2022/23 Annual Report

Annual Report

Glenelg Golf Club

OFFICE BEARERS

COMMITTEE OF MANAGEMENT

CAPTAIN

Imelda Lynch

VICE CAPTAIN

Paul Grosvenor

COMMITTEE

James Frearson-Lea

COMMITTEE

Paul Gander

COMMITTEE

Scott Petherick

COMMITTEE

Anna Standish

COMMITTEE Carolyn Turci

COMMITTEE Ben Winton

PRESIDENT: Helen McMutrie

VICE PRESIDENT: Chris Whitford

KEY MANAGEMENT PERSONNEL

GENERAL MANAGER: Robert Vincekovic

COURSE SUPERINTENDENT: Tim Warren

HEAD PROFESSIONAL: Shane Robinson

FINANCE MANAGER: Emma Twartz

CLUB OPERATIONS MANAGER: Adam Bryant

HOSPITALITY MANAGER: Anna Fontaine

COMMITTEE MEETING ATTENDANCE

Attendance at Committee of Management meetings for the year ended 31 March 2023 Imelda Lynch

A total of twelve (12) Committee of Management meetings were held for the year ended 31 March 2023

^ Greg Rundle completed his term in June 2022

2022/23 CAPTAIN’S REPORT

Club for the future and not just the here and now.

Dear Members

It is my privilege to present the Captain's Report for 20222023. This year has been an exciting and successful one for our Club, marked by remarkable achievements, continued growth, and a commitment to excellence in all aspects of our operations.

Financially the Club continues to thrive. Although an accounting operating loss of $8,489 is reported, approximately $490k has been expensed relating to the course enhancement work on improving the 13th, 14th, 2nd and 12th holes. In addition, due to revised accounting standards requiring amortisation of entrance fees over a 10 year period, a $164k entrance fee transfer to the balance sheet does not fully show the actual income received from new Members. This is an extremely solid result for the Club as we continue to reap the rewards of significant interest in golf. The Committee of Management is very mindful, however, that these trends ebb and flow and are constantly thinking of how best to position the

As part of our strategic planning, we are developing a facilities infrastructure master plan which will require significant investment over the coming years. The plan will include a maintenance facility that is fit for purpose, driving range upgrade, maximising club facility usage and perimeter fencing to name a few. As you can imagine, none of these items come cheaply and we will keep Members informed over the comin years as each project is prioritised and costed.

I am delighted to report that our Club continues to have significant interest in membership, with 163 people currently on the waiting list. This represents an approximate 4-5 year wait to join our Club. This growth is testament to the reputation and appeal of our Club, as well as the dedicated efforts of our Members, Committee and staff in promoting our Club within the community.

Maintaining our course at the highest standards is a top priority. Our dedicated greenkeeping team have continued to excel in their work, ensuring our greens, fairways and overall course conditions remain exceptional. The course continues to be presented immaculately at a time when sections of the team are assisting Project Manager, Ryan Van Der Veen, with the course enhancement work. The course enhancement is on track financially as per the original budget, given some prudent decisions early in the project.

Whilst golf demand remains strong all over Australia, this does present other challenges. Since 2020, rounds at our course have increased by approximately 15,000. This leads to extra wear and tear especially in high traffic areas. The Committee of Management has this matter high on its agenda and is investigating ways to ensure the course continues to be presented in its best possible condition whilst balancing Member expectations. One recent initiative includes approval to geofence our golf carts.

We continued to host a range of tournaments and competitions for players of all levels, attracting numbers higher than we have seen before. Our team of professional staff and volunteers worked tirelessly to ensure the success of these events, providing a memorable experience for participants and spectators alike. The highlight of the golfing year is the Club Championships which also saw a scheduling change from November to March. This change allowed qualifying and finals to be played on the course in absolute premium conditions, worthy of such an important Club event. Congratulations to all winners who are listed further in this report.

Our commitment to junior golf development remains unwavering. Throughout the year, we focused on providing comprehensive coaching programs, training clinics, educational trips and opportunities for young golfers to compete at various levels. The highlight of the year being the inspirational trip to

CAPTAIN Imelda Lynch

Victoria for the Australian Open, witnessing Cam Smith and other professionals apply their craft, a special experience for a group of our high performing juniors. We are proud to see our juniors excelling in both local and national tournaments, and their dedication and passion for the sport are truly inspiring. The future of golf at Glenelg Golf Club is bright indeed.

I wish to thank all of our generous supporters who contribute to the Junior Foundation on an annual basis culminating in our Junior Foundation golf day which raised a significant $40,000 this year. Your generosity makes our junior program possible.

Our Club is committed to being a responsible and active member of the community . We participated in various charitable initiatives, raising funds for local organisations and engaging with local schools and communities. We continued sustainable practices within our operations, such as water conservation, waste management strategies

with recycling and composting, the use of eco-friendly products, and an ever-growing garden featuring many ingredients found in our daily menu items. We believe that it is our duty to protect the environment, and ensure our course is sustainable for future generations.

I would like to thank our management team who on a daily basis work diligently toward ensuring the best experience possible for our Members and guests. In particular, congratulations to Robert Vincekovic, our General Manager for becoming a Certified Club Manager, one of the first to hold this qualification in Australia.

Thank you to all of our wonderful volunteers. The time and energy you donate to the Club, in so many ways, is greatly appreciated. Thank you to you, our Members, your support of our functions, facilities and events not only contributes financially but also supports the wonderful culture we have.

I also extend my sincere gratitude to the entire Committee of Management who willingly give a significant amount of time ensuring decisions we make have Members best interests at heart, including the long-term viability of the Club.

The Club exists to provide excellent facilities for playing golf. We exist for no other primary reason and whilst the Committee of Management remain dedicated to making decisions that support the delivery of an exceptional golfing experience for our Members and guests, we cannot achieve our goals without the support of our Members. With your continued support and enthusiasm I am confident that together, Glenelg Golf Club will thrive and maintain its position as a premier golfing destination.

Imelda Lynch Captain

The view from the temporary tee on the recently redeveloped 12th Hole

FINANCE

The Club reported an accounting operating loss of $8,489 for the period ended 31 March 2023. This loss incorporates a number of non cash items along with the Club's consistently applied, but conservative policies in relation to course enhancement expenditure. The Club’s total equity reduced to $10,956,077. This largely as a result of the adjustment made to the change in the fair value of shareholding in Glenelg Golf Links Limited. This adjustment, in line with AASB 9, requires the shares to be revalued to the last sale price which reduced retained earnings by $614,240. This adjustment is eliminated in the Consolidated result. As the value of the shares do not impact the business operating performance, the fair value adjustment does not impact the operating result. Total net income for the period was $4,494,221, with total expenditure for the year at $4,502,710.

The left greenside bunker on the 14th Hole.

During the financial year, the Club incurred $492,071 of expenses related to the course enhancement project which excludes costs associated with project manager wages and irrigation that were capitalised. Expenses attributable to this include completed holes 13, 14, 2 and 12, along with works to the nursery to harvest turf for the course enhancement as well as the initial works for hole 11. Course expenditure for the year was $350,989 higher than the prior year due to higher staffing levels to service the entire course enhancement and other costs directly related to the enhancement.

Back in 2021, Committee and management made the decision to purchase the bulk of the irrigation and synthetic turf (for our revetted bunker faces) required to service the course enhancement project. A prudent decision that has saved the Club considerably given the significant increase in material costs seen over the past 12-24 months.

It was another successful year for membership, the Club continues to grow the waitlist with 163 eagerly waiting acceptance to playing categories. This continues to be an excellent sign for ongoing financial sustainability for the Club.

Membership income continued to positively increase on prior years, with $3,783,960 reported for the period. After the adjustments were applied to comply with AASB 15 relating to Entrance Fee reporting,

the reportable amount for the year was $271,120.

Golf Operations had an excellent year and finished with a surplus of $358,084, a 57% increase on the previous financial year. This improvement was largely as a result of increased green fee income given that we had a full year completely uninterrupted by COVID restrictions, as well as an increase to green fee pricing for visitors and groups.

Hospitality Operations finished with a surplus of $129,770. Hospitality was another sector that was heavily impacted by inflationary pressures on costs including salaries and wages and cost of goods. The Club strives to provide a high level of service and food quality that Members are accustomed to at a fair Member price. We experienced an unprecedented minimum wage increase of 4% in November 2022, as well as significant food and beverage price increases as a result of these inflationary pressures. Your Committee and Management continue to work towards improving these cost percentages while keeping the offering at a reasonable price. Function income continues to build again in a post COVID disrupted world. During 2022/23, the Club generated $125,461 additional function income than the prior financial year. Management are committed to improving marketing to generate additional function revenue back to our pre-

COVID numbers. Function revenue equated to 42% of total revenue for hospitality operations which is up 3% over the prior period.

Other income finished with a surplus of $222,408 which includes forfeited catering levies, phone tower rental income & apprentice wage subsidies. Other income reduced marginally by $16,977 as a result of reduced phone tower income recorded somewhat offset by additional government support payments received for apprentice wage subsidies. The difference in phone tower income is largely to do with a change in revenue recognition. In the prior financial year, the annual phone tower income was recorded when the cash was received. During the 2022/23 financial year however, the income is amortised over the contract period.

Expenditure for the year in Administration saw an increase of $68,566 as a result of small increases across a variety of expense accounts. These include increased bank merchant fees from higher number of credit card payments, industry wide increases in insurance costs and some small increases in marketing and staff training costs.

House expenditure finished $70,442 higher than last year. To present the Clubhouse at a level expected with higher cleaning demands in a COVID conscious world, management increased the scope of the cleaning

contract which in turn increased cleaning costs by $27,484 and cleaning supplies by $17,820.

Entrance fee income was $271,120 for 2022/23. Members are reminded of the accounting standard that impacts the recognition of entrance fee revenue as referred to in Note 1(f) of the Financial Statements and the Statement by Committee. This standard resulted in a $164,285 decrease in entrance fee revenue reported for the 2022/23 financial year. Committee remains of the view that the entrance fee revenue reported as $435,405 in the cashflow statement provides more useful information to the users of the Financial Statements.

2022/23 saw unprecedented increases in multiple expense areas of the Club and the need to balance the tough economic environment along with the significant cost increases the Club is experiencing is an ongoing challenge. With inflationary pressures expected to continue, Committee and Management are committed to making prudent decisions to ensure Glenelg remains the destination Golf Club in SA.

CAPITAL EXPENDITURE

Capital expenditure for the year was $893,925. The main project

undertaken for the year was the course enhancement including the finalisation of the 13th, 14th, 2nd and 12th holes. The project manager wages, and irrigation costs associated with these projects equated to $218,495 of the capital expenditure for the year. The course added three gators, a sprayer, a fairway mower, a workman and other small machinery during the financial year totalling $306,365. The Clubhouse saw numerous upgrades totalling $128,845, including a new PA system, a new pizza oven, the front gate security system, and a dishwasher. Six new golf carts were added to the fleet and leased for $69,730 over 5 years. Administration capital expenditure totalling $17,685 included LED lighting upgrades and computers as part of a replacement program. The remaining $152,805 of capital expenditure for the financial year included work in progress for unfinalised projects at balance date. These include unused irrigation stock purchased upfront for the continuing course enhancement plan, costs associate with the pavilion project due to commence in 2023/24, a site dumper due to be delivered in July 2023, and server upgrades due to be finalised in July 2023. The server upgrades provide improved security, storage and back up facilities for the data we hold.

CASHFLOW

The Club’s cash position increased by $867,205, with $2,083,835 available at period end. Cash flow generated from operating activities was used to fund the Club’s capital expenditure programs for the year, including the course enhancement work.

The loan facility remains at $2,200,000 with $10,000 drawn down at balance date. The Club entered into a new lease agreement for Toro course equipment and also for six golf carts. As a result of these new lease agreements, overall, the Club’s total debt level increased by $5,543 to $880,739.

To be recognised by Members and the golfing industry as providing the best overall package of course, service and facilities in South Australia, it is imperative that the Club generates positive cash flow to fund ongoing capital investments and to continue to invest in our Club. The Club generated $1,769,737 net inflow from operating activities, which after capital investment payments, increased cash reserves by $867,205. The Committee and management continually manage debt throughout the year to ensure that net debt levels are kept to a prudent level.

Six new golf carts were added to the fleet.

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 reputation of our Junior Golf and Elite Player Development Program continues to be a positive asset to our Club.

The annual Foundation Golf Day was held in January 2023, the major fundraising activity for the year. The generous support from gold and silver sponsors Collins Adelaide and IWS respectively, as well as all other sponsors contributed $40,052. Raffles held during the year, including the Foundation Raffle and Winery Challenge Raffle also contributing $4,024. The support from Members donating and supporting these raffles was exceptional. Total funds raised for the Foundation during the 2022/2023 year totalled $51,169.

The 2022/23 membership year saw a new tier and funding structure to support our juniors, especially with tournament golf returning after COVID-19. The Foundation supported our Junior Members by contributing $20,409 towards tournament entry fees, individual lessons, Junior Tigers and highperformance clinics. The return of the annual junior trip to the

Australian Open was welcomed and introduced our juniors to the high level of Golf. The annual Junior Development Golf Day was also well attended, with our coaching team hosting clinics, 18 holes of competitive Golf and a casual BBQ involving families, and in total supporting our juniors with $11,215 through these two events.

We thank our Members for their continued support of our Foundation projects and fundraising initiatives. This ensures we can continue to provide our junior Members with the best development programs in Australia whilst also developing and improving our infrastructure and facilities.

PAVILION PROJECT

Grateful thanks go to our three past Captains, Paul Duregon, Paul McGrath and Tony Martin whose fundraising initiatives enabled us, much earlier than originally planned, to proceed with a Pavilion between our 9th and 10th holes. This state of the art faciity will support Members enjoyment whilst on course and provide an additional venue option for functions. The dedicated fundraising efforts of this group raised approximately $300,000 in cash and materials.

We would like to thank the following generous supporters:

- Andrej Wojciechowski

- Andrew Morrison

- Brenton Parker

- Brian Carey

- Brian Nash

- Chris Harris

- Colin Twelftree

- David Gillespie

- David Jervis

- David Millington

- Dean Rosenhain

- Dennis Laundy

- Gary Cundy

- Geoff Gitsham

- Glenn Sterrey

- Graham Baillie

- Graham Hobbs

- Imelda Lynch

- Jeff Hart

- Jim Rawson

- Michael Lindblom

- Modge Brown

- Morrie & Christine Croucher

- Neil & Jill Gehling

- Nick & Fiona Eblen

- Paul Duregon

- Paul Grosvenor

- Paul McGrath

- Paul Wheeler

- Philip John Kirkwood

- Richard Comber

- Robert Rawson

- Shane Agelis

- Stephen McKee

- Tom & Wendy Vaughan

- Tony & Ruth Martin

- Trent Kotz

In addition there was a number of anonomous donors which we also thank whole heartedly.

Whilst we are disappointed this project has not progressed as quickly as expected, we hope to finalise the project before the end of 2023.

The Elite Player Development Program continues to be a positive asset to our Club.

MEMBERSHIP & GOLF

Membership interest continued to remain strong during the 2022/23 year. The return of the waitlist 18 months ago did little to slow membership enquiries and resulting applications, with the increase in new applications pushing entrance for new Members out to approximately 4 to 5 years. This ensures the Club remains in a strong and sustainable position leading into the future.

As a result of the lengthy waitlist, it was agreed to adjust the conditions and inclusions of new waitlist applicants. The changes include limiting course access to 6 rounds, ongoing access to the practice facility areas, and a clubhouse credit to provide engagement and a connection with the Club whilst awaiting an offer to join.

Despite initial suggestions golf rounds would decline with the removal of COVID and travel restrictions, round numbers have continued to increase steadily with the average rounds per Member sitting at 1.3 rounds per week. With round numbers increasing, Committee of Managemnet have agreed to limit the induction of new playing Members at the end of the 2022/23 season to only 20 Members, that being less than half of the resignation numbers for the year. This strategy was applied to eliminate the impact on existing Members access to the course.

The Club’s fixture of events remained full and well supported by all Members, in particular the annual Winery Challenge and Junior Foundation Days proving as popular as ever. The popularity of our Twilight Competition continues and is well supported by Members and guests, with the weekly event showcasing the welcoming and social culture Members of Glenelg enjoy throughout the year.

The Club Championship schedule has seen the event return to March, with the notion of providing the best possible Course conditions for the Club’s pinnacle event on the Calendar. This meant winners for both the 2022 and 2023 Club Championships were presented in April. The 2022 Club Championships were won by Christine Trimmer, for a remarkable fifth time, and Michael Munn claiming his first victory. Winners in 2023 were both awarded to first time Club Champions in Sarah Crocker, who benefitted from the change in qualifying conditions for women, and Kade Bryant who backed up his junior title.

The Club again featured amongst the finals in the majority of Pennant grades. Our Sanderson Cup team going down in the final against Grange. The Pike Cup team with several Juniors representing, successful in the final against the Mid North. Unfortunately, our Simpson Cup, Bonnar Cup and Women’s A3 teams all went down in the Semi Finals. Whilst in the junior grades our Sharp Cup team was victorious for the second year running.

The Glenelg Junior Foundation provided the opportunity for several juniors to attend the 2022 Australian Open held at Kingston Heath and The Victoria Golf Club in Melbourne. The trip also included an educational visit to the Golf Australia High Performance Centre in Sandringham, providing an insight to the pathways and facilities available through the highperformance program. Our Juniors were also treated to rounds of golf at a few of Glenelg’s reciprocal partner Clubs during the visit. Thanks to Vice Captain Paul Grosvenor, Customer Relations Officer Tash Bryant and PGA Teaching Professional Brayden Kelly for their organisation and supervision of the Juniors during the trip.

Sarah Crocker won the 2023 Women's Club Championship

Kade Bryant won the 2023 Men's Club Championship

Anthony Doyle in his match against Deane Harris for the Senior Club Championship.

COURSE & MAINTENANCE

Our Course Maintenance staff have had another busy year as they continue to progress the Course Enhancement Project whilst maintaining and presenting the golf course at an extremely high standard.

Course Enhancement Holes undertaken in this season included 13, 14, 2 and 12, with the 11th well on its way to completion. As the holes are re-opened for play, there are minor works to be completed as they go through the grow in phase through to maturity. The early holes completed such as 18 and 13 are improving each day with the condition of the Greens surfaces meeting our expectations. This is quite a unique project on which the Club has embarked with majority of the work being completed by our staff exemplifying their skills and dedication whilst ensuring the design vision from Neil Crafter, Ryan Van Der Veen and Bob Touhy is achieved. This is something of which the Club can be truly proud.

Over the next 12 months we look forward to undertaking Course Enhancement Works on Holes 3, 4, 5 and finishing off the 10th with the green complex and associated bunkering, as well as the installation of the irrigation to the remainder of the hole. Irrigation upgrade work will continue this winter with a 225mm mainline installation taking place. The mainline will run between the 8th , 9th, and 10th fairways and then around the rear of the 10th Green through to the 12th fairway.

Our turf surfaces continue to be presented at a high standard with the benefits of our long-term maintenance programs. We are reaping the rewards of solid agronomic practices over the last three years. This encompasses our annual heavy renovation processes to our couch surfaces as well as our turf nutrition programs and the fine tuning of our cultural practices. We are constantly inveistgating improved technologies and methodologies to provide the best possible surfaces to meet the expectations of Members and that of a tier one golf facility.

Our work in environment and sustainability was recently recognised within the state and nationally. Tim Warren and Monina Gilbey were cowinners of the prestigious Australian Sports Turf Managers’ Association’s Claude Crockford Sustainability and Environment Award as well as scooping the pool at the Clubs South Australia Awards with: Tim receiving Manager of the Year, Monina receiving Employee of the Year and the Club receiving the Environmental Awareness Award. We were also awarded the Clubs SA, Club of the Year (large) award. In addition the Club was nominated for the Biodiversity category at the National Banksia Sustainability Awards – the first golf club to be nominated in the 34 years of this award.

Our social media accounts on Instagram and Facebook continue to grow with a wide audience and a combined reach of over 106,000 accounts. We see the engagement with social media a great way to promote and celebrate the positive work that our team and Club are achieving, and demonstrating

that we are at the forefront of Course management nationally.

BIODIVERSITY & VEGETATION

We have continued our work with implementing the Green Adelaide Grassroots Grant in collaboration with Kooyonga, Grange and Royal Adelaide Golf Clubs. The grant will fund 18,000 plants across the four courses over four years, as well as providing educational workshops.

We have supported a Coastal Invertebrates study and an urban microbat study. The surveys found 344 insect species living at our course – over 70 species unique to our course, including seven dragonfly and damselfly species – and five microbat species, including one microbat species which isn’t often seen on the Adelaide Plains. The identification of all these species along with the rare microbat species, highlights the well-functioning ecosystem and the positive impacts our biodiversity programme has on the environment. Our current programme provides significant environmental health benefits to not only our Course but our local surrounding Community. Our on-ground works have included the planting around the 13th green and planting the naturalised rough between the 14th and 18th . These plantings include plants of conservation significance. We will soon plant over 100 advanced native pines grown in our nursery, as well as more than 1,500 more shrubs, groundcovers and flowers.

Seasonal Greenkeepr Josh Smith in action mowing the newly renovated 18th Green

Our Course Enhancement Plan has included a tree planting program, with course staff planting in excess of 400 native tree species since the program begun. This includes the planting of 30 Stone Pines (Pinus Pinea), with the remaining plantings being Native Pines (Callitris preissil) and Drooping Sheoaks (Allocasuarina verticillate). The Native Pines are indigenous to the Adelaide plains and the sandy soils of the coastal belt and will continue to be planted as one of the preferred tree species. The programme includes the removal of the Swamp Sheoak (Allocasuarina glauca) identified as a weedy species and not being suitable and manageable into the future. Trees being replaced are on a five-to-one basis – for every tree removed, five (or more) are planted. The Native Pines have been planted in copses to create screening and provide habitat for the Thornbills and other small birds that visit our course. Two indigenous (locally native) tree species have been potted on and grown in our nursery over the last few years so that the trees planted will be at a more advanced stage (rather than planting tube stock).

VOLUNTEERS

Our loyal band of course volunteers continued to support our course staff throughout the year including sanding and oiling course furniture; removing weedy plant species; raking scarifyings during renovations; raking of pine needles and pinecones, emptying rubbish bins and filling sand bins. This has seen a voluntary contribution of at least 380 hours and we cannot thank this group enough. The work our volunteers do is very much appreciated by the Committee, Management and all of our Members. We are certain more volunteers would be welcome to join this Tuesday group.

The nursery between the 11th and 12th Holes.

Geoff Attenborough and Graham Webster volunteering their time.

CLUBHOUSE, FOOD & BEVERAGE

The food and beverage operation has followed the trend from 2021/2022 and shows a continuous growth in our Member hospitality services and function revenue.

General bar and bistro operations have recorded an increase on the previous year and generated $1,600,659 in revenue for the 2022/2023 period, with function operations generating $1,144,303. After expenses are accounted for, the net profit for the period was $129,770.

The Club continued to offer several Club events that are constantly reviewed to ensure they remain well supported. For the first time we held a Mother’s Day Brunch for 180 guests instead of a three course menu and received many positive comments about the change in format.

We held two wine dinners for our Members and their guests this year. The first wine experience was in May 2022 and presented by one of South Australia’s most iconic wineries, Penfolds. The second wine dinner was hosted by one of the greatest and funniest winemakers, Chester Osborn from d’Arenberg. Both events were a huge success and showcased amazing food paired with local wines and excellent hospitality service by our team.

A special thanks goes to Woodstock Wines who have supported the Club and Junior Foundation with several fundraising initiatives through the year with twilight raffles, the Foundation Day and the popular “Lunar New Year Dinner” with guest chef Kenny Ting. We are proud to look back at a successful year, where we managed to win two major industry awards as ‘Best Club Wedding Venue’ in South Australia at the ABIA Awards Night and for ‘Best Dining’ with Clubs SA.

The hospitality team continuously works to further enhance our services and offerings to Members and guests. We are confident that the team culture and stability we have built over the last year will support our vision and great experiences for Members and guests at Glenelg Golf Club.

Sherylea

We held 206 conferences, 144 private functions and 9 weddings in 2022/23. The wedding industry is still the most challenging segment of our function business as couples are looking for different reception styles and less financial commitment.

Kemp, our Functions Manager, is doing an amazing job in promoting the Club at the major wedding exhibitions in Adelaide and bringing new clients to the Club. The business has doubled the amount of confirmed weddings from 9 last year to 16 bookings for the new financial year.

Junior Foundation Day Lunch

OUR PEOPLE

At the 94th AGM held on Thursday 30th June, returning officer Peter Norman declared the results of election for committee, with Mrs Anna Standish and Mr James Frearson-Lea elected to Committee of Management on three-year terms. Vice-Captain Paul Grosvenor and Captain Imelda Lynch both elected unopposed. Mrs Imelda Lynch becoming Glenelg’s first female Captain. Mrs Helen McMutrie continued in her role as President and Chris Whitford was appointed Vice President for a further oneyear term. A massive thank you to immediate Past Captain, Greg Rundle, for his dedication to the Club over many years and in particular his leadership through the global pandemic years.

For the first time at Glenelg a Junior Club Captain was appointed. Alex Manton was a popular choice as he joined the membership and match sub-Committee's, adding a junior/ intermediate perspective to the table which has been extremely beneficial.

Jo Ricourt was appointed Women’s Captain throughout the 2022/23 season and was well supported in delivering the full and exciting golf and social program with assistance from fellow SubCommittee Members, Vice-Captain Kristin Jeffery, President Christine Croucher, Vice President Cathie Molloy, and Committee Member Michelle McCormack. Thank you to outgoing Women's Captain, Fiona Eblen, and also Meg Woods for their contribution to the Women's game of golf here at the Club.

Glenelg Golf Club is fortunate to be well supported by a group of enthusiastic and committed Members and parents who provide support across a multitude of areas, including pennant team managing, rules officials, marshalling, junior foundation day, junior events, and Course works. The Club thanks all those who have generously offered their time and support through the year.

COURSE TEAM

Our staffing has continued to be stable over this year with only one staff member, Jonty Chaproniere, leaving to take up a position as 2IC at Murray Downs.

We took on two apprentices, Sam Sullivan and Patrick Drescher, and a new greenkeeper, Lochlan O’Neil joined the team. For the first time we introduced a seasonal greenkeeper from October through to March, Josh Smith, from the United Kingdom. This successful new strategy provided extra support during our busy summer period.

Training and development of our staff continues and this year we increased the numbers of staff

with chainsaw licensing and ChemCert qualifications. Dan O’Sullivan completed his Certificate III in Irrigation Technology and Dan applys these skills as our principal installer of our new irrigation.

HOSPITALITY TEAM

In her first full year as Hospitality Manager, Anna Fontaine has brought great professionalism to our hospitality offerings. She has built a core team that has shown a great improvement in the work environment whilst also significantly improving the rating in our recent staff culture survey. Together with Head Chef, David Bridgman, and their teams, they have delivered consistent and amazing food and service to Members and guests of Glenelg Golf Club.

Other changes in our hospitality team, saw the departure of our Sales and Events Manager Lynn Kschammer in November 2022. Sherylea Kemp, who has been working as Functions Supervisor at the Club since 2016 stepped up into Lynn’s role and has since embraced the new responsibilities with great motivation and professionalism.

We employed Kaysea Bedell as Functions Coordinator in March 2023. Kaysea has worked several years for Ayers House and has brought great experience and enthusiasm to her role. The team also welcomed back Laura Brown as a fulltime Bar & Restaurant Supervisor to support James Bridgen in the day-to-day operation of our hospitality services.

In the kitchen, we farewelled Flynn Bullock who moved on to new challenges after he successfully finished his apprenticeship. Suman

Junior Club Captain, Alex Manton.

Gurung, who started as a kitchenhand two years ago has completed his studies and is now a valued fulltime chef on our team.

PROSHOP TEAM

With the ongoing Course Enhancement Project in full swing throughout the year, Shane Robinson and the Pro Shop staff placed an emphasis on communication and service, making sure Members, their guests, and visitors were well informed and properly briefed prior to playing their round. Providing these service levels created extra workload, however the constant stream of positive feedback helped to motivate the staff and we believe created a point of difference that few other clubs matched over the recent busy periods.

The Pro Shop team offers an unprecedented six PGA Professionals providing industry leading experience service to the Members.

The Glenelg Coaching Academy coaching staff scheduled, promoted, and conducted over 200 Junior Tigers My Golf and school holiday clinics. This is a terrific commitment from the coaches, showing up early Sunday mornings, Wednesday evenings and Saturday afternoons to promote the game of golf through fun interactive sessions.

The Glenelg Pennant Program for women, men and juniors runs from March through to July. The clinics focus on team camaraderie and skill acquisition to best prepare our teams with the goal of winning Golf SA Pennant Championship Flags. This year saw an increased offering, running clinics on Tuesday afternoons Thursday evenings

sometimes in the day aided by our short game area lights and Friday mornings from 7am for those players that can’t make the main Thursday session.

This year has seen increased involvement with the Golf Australia High Performance program for teaching professional Braeden Kelly. He has been delivering the “Tier4” program which identifies and fosters junior talent here in South Australia, whilst also travelling as team coach on several occasions. Some highlights include travelling to the U.S with junior athletes as well as coaching both the junior and senior interstate teams from South Australia. This continues a long line of association between Glenelg’s Coaching Academy and Golf Australia.

ADMINISTRATION TEAM

We welcomed Adam Bryant in November 2022, who settled into the Club Operations & Membership Manager role extremely well, utilising his significant golf experience. Adam replaced Sam Hughes who moved on to take up the General Manager role at 59Club. Jake Milne has stepped into the role of Digital Marketing and Communications Officer seamlessly and continues to drive improvements in our digital marketing strategy. Jake's input has been enormous by significantly increasing the Glenelg Golf Club reach on all social media platforms, whilst also improving communication channels with the membership.

MANAGEMENT

We continue to be ably led by our General Manager, Robert Vincekovic, now in his fourth year at the Club. Robert has bedded down a structure

and team that provides stability and an excellent culture shown in the significant uplift in our staff survey results. With the support from the Committee of Management, the team continue to drive and progress the Club’s four-year Strategic Plan, ensuring the sustainable and financial stability of the Club and the successful continuation of the Course Enhancement Project both on schedule and to budget. The team continue to strengthen the Club culture amongst membership and staff, whilst working to lift the reputation of Glenelg in golf industry circles locally, nationally and internationally.

MEMBER 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. New inductees to the 50 Year Club included Felicity Rawson, Jim Rawson, Jan Jeffery, Jeffery Crabb, Peter Gebhardt and Heather Whitford. Sadly, throughout the year, the Club lost two 50+ Year Members in Geoff Chapple and Bill Fuller. Other long time Members who sadly passed include Kay McFarlane (45 years), Ian Symons (39 years), Patricia Aitken (28 years) and Sam Koukourou (20 years).

Overleaf is a list of current Members who have been with the Glenelg Golf Club for over 50 years. We thank them for their ongoing loyalty and support and welcome those who are newly inducted into the “50 Year Club”.

50 YEAR CLUB

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

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

70+ Donald Cant Pauline Sanderson

60+ Modge Brown

Michael Dobson

Peter Drew

Chris Ellis

Rod Follett

Geoff Hallion

Charles Harris

50+ Richard Bowering

Brian Cahill

Geoffrey Cook

Jeffery Crabb

Jan Dale-Harris

Rod Fiske

Brenton Green

Peter Gebhardt

Prue Henschke

Maurice Hiern

David Jervis

Alec Jordan

David Lahiff

David Lindsay

Bernie Manser

Margaret McCann

Peter McDonald

Wayne Humphries

Janet Jeffery

Terry O’Brien

Felicity Rawson

Jim Rawson

John Rawson

Bevan Roberts

Marg Roberts

Phillip Silver

John Stone

Peter Steadman Noel Taplin

Steve McKee

Peter McMutrie

Jane Nelson

David Tamblyn

Gary Thompson

Jan Wheatley

William Strangways

Cathy Symons

Gary Taplin

Sue Tuohy

Graham Webster

Chris Whitford

Dennis Whitford

Heather Whitford

HERITAGE FUND

SUMMARY OF ACTIVITIES

Opening balance: $214,047

Bequest - Owen Burgan............................................$72

Interest earned: .......................................................$1,124

HERITAGE FUND BALANCE:

$215,243

as at 31 March 2023

& ELITE PLAYER

JUNIOR GOLF & ELITE PLAYER DEVELOPMENT FUND BALANCE: $163,706 as at 31 March 2023

INFRASTRUCTURE DEVELOPMENT FUND BALANCE: $224,465 as at 31 March 2023

*includes ASF Donations to Lone Pine Pavilion.

Zoe Manton, Robert Vincekovic and Kade Bryant at the Club Championships Awards Night. Zoe Manton was runner up in the Women's Club Championships and Kade Bryant won the Men's Club Championships.

The chipping competition on the Junior Foundation Day

Chipping practice at the Junior School Holiday clinic.

MEMBERSHIP STATUS

For the year ending 31 March 2023

*Absentee, Ambassador, Casual, Clubhouse, Senior Special 2 Day & Veteren Members

Please Note: The increase in Membership Numbers is a direct result of the increased wait list category

OFFICE BEARERS 1927-2023

COMMITTEE MEMBERS 1927-2023

PERFORMANCES OF NOTE

For the year ending 31 March 2023

Pennant Champions 2022

Seniors: Glenelg def The Grange 4.5/2.5

Nick Wake, Deane Harris, Villi Koronis, Anthony Doyle, Paul McGrath, Howard Slater, Brenton Lane, Wayne Humphries (Team Manager)

Pike Cup: Glenelg def Mid North 4/1

Jill Hodge, Bec Hughes, Maiya Jakupec, Zoe Manton, Louise Pike, Jo Rawson (reserve)

Sharp Cup: Glenelg def The Grange 3/2 Noah Collison, Harry Leaf-Milham, Jack Leonard, Thomas Pyke, Anthony Wang, Indie Danger (reserve)

Pennant Teams of the Year: Sanderson Cup – Charley Jacobs, Shakira-Ann Kuys, Eliza Baker, Sarah Crocker Simpson Cup – Michael Munn

Jack Buchanan, 21, Intermediate Member

The 2022/23 Season seen Jack continue to prove why he is regarded as one of the best male amateurs in the country, claiming the Australian Order of Merit award for a second time along with a number of strong performances in key events throughout the season.

- National Order of Merit, Winner

- State Order of Merit, Winner

- SA Amateur, Winner

- Vic Amateur, R/Up

- NSW Amateur, R/Up

- US Amateur Qualifier

- 2022 Nomura Cup, 7th (Australian Representative)

- 2023 Australian Amateur, 9th

- 2023 SA Mens Interstate Series

- 2023 Tier 1 High Performance Squad

Other Performances of Note

Adrian Wickstein – SA Coach of the Year, High Performance

Kade Bryant - SA Junior Amateur Winner, SA 16 Under Championships Winner, SA 18 Under Championships Winner, SA Junior & Mens Interstate Teams

Harry Leaf-Milham, Max Jericho - SA Junior Interstate Team

Jackson Leonard – SA 14 Under Championships Winner

Zoe Manton, Bec Hardy – School Sport SA 18 under State Team

Thomas Pyke, Jayneil Rudrappagari – School Sport SA 12 under State Team

Glenelg wins the Sharp Cup Final

Glenelg wins the Pike Cup Final

Glenelg wins the Senior Pennant Final

CLUB CHAMPIONSHIPS & CLUB TROPHY WINNERS

For the year ending 31 March 2023

Event Winner Runner Up

2022

2023 Men's Senior Championship

Jimmy McLachlan Memorial Trophy

Men’s Foursomes Championship

Women’s Foursomes Championship

Men’s A Grade Foursomes

Men’s B Grade Foursomes

Men’s C Grade Foursomes

Women’s B Grade Foursome

Women’s C Grade Foursome

Mixed Foursomes Championship

Brian Ferris Memorial Trophy

Eric Scovell Junior Vardon Trophy

Glenelg Women’s Vardon

Owen Whitford Trophy

Lance Begg Trophy

Winter Pinehurst Foursomes Trophy

Burgandy Trophy

Don Harris Memorial Trophy

Deane Harris

Matt Uebergang

Steve Locke & Michael Phillips

Jill Hodge & Bec Hughes

Andrew Nash & Gavan Fox

Craig Wallace & Gary Cundy

Gordon Campbell & Ben Gentry

Imelda Lynch & Jill Gehling

Margaret Whelan & Ros Osborn

David Brand & Cathy Symons

Sam Earl

Jack Leonard

Caitlin Pearce

Christine Trimmer & Adam Trimmer

Eliza Baker & Ben Chinner

Jo Marino & Richard Yap

Kristin Jeffery & Peter Jeffery

Chris Harris & David Frost

Anthony Doyle

Henry Duregon

Michael Ratajewski & Luke Bashford

Joanne Rice & Tonia Ross

Paul Leaf-Milham & Harry Leaf-Milham

Richard Stanes & Mark Fleer

Tom Schonfeldt & Stephen Cilento

Annette Reiniets & Joy Green

Rita Niemirowski & Karin Harris

Sarah & Chris Crocker

Ross Steedman

Anthony Wang

Matilda Miels

Louise Pike & Ben Chinner

Maiya Jakupec & Alex Manton

Harry Burner & Emma Sutton

Anil Kookana & Sid Kookana

Simon Knapp & Tom Roberts

Men’s Event Winner Men’s Event Winner

Senior Cup Brian Welsh

Anzac Memorial Trophy Wayne Inglis

Glenelg Trophy (Juniors) Harry Leaf-Milham

Boys’ Handicap Matchplay Anthony Wang

Captain’s Trophy Scott Petherick Rawson Memorial John Morrissy

President’s Trophy David Wiese & Peter Gale Don Watson Memorial Glenn Skelly

Glenelg Trophy Darryl Sellar Frank Collins Memorial Grant Baker

Sam Percival Trophy Tony Annand

Milo Sprod Trophy Christopher Duguid

Reg Sands Starter’s Trophy Steven Gentle

Norm Omond Medals

AH Smerdon Memorial Brad Sugars

Steve McKee Memorial Aaron Sugars

Summer Cup Kade Bryant

A Grade: David Marshall FA Lewis Memorial Leigh Packer

B Grade: Christopher Duguid

Harold Wright Memorial David Holst

C Grade: Ian Daebeler Brian Bashford Memorial Grant Baum

Joe Ashton Trophy Brian Daniels

Women’s Event Winner

Women’s Event Winner

President’s Foursomes Imelda Lynch & Fiona Eblen Ella Cole Trophy Bec Hardy

Captain’s Trophy Helen McMutrie

Laurel Wreath Jo Rawson

International Bowl - Silver Wendy Greig

International Bowl - Bronze Cheryl Franzi

Shane Robinson Trophy Julie Gobbie

Club Medal 1 Sandy Francas

Club Medal 2 Sue Touhy

Wallace Stroke Louise Pike

Anne Smerdon Trophy Raegen Denton

Hole-in-One

Ben Chinner - 19th

Richard Comber - 14th

Robin Vandegraaff - 16th

Stuart Price - 3rd

Marcus Kuys - 14th

Clyde Simpson - 14th

Steve Locke - 11th

Ryan Faggotter - 16th

Jeff Downs - 14th

Sarah Crocker - 11th

Nick Wake - 19th

Dan Leonard - 19th

Ryan Reavley - 16th

Daryl Bailey - 19th

Matt Jacquier - 19th

Chris Hercock - 16th

Peter Schaefer - 19th

Jody Martin - 11th

Saleem Jahshan - 19th

Mark Foley - 19th

Consistency Cup Joan Ferrier

Veterans’ Handicap Net Anne Tait

Veterans’ Handicap Gross Jill Hodge

Essex Stroke - Silver Jill McDonald

Essex Stroke - Bronze Maureen Watson

Most Improved Handicap Julie Gobbie

Jacka Trophy Bec Hughes

Parfection Prize Peggy Lau-Flux

Josh Weckert - 14th

Laurence Young - 19th

John Synon - 19th

Grant Whellum - 11th

Andrew Underwood - 16th

Jami Hodge - 3rd

Jane Nelson - 16th

Hamish Gordon - 19th

GLENELG

GOLF CLUB INCORPORATED AND CONTROLLED ENTITY

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2023

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2023

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT

OF FINANCIAL POSITION

AS AT 31 MARCH 2023

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2023

GLENELG GOLF

CLUB INCORPORATED AND CONTROLLED ENTITY

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2023

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

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 (Club) as the individual controlling entity and the controlled entity, Glenelg Golf Links Limited (GGL) incorporated and domiciled in Australia.

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 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.

The principal continuing activity of the Club consisted of:

- providing a golf course for member and social play; and

- providing bar and dining facilities in the clubhouse

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.

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 March 2023 and the results of GGL for the period then ended. The effects of all transactions between the Club and GGL 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 assets and liabilities are initially recognised when the Club becomes a party to the contractual provisions to the instrument. For Financial assets, this is the date that the Club commits itself to the purchase or sale of the asset.

Financial assets are initially measured at fair value, where the values in an active market are used to determine the value.

A financial asset can be subsequently measured in three ways; amortised cost, fair value through other comprehensive income, or fair value through profit and loss.

A financial asset is subsequently measured at fair value through other comprehensive income as it is irrevocably designated by Committee of Management (note 17b) to be treated in this way, with fair value adjustments to be made against a reserve in equity.

As the value of the shares do not impact the business operating performance, the fair value adjustment need not impact operating surplus/deficit.

A financial liability can be measured at amortised cost or at fair value through the Profit and Loss. In relation to the Club's loan and Commercial Bill facilities they are measured at the amortised cost and the effective interest rate method is applied.

This means the interest costs related to the debt are expensed in the Profit and Loss over the relevant period. Changes to accounting standard AASB 9 have impacted the way that the Glenelg Golf Link Limited shares are to be reported in the 2019-2020, and all future Financial reports. Previously shares had been recorded at purchase price.

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.

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

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:

d) Impairment of Assets

At each reporting date, the Committee of Management reviews the carrying values of its assets to determine whether there is any indicators of impairment. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell or value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is recognised immediately to the profit and loss 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.

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 & Entrance Fee Income

Subscription revenue is recognised in the profit and loss statement in the Membership year it relates to. The Membership year runs in-line with the Financial year of the 1st April through to 31st March of the following year.

Entrance Fee income has been adjusted to be apportioned to the expected average tenure of the membership. Entrance Fees are put to a liability account (Note 13 - Entrance Fees - Accrued) to be apportioned over future years.

A 10 year average has been applied to Provisional, Six Day, Weekday and Company member Entrance Fees.

A 5 year average has been applied to Country, Casual and Intermediate member Entrance Fees. Junior Entrance fees are applied at time of invoicing as the spread of these payments is already applied.

g) Income Tax

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

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

h) Inventories

Inventories are measured at the lower of cost and net realisable value. No provision has been made for slow moving inventory, but shall be accounted for if required.

i)

Course Redevelopment Expenditure

Expenditure incurred on redevelopment of the course is recognised as an expense in the profit and loss statement as incurred, unless it is capital in nature, in which case it is capitalised in accordance with the capital expenditure definition.

j)

Construction - Work In Progress

Construction work in progress is stated at the aggregate of contract costs incurred to date and included if applicable, as part of Property, Plant & Equipment.

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.

m)

Leases - Right of Use Assets

The Change to AASB 16: "Leases" became applicable from 1 January 2019 for Leases with more than 12 months remaining. This has an impact on the previously noted Operating Leases the Club holds for Golf Carts and Course Equipment This has involved the initial transaction to bring on a lease liability discounted to the present value of the remaining lease payments at the commencement date. The interest rate used for the new leases in 20222023 is 5.88% (2021-2022: 2.45%), which is the interest rate applicable to the newest bank contract entered into during the year. Interest and principal are applied on an incremental basis for the remaining life of the lease.A corresponding Right-of-use Asset is to be recorded in the Balance Sheet based on the value of the lease liability recorded. This Right-of-use Asset is depreciated over the lease term or in a straight line basis over the useful life of the asset, whichever is the shortest.

n) Other Income - Government Incentives

During the 2022 - 2023 year, the Club received wage subsidies for the employment of apprentices amounting to $66,489 (2021 - 2022: $30,160).

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

NOTE 2 - CASH & CASH EQUIVALENTS

The effective interest rate on short-term bank deposits was 0.01% (2021-2022: 0.01%); these deposits have an average maturity of 20 days.

The Heritage Fund holds funds donated and bequeathed to the Club for specific projects that are identified and approved by the Committee of Management these funds are not available for funding operational activities.

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:

NOTE 3 - TRADE & OTHER RECEIVABLES

NOTE 4 - INVENTORIES

NOTE 5 - FINANCIAL ASSETS

Per changes to Accounting standard AASB 9 in relation to Financial Instruments, the shares held in Glenelg Golf Links Ltd are now recognised at balance date at Fair Value, with the value being based on the last sale price recorded. The last sale price recprded was in 2022/2023 at $280.00 per share (2019 $302.00 per share) the revaluation of these shares is carried through Other Comprehensive income and a reserve on the Balance Sheet.

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

NOTE 6 - PROPERTY, PLANT & EQUIPMENT

NOTE 6A - CAPITAL WORK IN PROGRESS

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

NOTE 6 - PROPERTY, PLANT & EQUIPMENT (CONT.)

b) Movement in Carrying Amount

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

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

*The Freehold Land at 31st March 2023 is recorded at a carry forward value from prior years. This value will increase as a result of the purchase of equity in Glenelg Golf Links Limited which owns the land on which the golf course is situated. This will also include a reduction applied to reflect the reduction in Share Capital of outside equity interests

c) Impairment Losses

Given there were no indicators of impairment, there were no impairment losses recognised in current year (2021/2022: nil).

NOTE 7 - RIGHT OF USE ASSETS

Per changes to AASB 16 (effective January 2019) - the Operating Leases in place for Golf Carts and Course Equipment are required to be recorded as a Right of Use Asset and depreciated on a straight line basis over the life of the lease.

NOTE 8 - TRADE & OTHER PAYABLES

NOTE 9 - PROVISIONS

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

NOTE 10 - BORROWINGS

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 March 2023, $10,000 of the Club's facility was utilised (31 March 2022: $5,000).

NOTE 11 - LEASE LIABILITIES

NOTE 12 - LEASE LIABILITIES

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31

MARCH 2023

NOTE 14 - RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT FROM OPERATING ACTIVITIES

NOTE 15 - 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:

b) Credit Risk

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

c) Net Fair Values

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

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

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2023

At 31 March 2023, 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:

NOTE 16 - AUDITOR’S REMUNERATION

Remuneration of the Auditor of the parent entity for:

NOTE 17 - 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 (2021-2022 - $0).

b) The names of the persons who were officers of Glenelg Golf Club Incorporated at any time during the period ended 31 March 2023 and formed the Committee of Management are as follows:

Greg C. Rundle (Captain)

Imelda C. Lynch (Captain)

Paul J. Grosvenor (Vice-Captain)

Carolyn J. Turci

Scott Petherick

Paul M. Gander

Ben Winton

Anna Standish

James Frearson-Lea

Term Completed June 2022

Elected June 2022

Elected June 2022

Elected June 2020

Elected June 2020

Elected June 2021

Elected June 2021

Elected June 2022

Elected June 2022

During the financial year, the Club used services from Green Goose Lawns, a business controlled by Mr Paul Gander totalling $7,000 for the purpose of kikuya spraying on course. The Club used services from 1836 Conveyancing, a company controlled by Mr Scott Petherick totalling $179 for the purpose of registering the extension of the Glenelg Golf Links lease. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties.

NOTE 18 - CONTINGENT LIABILITIES

Glenelg Golf Link Limited objection to the land tax assessment for 2021/22 was upheld and therefore no expense or accrual has been recognised in relation to 2022/23 land tax. The Club understands that Revenue SA intends to review the eligibility for GGL's exemption from land tax at the end of each financial year.

NOTE 19 - AFTER BALANCE DATE EVENTS

There were no after balance date events that need to be brought to the attention to the users of the accounts.

NOTE 20 - ASSOCIATION DETAILS

The principal place of business of the association is 20-118 James Melrose Road, Novar Gardens, South Australia, 5040.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2022

NOTE 21 - CAPITAL EXPENDITURE COMMITMENTS

Capital expenditure commitments contracted for: $

Plant & Equipment Purchases -

Capital Expenditure Projects-

Payable:

within 12 months

between 12 months and five yearsgreater than 5 years-

Appropriate financing is in place, and from time to time the Committee of Management reviews the debt position (and takes action as necessary) to ensure the Club remains viable and can continue as a going concern.

The Club's debt and capital includes financial liabilities, supported by financial assets. The bank loans are secured by registered mortgages over the land and this forms an imposition on capital requirements. (Note 10)

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 22 - CONTROLLED ENTITIES

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 statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes to the financial statements for the year ended 31 March 2023 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 March 2023, 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 March 2023:

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

Dated this 3rd Day of June 2023

IMELDA LYNCH Captain

PAUL GROSVENOR Vice-Captain

The destination Golf Club in SA for experiences that inspire and connect Members, families and communities.

GLENELG GOLF CLUB INCORPORATED ABN 94 199 789 857