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.