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

During the period there were no related party transactions.

NOTE 18 - CONTINGENT LIABILITIES

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

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.