captain

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

Like us on Facebook www.facebook.com/glenelggolf

Instagram glenelggolf