2023/24 Glenelg Golf Club Annual Report

2023/24 ANNUAL REPORT

acknowledgement of country

OFFICE BEARERS

COMMITTEE OF MANAGEMENT

CAPTAIN

Imelda Lynch

COMMITTEE

VICE

Paul Grosvenor

Andrew Culley COMMITTEE

COMMITTEE

Scott Petherick

PRESIDENT

Helen McMutrie

James Frearson-Lea COMMITTEE

COMMITTEE

Anna Standish

VICE

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

Paul Gander

COMMITTEE

Ben Winton

ATTENDANCE

Attendance at Committee of Management meetings for the year ended 31 March 2024

Imelda Lynch 11/12

Paul Grosvenor 9/12

James Frearson-Lea 10/12

Paul Gander 12/12

Scott Petherick 11/12

Anna Standish 11/12

Ben Winton 10/12

Andrew Culley* 11/11

Carolyn Turci^ 1/1

A total of twelve (12) Committee of Management meetings were held for the year ended 31 March 2024.

*Andrew Culley filled casual position in May 2023 and elected in June 2023.

^Carolyn Turci resigned in May 2023.

CAPTAINS REPORT

Dear Members,

It is with great pleasure that I present the Captain’s Report for the 2023/24 financial year.

The focus over the last year was the ongoing implementation of the course enhancement plan which we achieved on budget and within set timeframes. Holes 3,4,5, 11 and 12, were completed along with the new toilet on hole 5.

We are now over halfway through the course enhancement and are continuing to be recognised industry wide for these improvements. Most notably, in the latest Golf Digest Course Ratings, we ranked at number 32 in the Top 100 Golf Courses of Australia. This remarkable achievement marks a significant milestone for our Club, as it is the highest ranking the Club has ever achieved. Thank you to all Members for your continued support and patience whilst this important work continues. We are confident through our collective efforts, we will continue to boost our Club’s reputation and standing within the golfing community whilst providing excellent playing conditions for Members and guests.

We look forward to the ongoing progress of the course enhancement plan by focusing on the simultaneous construction of holes 15, 16 & 17. The primary catalyst for making the decision to work on the three holes at the same time was the acquisition of 10,000 tonnes of sand from Coopers Stadium at no cost. This equates to an estimated value of $300,000, and enables a superior design, enhancing playability and ensuring our enhanced

holes complement each other.

Financially, I am pleased to report that the Club has continued to demonstrate resilience and stability. Despite the broader economic challenges, we have maintained a strong financial position, ensuring the sustainability of our operations despite the ongoing delivery of the course enhancement plan. Detailed financial statements are provided in the accompanying documentation, reflecting our prudent fiscal management of Club’s finances and resources whilst ensuring we maintain a strong future position.

Some of the highlights from our year include:

• Record total revenue of $8.4 million – a growth of 10%

• EBIDA increased by 0.3% to 18.35% (excluding course enhancement expenses)

• Hospitality revenue grew by 7% to $2.925 million

• Green fee income increased by 13%, much of which can be attributed to initiatives developed to maximise LIV Golf opportunities

The Committee of Management have seen a significant number of strategic objectives outlined in the 2022-2026 Strategic Plan completed this year. We have commenced the development of a long-term infrastructure master plan providing a maintenance and enhancement pathway for the entire facility. After an extensive tender process, Project Management Group (Milestone) and Architect (Stallard Meek Flightpath Architects) have been selected to assist with this plan.

New toilet development on the 5th Tee

We have built and incentivised our waiting list which has led to a net increase of 50 people to the list with a current estimated 5+ year wait time to join the Club.

We have improved our Member engagement and external marketing strategy through the utilisation of contemporary communication channels including increased video content across social media platforms.

We have improved the growth in our junior member offerings including funding a highperformance trip to the Australian Open in Sydney along with the continuance of our tiered funding for all juniors. The support Members give to our Junior Foundation has been enormous and we thank all of you for supporting our grass roots programs.

Our culture remains a cornerstone for our Club that does not go unrecognised by visitors. This also leads to continued interest and growth in our membership. Thank you to all Members for your warm welcome to new, and prospective Members and visitors to our great Club. Our current membership stands strong, and we are committed to providing exceptional experiences and opportunities for all Members and guests, both on and off the course. Our hospitality and functions team are exceptional and they continue to provide excellent offerings.

Preserving the impeccable standards of our course remains paramount. Our dedicated greenkeeping team have maintained our greens, fairways, and overall course conditions in an excellent condition, despite the significant demands on them from the course enhancement project. I wish to thank our green keeping team for their ongoing dedication and continued maintenance of high standards.

In preparation for the Club’s centenary year in 2027, the Committee of Management has commenced gathering historical information and gaining the support from key figures from our Club’s past. This collaborative endeavour aims to meticulously document the club’s journey over the last century and support preparations for our 2027 celebration.

As this is my final Captain’s Report, I wish to thank all Members for their ongoing support of the Club and its endeavours. Importantly, the skills-based Committee of Management has provided me with unwavering support, knowledge and expertise during my term as Captain. We negotiated some significant challenges along the way, and I wish to thank each Committee member for the significant contribution they have made and continue to make to Club.

I wish to thank all of our wonderful volunteers who assist on course, during competition golf, in the club house and supporting our many functions. The Glenelg community is strong, and your support makes us stronger.

Finally, I wish to thank Robert Vincekovic and our management team for their ongoing dedication. I am confident Glenelg Golf Club will continue to thrive as a premier destination for golf enthusiasts well into the future.

Imelda Lynch Club Captain

3rd Hole Green

Juniors at the Australian Open

FINANCE REPORT

The 2023/24 financial year marked another successful period for our Club. Despite challenges posed by economic fluctuations, increased utility costs, insurance costs and building and supply costs, the Club continued its commitment to financial stability, operational excellence, and member satisfaction.

The Club reported an accounting operating surplus of $93,856 for the period ended 31 March 2024. The table below illustrates the main variations between the 2023/24 result and the prior financial year.

*Adjusted to comply with AASB 15 recognising entrance fees over the average life of the member. Entrance fees received on a cash basis during the financial year was $448,000 compared to $435,000 in 2022/23.

The Club experienced steady revenue growth, primarily driven by increased membership subscriptions, event bookings, and green fee income derived during the LIV Golf period. Membership is strong, and the waitlist to membership continues to grow, sitting at 213 as at 31 March 2024. This continues to build a solid ground for the financial position of the Club going forward with an estimated waitlist of 5+ years. Waitlist fees contributed to the increase in membership fee income this financial year. The increase in hospitality income was predominantly driven by increased function activity, in particular wedding income, which brought an additional

$135,000 to the Club compared to the prior year. This is an excellent result in an area in which we continue to invest. The more we can drive the performance of hospitality, the less reliant the Club will be on increasing revenue from Member’s subscriptions to cover the increased costs of operating the Club.

2023 saw the first year of the LIV Golf tournament in Adelaide, and Glenelg was host to 531 visitors. As a result of the LIV Golf week, the Club generated $144,000 additional revenue which was reinvested into the Club through the 12th tee toilet upgrade and upgrading golf cart technology.

While stringent cost control measures were implemented across various operational areas, higher inflation and wage growth resulted in a significant increase to our operational expenses. The largest single line expense, wages, increased by 16% compared to the prior year. Some of this increase is related to increased hospitality activity, however the substantial modern award increase of 5.75% and improved staff retention with less vacant positions held during the year also contributed. In addition, we provided an uplift to

our qualified course staff to assist in recruitment to ensure ongoing sustainability of the golf course.

On an accounting basis, the Club invested $1.8M into course enhancement and capital items during the financial year and the table below shows the breakdown of this investment. Again this year, the largest investment continued to support the course enhancement project. The financial year saw the completion of holes 11, 3, 12, 4 and 5 and the beginning of the new toilet project on hole 5.

Investments were also made in course machinery as the old Toro machinery leases lapsed and we moved to a John Deere contract providing improved technology.

It is with great excitement that the construction of the pavilion has commenced and has been contracted at $775,000 with $447,000 funded through donations, bequests and donated materials. Despite course enhancement works, we improved other areas of the Club including technological upgrades to golf carts, upgrade to the Club server to ensure we provide security to the information we hold along with minor capital replacements in kitchen and house.

The ANZ Bank continues to support the Club with the extension of the Club’s $2.2M debt and overdraft facilities until September 2026. The Club engaged in this debt facility for 19 days during the financial year prior to 2024/25 membership renewals being issued. Overall, the Club’s total debt level decreased by $78,599 to $802,140.

The Club’s cash position reduced by $472,549, with $1,611,287 available at period end. Cash flow generated from operating activities was used to fund the Club’s capital expenditure programs for the year totalling $1,007,147 and non-capital

course enhancement expenditure of $528,464 (non-irrigation and project manager related course enhancement expenditure).

The Club finished with $1,611,287 in cash reserves at period end. Cash generated was $818,318 net inflow from operating activities, which after capital investment payments and principal reduction of debt, reduced cash reserves by $472,549. The Club has forecasted the need to borrow from the bank facility earlier in 2024/25 due to the timing difference of payments brought forward.

The Club’s total equity increased to $12,179,732. This is 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 increased retained earnings by $1,129,800. This adjustment is eliminated in the Consolidated result.

Looking ahead, Glenelg Golf Club remains wellpositioned to navigate the evolving landscape of the golf industry and economic uncertainties. The Club will continue to prioritize financial prudence and Member satisfaction while exploring opportunities for growth and innovation.

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 Club raised $75,174 which after junior related expenses of $72,233, resulted in a minor net increase to the fund of $2,941.

The annual Foundation Golf Day was held in January 2024, the major fundraising activity for the year and after expenses, contributed a net $26,072 to the fund. The generous support from gold and silver sponsor’s Collins Adelaide and IWS, as well as all other sponsors are the backbone to its success. Raffles held during the year, including the Foundation Raffle and Winery Challenge Raffle also contributing $4,088. The support from Members donating and supporting these raffles was exceptional.

The success of the Junior Foundation has been attributed to supporting upcoming and highperformance golfers. The Foundation supports players as young as 5 years old through to 17 years. This is maintained through a tier structure, and includes the funding of lessons, entry fees

and range balls. The Foundation supported 7 of our high-performance juniors through to the Australian Open tournament in Sydney. This is an eye-opening experience, observing world class golf at the professional level and playing interstate courses. Not only did this trip provide an opportunity to experience high level golf, but it also provides our Juniors with valuable life experiences and enhanced the relationships and culture amongst our Junior Members. Thanks to Vice Captain, Paul Grosvenor and former teaching Professional Braeden Kelly for supervising the trip.

The annual Junior Development Golf Day was also supported, hosting clinics, 18 holes of competitive Golf and a casual BBQ involving families. The addition of the junior teaching camp over the school holidays was seen as a great bonding experience, whilst honing in on their skills. As juniors progress, we will see further support to these high performing athletes.

Members are encouraged to support Foundation projects through ongoing fundraising initiatives and other activities. It is with your support that the Club can continue to provide our junior Members with the quality development programs to secure the future of Glenelg golfers for generations to come.

Junior

PAVILION PROJECT

We thank Members for their ongoing patience as we aim to deliver this state-of-the-art facility. Thanks must go to our past Captains, Paul Duregon, Paul McGrath and Tony Martin who have initiated the project and fundraising efforts.

With construction now well underway we are hopeful the Pavilion will be finished and ready for Member enjoyment in September.

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

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

Render of the Lone Pine Pavilion

MEMBERSHIP & GOLF

Membership remained strong throughout the 2023/24 year, with existing membership numbers remaining steady and the already extensive waitlist continuing to increase. Despite the expected waiting period extending beyond 5 years, enquiries and subsequent applications are continuing to be received. This continued interest and steady growth supports a sustainable future for the Club.

The Club’s active membership base has seen round numbers remain consistent with the prior year, with Members continuing on average to play 1.3 rounds per week. As a result, the induction of new playing Members throughout the last financial year was restricted to 80% of total resignations. This important strategy to reduce playing Member numbers will continue in the forthcoming year with the Club prioritising course access for all existing Members.

The Club’s annual event calendar remained vibrant and well-supported by all Members. The annual Junior Foundation Day and revamped Winery Challenge were extremely popular. The Club thanks all our generous sponsors and supporters in making these days a continued success. Our Women’s Committee continue to provide a full program of golf for our women members including many interclub events throughout the year. Our Women’s Committee also supports several community not for profit organisations with their fundraising endeavours contributing to our corporate social responsibilities. The ongoing support and participation in these events, further enhances and encourages Women’s golf at the Club.

Catherine Darling celebrating a putt

Deane Harris chipping out of the 3rd Hole bunker

Multiple Club Championship winner Christine Trimmer was again victorious, claiming her sixth title, a remarkable 29 years since winning her first in 1995. The men’s event was won in dramatic circumstances by first time winner Will Starkey, finally claiming victory on the 38th hole. The Junior Championships saw Zoe Manton win back-to-back titles and Jackson Leonard claiming his first victory.

The Club once again featured in multiple Pennant grade finals, with wins for the undefeated Bonnar Cup over The Vines, The Pike Cup beating Kooyonga on their home soil and our Junior Sharp Cup team victorious over Kooyonga, winning for a third straight year. Our Simpson Cup team narrowly went down to Kooyonga on their home course in a tight match. For the first time in the Club’s history, our Senior Pennant team claimed the division 1 title with victory over Blackwood, which followed on from their division 2 win the previous year. This was a great achievement from several of our longstanding Members.

Christine Trimmer and Zoe Manton during their Club Championship final

Will Starkey tees off 11th during Club Championship

Harry Burner during Simpson Cup final

Nathan Uebergang during the Club Championship final

Nick Wake plays from a bunker during the Senior Pennant final

Sam White during the Pike Cup final

COURSE & MAINTENANCE

It has been a big year for Course operations with our Course Enhancement Works progressing extremely well, all whilst maintaining quality playing surfaces all year round for our Members. Pleasingly we were recognised nationally through improved course rankings and awards for our environmental stewardship.

Our turf management programs implemented throughout the year continue to provide surfaces that meet our key performance indicators. The challenges faced in managing our older Putting surfaces with the new Greens built through the Course Enhancement have seen two different management programs employed. With our older Greens, the emphasis has been to manage the growth of Winter Grass, (Poa annua) and limiting the effects of its growth habit impacting on playability, keeping the performance as close as possible to those of our new Greens. For the most part we have been satisfied with the results of our programs however it’s hard to match the quality of the new Greens which have been providing much firmer, truer conditions and Greens that maintain consistent pace throughout the year. Having the once-a-month late tee start has been a great initiative supported by Committee. These mornings have allowed Course staff to employ cultural practices that ensure that we maintain firm and true putting surfaces. Through the growing season staff have been coming in on the Sunday, before the Monday late tee start, to sand topdress, hollow tine Greens, sweep and blow off surfaces, ensuring that this task is completed on the Monday before golf. This practice, combined with our November renovation has seen approximately 200 tonne of sand incorporated into the putting surfaces over the last twelve months, which is key for maintaining organic matter (thatch) under our set thresholds.

Another initiative was the weeklong closure of the course for renovations in November. Our extensive renovation program consisted of Vertiraking and scalping of fairways, Fraze mowing the 4th and 18th Fairways, hollow tining all Tees, Green Surrounds and Fairways, Hollow tining and topdressing of Greens and all associated clean-up work. It was a great effort by all the team, contractors and volunteers to complete the scope of the work that we did that week. This is an essential agronomic process that keeps our surfaces functioning throughout the year, firm, free draining soil through decompaction; Poa annua management through seed bank removal and addressing nutrient requirements are just some of the many benefits that the weeks’ worth of work provides.

Course Enhancement work continued over the last twelve months with works on Holes 11, 3, 12, 4 and 5 being carried out. With each hole the process becomes more refined with improved staff efficiency and quality control, ensuring that the Course Architects design vision has been met on each element. By far our biggest challenge in terms of scope of build was the 4th, 5th and 6th Tee complex, which entailed the building of 11 revetted Bunkers, construction of path networks and the associated landscape works around the new “underground bunker” toilet along with approximately 3000 square metres of turf laid and irrigation installation. It is a credit to the dedication of our staff to see this amount of work completed in this period and ensuring the new holes are opened on time. With the maturing of turf surfaces and vegetation through these holes, this area of the property will become a great feature of the course for many years to come.

11th hole being mown

Course Renovations being completed on the 12th Hole

Sophie Warren mowing the 18th

Course Maintenance team mowing the 10th fairway

Course Maintenance on the 18th green

BIODIVERSITY & VEGETATION

It’s great to see some of the earlier Course Enhancement revegetation works start to mature and develop out of the establishment phase and enter a phase where these areas become selfsustaining and meet the aims of naturalising out of play areas. The established areas are now providing clear definition between our playing surfaces and these outside areas, creating a distinct character that has been recognised through our improved course rankings and awards received though various environmental bodies.

With the ongoing Course Enhancement revegetation works it has been our aim to plant a minimum of two trees to one that has been removed and over the course of the last twelve months we have planted 30 Stone Pines (Pinus pinea) along with 60 Drooping Sheoak (Casuarina verticillata) and Slender Cypress Pine (Callitris gracilis).

Along with the investment in our Course through the Course Enhancement Project, several other capital investments were initiated over the course of the year. Improvements to our water supply or ASR system were carried out through the upgrade of its central control, improvements to Bore control and fibre optic testing and repair. The replacement of our Irrigation Pump set along with the installation of a new liner for one of our irrigation holding tanks were other investments into our irrigation infrastructure. During the year we also began our relationship with John Deere and Metropolitan Machinery as our principal supplier of turf maintenance equipment. Over the next four years our current fleet will be progressively converted to John Deere which will deliver on our commitment to provide the best possible playing surfaces for our membership.

Course Renovations

New John Deere tractor

Course Superintendent Tim Warren and former 2IC Graeme Davidson infront of the new John Deere fleet

CLUBHOUSE FOOD & BEVERAGE

The food and beverage operation continues to grow in the Club’s Member hospitality services and function revenue with an overall record income of $2,925,916. We held a total of 390 functions, generating $1,219,007 in income. After expenses are accounted for, the net profit for the period was $105,841.

Seminars and conferences continue to be well supported with 256 seminars held and we were able to increase wedding bookings significantly, from 6 in the previous year to 17 this year. The wedding business remains a challenging business area, as industry and community expectations have changed significantly post pandemic. We have, however, invigorated our offer and will continue to invest in this area to support a diversified revenue stream for our Club.

The Club held various Member events such as the Hentley Farm Wine Dinner, Mother’s Day Brunch, Foundation Day, Paint & Sip classes and the Winery and Airport Challenge. The hospitality team further introduced a monthly Summer Sundowner session with DJ and Tapas and all Club events booked out quickly.

A key focus throughout the year has been to build a consistent and reliable team to further improve and enhance our food and beverage offering and Member experience. James Bridgen and Laura Brown are putting great efforts and initiatives into our Members hospitality service whilst fostering a great team culture.

Ongoing training for our front of house team, including barista training, along with food and beverage education has helped improve the consistency of our service for the benefit of Members and visitors.

Head Chef David Bridgman has built a reliable and proficient kitchen team to successfully operate seven days a week, delivering great food to Members, guests, and function clients. On busy days our kitchen caters for more than 500 guests, continuously receiving positive comments and feedback.

Club events and special functions gave our kitchen team the opportunity to showcase superior food and regular seasonal changes to the menu and rotation of specials have been well received. Dinner bookings for Thursday and Friday nights continue to grow and the implementation of our house made pizzas has been successful.

Building on the foundations already laid, the hospitality team will continue enhancing our food and beverage offering and Member experience to support the Club being one of the leading golf clubs in South Australia.

OUR PEOPLE

At the 95th AGM held on Thursday 29th June, Helen McMutrie , Club President, declared that Mr Scott Petherick was re-elected, with Mr Andrew Culley elected, both unopposed for three-year terms to Committee of Management. They join Captain Imelda Lynch, Vice-Captain Paul Grosvenor, Committee Members James Frearson-Lea, Anna Standish, Ben Winton and Paul Gander in delivering the Clubs strategic plan and representing the best interests of all Members. Helen McMutrie continued in her role as President and Chris Whitford was appointed Vice President for a further one-year term. Alex Manton continued his role as Junior Captain, bringing a youthful mindsight, positive ideas and representation of our Junior Members to the Match and Membership sub-Committees. The appointment of Alex as the first ever Junior Captain of the Club has been a great initiative and well received by everyone, with many great ideas brought to the table. Given the success, Committee will continue to nominate a Junior Captain to represent all young Members of our Club.

WOMEN’S SUB-COMMITTEE

Jo Ricourt continued as Women’s Captain throughout the 2023/24 season, well supported by Vice-Captain Kristin Jeffery, Michelle McCormack, and newly appointed President Cathie Molloy and Vice President Annabel Hamilton.

COURSE TEAM

Several staff left during the year and our remaining team rose to the challenge. New staff joined the team and more recently the Committee approved six extra course staff to increase our team to 20 whilst working on the course enhancement project. This allowed our dedicated course team to consistently maintain our high standards on the golf course in play while also undertaking course enhancement works.

We welcomed three new adult trainees who were enrolled in the new Australian Sports Turf Managers Association (ASTMA) Certificate III in Sports Turf Management. This program offers valuable hands-on training sessions at various turf facilities which were held at our club, as well as Grange Golf Club and Adelaide Oval.

There was a big change to our team when we bid farewell to Graeme Davidson, who took on a new opportunity at Victoria Golf Club. His departure presented a chance for a strategic restructure. We welcomed Kane Pedler, returning to Adelaide after working in United States, as our new Assistant Superintendent. Peter Bell, our former Foreman, and Susanna Oliveira from Grange Golf Club joined the management team as Senior Assistants. This management team has been instrumental in supporting our staff as we undertake ongoing course enhancements alongside daily course maintenance activities.

Alex Manton

Peter Bell

This year we also welcomed Qualified Greenkeepers, Kingsley McConnochie and Connor Mizen from the Australian Golf Club, apprentice Kaea Cleary, and groundsman, Brenton Hamdorf. To further assist with staffing, we employed seasonal greenkeeper, Marcus Piche, from Canada and summer casuals, Hudson Balcasio, Jed Grabia, Jack Slape and Hudson Kerley. Lochlan O’Neil, one of our Qualified Greenkeepers is now combining both his qualifications as our Turf Equipment Technician.

Investing in our staff members’ skills and growth is important to us and it is an investment in their future career in the turf industry. All our apprentices are now studying under the new ASTMA sports turf management courses – a course more focused on and tailored to turf management than their previous horticulture studies.

It’s been another great year with us seeing the benefits of consolidation of our staffing after a lot of movement over the past few years. We have fine-tuned our operations where course maintenance and course enhancement are working well together. Working on course maintenance and course enhancement works simultaneously has helped our staff to develop a strong skill set. Their growing confidence has helped them to produce

exceptional results which is evident in the positive feedback from Members and visitors. We’re energised for another year of challenges, exciting achievements and aiming for first-class conditions as a part of the “Bay Experience.”

HOSPITALITY TEAM

Our Club heavily depends on a robust food and beverage operation for financial stability. Our dedicated team consistently delivers a variety of services, catering to events ranging from intimate conferences to grand functions for 200 attendees, as well as lively twilight bistro dinners. Leading these efforts are our esteemed Hospitality Manager, Anna Fontaine and Head Chef, David Bridgman. Together, Anna and David have brought great professionalism and have built a core team that continue to improve our hospitality offerings. Newly appointed Events Manager, Tash Bryant, has transitioned from her receptionist role seamlessly. Tash has worked effortlessly on building great relationships with function clients, consistently delivering tailored services, exceptional products, and memorable experiences. Her attention to detail and personal approach has improved our customer satisfaction immensely. The management staff are supported by a diverse team of full-time and casual staff, all integral members of our Club community.

Lochlan O’Neil

Head Chef David Bridgman

PRO SHOP TEAM

With the departure of Braeden Kelly and Marcus Kuys over the last 6 months the pro shop team was bolstered by the addition of long-term PGA member and Highercombe Pro Shop business owner Cameron Scott. Cameron began his PGA traineeship at Glenelg 27 years ago under Head Professional Ron Wood. The vacant Golf Operations Manager role was recently filled by David Rice who came over from a similar role at Kooyonga Golf Club. David brings with him a wealth of experience in administration and management, and we look forward to David expanding his role at the Club.

In the coaching area we were thrilled to secure the service of PGA Tour player Adam Bland. A winner on the Japanese tour with 18 years’ experience spanning several international tours Adam has launched his teaching career here at Glenelg and has been a driving force in teaching our pennant squads and members.

Another addition to the coaching ranks has been the appointment of Sarah Douglass-Norris who has been running Women’s Member clinics on Thursdays which have proven to be a sell out each month. Sarah has several commitments across various clubs and is also available for private golf lessons with our Members.

The Course Enhancement Plan roll out has had significant impact on Members and Golf Operations, with new courses every 3 months being rated by Golf SA Technical staff and implemented by the Golf Operations team and

MiClub competition management. Each new hole opening brings with it a new set of rules, hole orders and Member communication requirements through the Clubs website and E-News.

On behalf of the pro shop team, I would like to thank all the Members for their support over the last 12 months and we look forward to providing a fun, professional environment for the Members to enjoy.

ADMINISTRATION TEAM

In Administration, we have seen a loyal group of employees with only the receptionist role transitioning over the year which led to Zarnia Engel-Lewis’ appointment. With an extensive background in hospitality and a strong foundation in customer service, Zarnia has proven to be a valuable asset to the Club. Adam Bryant, Club Operations & Membership Manager, continues to do an excellent job securing new waitlist members. The work Adam does in this space ensures the long-term financial stability of the Club and does not go unnoticed. Kane Hyams is progressing well in his role as Account Manager, joining as a delegate in the Golf Management Australia during the year to build on his already solid skills. The contemporising of our communications channels is thanks to Marketing Manager, Jake Milne. His work continues to build brand awareness for Glenelg Golf Club, attracting prospective members as well as driving the marketing for hospitality functions. With some stability over the past year, the administration team has built an excellent culture that allows the team to thrive.

Shane Robinson welcoming Cam Scott to the Pro Shop team

MANAGEMENT

General Manager, Robert Vincekovic continues for a fifth year, providing leadership and stability that continues to provide structure for all departments to operate at their best, further enhancing the Club’s positive working environment resulting in quality service to all Members. With the support from the Committee of Management, we continue to drive and progress the Club’s four-year Strategic Plan, that has included the initiation of a new infrastructure Master Plan, continuing the successful Course Enhancement Plan, delivered both on schedule and to budget and ensuring the sustainable and financial stability of the Club. The team continues 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, highlighted by the Course receiving its highest national Australian Golf Digest Ranking.

VOLUNTEERS

The Club continues to be well supported by a dedicated group of volunteers. Countless hours are contributed to assisting Course staff with clubhouse garden maintenance, emptying bins, filling sand bins, sanding, and oiling course furniture, removing weeds and the raking of pinecones and needles. These efforts significantly enhance the Course experience for all Members.

We are also fortunate to have an enthusiastic and committed group of parents and Members, supporting the Club in pennant team manger positions, rules officials, marshalling, junior foundation days and events. These competitions and events would not run as well without their continued support.

Special thanks to all those who generously offer up their time to support the Club throughout the year.

Simpson Cup team managers Gary Thompson and Steve Weeks

Robert Vincekovic on a course walk with Members on the 5th hole

Volunteers raking pinecones along the 2nd hole

50 YEAR CLUB

The annual 50 Year Club Luncheon was held in October, where we welcomed Nicholas Eblen, Bryon Kardachi and Gregory Way to the list of long serving Club Members. The luncheon provides Committee and Management an opportunity to recognise and acknowledge our longest standing Members who have given so much to the Club.

We need to acknowledge and remember the following 50+ year Members who sadly passed away, Peter Steadman (77 year Member), Pauline Sanderson (76), Peter McDonald (67), Maurice Hiern (52) and Janet Jeffery (51).

Below is a list of 50+ year Members. We thank them for their ongoing support, loyalty and commitment to the Golf Club.

70 Year Members

Donald Cant

Modge Brown

Michael Dobson

Peter Drew

Chris Ellis

Rod Follett

Geoff Hallion

Charles Harris

David Jervis

Alec Jordan

David Behrndt

Stephen Bennett

Richard Bowering

Brian Cahill

Alexander Cock

Jeffery Crabb

Jan Dale-Harris

Nicholas Eblen

Rod Fiske

Peter Gebhardt

Brenton Green

60 Year Members

David Lahiff

David Lindsay

Bernie Manser

Margaret McCann

Stephen McKee

Peter McMutrie

Jane Nelson

Cathy Symons

David Tamblyn

50 Year Members

Prudence Henschke

Peggy Howard

Wayne Humphries

Bryon Kardachi

Terry O’Brien

Felicity Rawson

James Rawson

John Rawson

Bevan Roberts

Margaret Roberts

Phillip Silver

Noel Taplin

Gary Thompson

Christopher Whitford

Janice Wheatley

John Stone

William Strangways

Gary Taplin

Sue Tuohy

Gregory Way

Graham Webster

Dennis Whitford

Heather Whitford

JUNIOR GOLF & FOUNDATION

$166,647 Infrastructure Development

Fund Balance $456,971* *includes ASF Donations to Line Pine Pavilion.

Group photo of 2024 Junior Foundation Day attendees

Feast put on by BBQ Adelaide for Junior Foundation Day

MEMBERSHIP STATUS

For the year ending 31 March 2024

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

OFFICE BEARERS

office bearers

COMMITTEE MEMBERS

1927 - 2024

Adair, M.S. 5 Goldsworthy, J.S. 2

Alderman, J.R. 24

Grosvenor, P.J. 8

McCarter, L. 5

Stevens, R.F. 8

McCarthy, K.J. 6 Still, J.A. 4 Allen, W.S. 16 Guy, G.R. 3

McFarlane, A. 3 Stone, J.C.F. 3 Ashton, E.C. 11 Guymer, Dr. A.H. 3

McFarlane, K.B. 3 Summers, M.C.E. 20 Ashton, J.E. 16 Handford, J.E.O. 10

McGlasson, A. 6 Symons, I.P. 10 Bagshaw, N.E. 11 Harris, S.D. 12

McGrath, P.R. 8 Thomas, V.M. 6 Barton, D.N. 13 Hartford, B.B. 1 McKee, J.E. 5 Thompson, G.R. 4

Bennett, R.B. 9 Hendry, J.M. 2

McKee, S.N. 12 Trabilsie, F.J. 7 Bishop, W.P. 6 Hewett, L.P. 2

McLeay, G. 2 Truscott, R.W. 1 Briscoe, P.C.A. 11 Hicks, F.G. 5

McLuckie, R. 3 Turci, C.J. 5 Brooke, A.C. 6 Hill, J. 5 McMutrie, H. 6 Vivian, A.B. 5 Brooks, I.R. 10 Hodgson, G.A. 13 Merrett, A.F. 6 Waddy, J.L. 6 Brooks, L.A. 1 Hodgson, J.W. 1 Morton, P.T. 23 Walsh, T.I. 6 Burgan, O.T. 3 Holt, W.B. 9 Nelson, R.A. 2 Warburton, C. 9 Butler, J.A. 11 Hull, S.C.

S.T.P. 1 Winton, B. 4 Cudmore, D.C. 2 Johnson, N.J. 6 Petherick, S. 5 Wood, C.M. 11 Culley, A.J. 1 Johnson, W.G. 2 Phillips, D.W. 2 Wood, L.M. 4 Dale, M.E. 9 Kenny, J.P. 1 Phillips, M.B. 14 Wood, W.C. 2

Darling, A.E. 12 Kimber, A.W. 4 Price, W.D. 1 Woolcott, E.S. 3

Dignan, J.A. 1 Kookana, S.S. 4

Pritchard, W.A. 2 Wright, H.F. 6

Duregon, P.B. 8 Koukourou, S. 8 Ranaldo, J 3 Young, W.D. 2 Ellers, L.G. 3 Lacey, E.H. 2 Rawson, J.A. 11 English, R.J. 10 Lewis, F.A. 24 Rawson, K.A. 16 Ferris, B.T. 4 Lindsay, D.M. 8

Reade, T.C. 6 Flehr, B.E. 4 Lynch, I.C. 6

Roberts, B.M. 9 Follett, R.M. 7 Maddern, Dr. C.B. 1 Royals, D.W. 3 Foster, G.C. 1 Maddern, J.P. 5

Rundle, G.C. 9 Fox, G.M. 9 Mahoney, W.J. 5

Sando, H.H. 3 Frances, I.K. 2 Mallen, L. 3 Sands, R.G. 3 Frearson-Lea, J 2 Manning, J.A. 7

Skinner, L.P. 5

Sauerbier, L.C. 3 Freeman, R.E.N. 3 Manser, B.J. 12

Gander, P.M. 6 Marshall, A.K. 1 Slade, H.T. 11 Giles, J.R. 10 Martin, A.J. 8

Skinner, L.P. 5 Gillespie, D.P. 3 Martin, S.G. 2 Standish, A 2 Gillman, J.F. 1 Maunder, P. J 3

Gitsham, G.D. 6 Mausolf, N. 6

Stanhope, B.H. 1

Stevens, G.B. 5

PERFORMANCES OF NOTE

PENNANT CHAMPIONS 2023

Bonnar Cup: Undefeated season defeating The Vines GC 4/3

Will Starkey, Ben Winton, Mick Phillips, Max Jericho, James Bridgen, Harry Edwards, Matt Jacquier.

Tony Martin & Andrew Hodge (Team Managers)

Pike Cup: Glenelg def Kooyonga 3.5/1.5

Elysia Yap, Jill Hodge, Bec Hughes, Maiya Jakupec, Sam White.

Sue Tuohy (Team Manager)

Sharp Cup: Glenelg def Kooyonga 3.5/1.5

Jack Leonard, Anthony Wang, Fletcher Ryan, Indie Danger, Grace Ferrier.

John Ferrier (Team Manager)

Senior Pennant: Glenelg def Blackwood 5.5/1.5

Brian Welsh, John Keogh, Villi Koronis, Greg Way, James Mattsson, Nick Wake, Deane Harris.

Wayne Humphries (Team Manager)

Pennant Teams of the Year:

Simpson Cup: Harry Burner & Kade Bryant

Lachy Barker, 25, Intermediate Member

Having turned professional in 2022, Lachy enjoyed his first win at the PNG Open at Royal Port Moresby in May. Following up from this win, a number of good performances followed in the PGA Tour of Australasia series, which seen him finish the PGA Tour Order of Merit in 10th position.

Jack

Buchanan, 22, Intermediate Member

Following a successful Amateur career which included representing Australia in the Eisenhower Trophy (Silver Medal) and ASIA Pacific Amateur at Royal Melbourne, Jack made the decision to turn professional ahead of the Queensland PGA in November.

Other performances of Note:

Gareth Jones – PGA South Australia Coach of the Year – High Performance

Braeden Kelly – My Golf Deliverer of the Year

Nick Wake – SA Senior Men’s Order of Merit Winner

Kade Bryant – SA Boy’s Vardon OOM Trophy

Winner

SA Men’s Vardon OOM Trophy R/Up

SA 18/Under Boy’s Championships Winner

SA School Sport 18/Under State Team (Captain)

SA Junior & Men’s Interstate Series Teams

Zoe Manton – SA 18/Under Girl’s Championship Winner

SA School Sport 18/Under State Team

Rebecca Hardy - SA School Sport 18/Under State Team

Jack Leonard & Max Jericho - SA School Sport 18/ Under State Team

Jayneil Rudrappagari – SA School Sport 12/Under State Final 3rd Place

SA School Sport 12/Under State Team

Lachy Barker with his trophy after winning the PNG Open

CLUB CHAMPIONSHIPS & CLUB TROPHY WINNERS

For the year ending 31 March 2024.

Winner

Mens Club Championship

Womens Club Championship

RF Stevens Trophy

Mens B Grade Championship

Mens C Grade Championship

Womes B Grade Championship

Womes C Grade Championship

Mens A Grade Plate

Mens B Grade Plate

Mens C Grade Plate

Will Starkey

Christine Trimmer

Will Starkey

Nicholas Lambos

Jimmy Lambos

Catherine Johnson

Annabel Hamilton

Dara Long

Brian Nash

Rob Schmidt

Boys Club Championship Jack Leonard

Girls Club Championship

Zoe Manton

Mens Senior Championship David Marshall

Jimmy McLachlan Memorial Trophy

Mens Foursome Championship

Womens Foursome Championship

Mens A Grade Foursomes

Mens B Grade Foursomes

Campbell Rawson

David Brand & Kade Bryant

Sarah Crocker & Christine Trimmer

Tony Martin & Andrew Nash

Andy Ward & Nick Fuggle

Runner up

Nathan Uebergang

Zoe Manton

Anthony Wang

Gary Cundy

Darryn Conway

Michelle McCormack

Barb Mcardle

Brett Hicks

Mark Ruwoldt

Ben Gentry

Anthony Wang

Rebecca Hardy

John Keough

Nick Wake

Nick Wake & Andrew Grzybowski

Wendy Greig & Rebecca Hughes

David Brand & Kade Bryant

Glenn Sterrey & Gary Thompson

Mens C Grade Foursomes Darcy Champion & Blake Hefford Bevan Roberts & Fred Vaskas

Womens B Grade Foursomes

Womens C Grade Foursomes

Mixed Foursomes Championship

Brian Ferris Memorial Trophy

Eric Scovell Junior Vardon Trophy

Glenelg Womens Vardon

Owen Whitford Trophy

Lance Begg Trophy

Catherine Darling & Michelle McCormack

Meg Woods & Carmel Fairweather

Sarah Crocker & Ben Winton

Sam Earl

Hunter Whetstone

Caitlin Peirce

Jayne Staridis & Chris Whitford

Zoe Manton & Kade Bryant

Winter Pinehurst Foursomes Not Played

Burgandy Trophy

Don Harris Memorial Trophy

Travis Boak & Jason HorneFrancis

Mia Chinner & Ben Chinner

Jill Gehling & Joan Ferrier

Margaret Whelan & Ros Osborn

Cathy Symons & Michael Munn

Harry Coote

Anthony Wang

Amelia Whinney

Jenny Watson & Geoffrey Watson

Eliza Baker & Ben Chinner

Deb Bennett & Graeme Bennett

Ben King & Sam King

MEN’S EVENTS

Senior Cup James Mattson

Anzac Memorial Trophy Duncan Cooke

Captain's Trophy Aaron Sugars

President's Trophy Indie Danger & Jayden McGrath

Glenelg Trophy Andrew Hamilton

Sam Percival Trophy Phil Harrison

Milo Sprod Trophy David Gillespie

Reg Sands Starter Trophy Jon Oatey

Norm Omond Medals

A Grade Kade Bryant

B Grade Troy Perriam

C Grade William Traljic

Glenelg Trophy (Juniors) Harry Leaf-Milham

Boys Handicap Matchplay Mitch Munn

Rawson Memorial Fletcher Ryan

Don Watson Memorial Jonny Peers

Frank Collins Memorial Troy Perriam

AH Smerdon Memorial Ben Allan

Steve McKee Memorial Will Starkey

Summer Cup Wayne Inglis

FA Lewis Memorial David Lindsay

Harold Wright Memorial Nathan Bone

Brian Bashford Memorial Jayden McGrath

Joe Ashton Trophy Geoff Attenborough

Will Starkey and Christine Trimmer with their Club Champion trophies

WOMEN’S EVENTS

President's Foursomes

Julie Gobbie & Tanya Rundle

Captain's Trophy Kristin Jeffery

Laurel Wreath Frances Macpherson

International Bowl - Silver Kathryn Kleinschmidt

International Bowl - Bronze Arja Korhonen

Shane Robinson Trophy Annette Schaefer

Club Medal 1 Jill Hodge

Club Medal 2 Wendy Greig

Wallace Stroke

Anne Smerdon Trophy

Ella Cole Trophy

Jan Dale-Harris

Rebecca Hardy

Rebecca Hardy

Consistency Cup Annette Rieniets

Veteran's Handicap Net Anne Tait

Veteran's Handicap Gross Jill Hodge

Essex Stroke - Silver Jo Ricourt

Essex Stroke - Bronze Joanie Connell

Most Improved Handicap Jen Heath

Jacka Trophy Jill Hodge

Parfection Prize Imelda Lynch

Kristin Jeffery

Women’s B Grade Foursomes winners Catherine Darling & Michelle McCormack

HOLE-IN-ONE

Aaron Anderson 3rd

Greg Blight 16th

Steve Locke 14th

Eric Rowe 14th

Steve Mitchell 16th

Wayne Burgan 16th

Harry Smith 14th

David Jamieson 20th

Harry Edwards 16th

Nick Wake 19th

David Marshall 11th

Michael Noble 19th

Caj Amadio 19th

David Threadgold 14th

Nathan Uebergang 19th

Adrian Eaton 19th

Chris Geddie 14th

Glenn Sterrey 16th

Jill McDonald 14th

Maiya Jakupec 19th

Dennis Whitford 14th

Corey White 14th

Sonnie Fong 19th

Maiya Jakupec

Nathan Uebergang

Michael Noble

Harry Smith

Jill McDonald

Glenn Sterrey receiving his prize from Shane Robinson

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2024

The accompanying notes form part of these accounts

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2024

The accompanying notes form part of these accounts

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024

The accompanying notes form part of these accounts

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2024

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2024

CASH FLOWS FROM FINANCING ACTIVITIES

The accompanying notes form part of these accounts

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Simplified Disclosures of the Australian Accounting Standards Board (AASB) and the Associations Incorporation Reform Act 2012. The association is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.

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 majority of the share capital of Glenelg Golf Links Limited (GGL) as such in accordance with AASB 10 – Consolidated Financial Statements the Groups consolidated accounts incorporated the assets and liabilities of GGL as at 31 March 2024 and the financial result of GGL for the period then ended. The effects of all transactions between the Club and GGL are eliminated in full on Consolidation. The remaining ownership of GGL is recognised as Outside Equity Interests in the Statement of Changes in Equity and the Group’s equity is shown separately in the Consolidated Statement of Comprehensive Income and Statement of Financial Position, respectively.

Due to the different valuation approaches take by each entity, upon consolidation this causes the market value of the shares in GGL to be reverted to cost. The cost of the GGL shares have been disclosed as Free Hold Land in Note 6 of the Consolidated Financial Statements.

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

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 facility 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. 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.

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

c) Pr op e r t y, Pl a n t a n d E q u i p m e n t

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:

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 Club'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 permanent 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. Other casual employee entitlements payable later than five years have been measured at the present value of the nominal amount.

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.

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

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 Statement of Comprehensive Income 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.

During the financial year the Club has reviewed the allocation and classification of some transactions which has been updated in the comparative information presented. Changes in classification has resulted in no change to the previously reported financial performance and position of the Club.

m) Leases - Right of Use Assets

At inception of a contract, the Club assesses if the contract contains or is a lease. If there is a lease present, a right-of-use asset and a corresponding lease liability are recognised by the Club where the Club is a lessee. All contracts that are classified as short-term leases (lease with remaining lease term of 12 months or less) and leases of low value assets are recognised as an expense on a straight-line basis over the term of the lease.

Initially, the lease liability is measured at the present value of the lease payments still to be paid at commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, the Club uses the incremental borrowing rate.

The right-of-use assets comprise the initial measurement of the corresponding lease liability as mentioned above, any lease payments made at or before the commencement date as

Right-of-use assets are depreciated over the lease term or useful life of the underlying asset whichever is the shortest. Where a lease transfers ownership of the underlying asset or the

n) Other Income - Government Incentives

During the 2023-24 year, the Club received wage subsidies for the employment of apprentices amounting to $38,212 (2022-23: 66,489)

o) Critical Accounting Judgements

The directors of the Responsible Entity evaluate judgements incorporated into the financial statements based on historical knowledge and the best available current information.

p) Junior Foundation Fund

The Junior Foundation Fund is held for the purpose of supporting the development and growth of junior Members. Due to the nature of this Fund there is no constructive and/or legal liability of the Club as defined by Australian Accounting Standards however, the Club has an Accounting Policy to hold any unspent funds directly received for the purposes of administering its junior development programs as a liability to be quarantined for future allocation to programs undertaken.

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

NOTE 2 - CASH & CASH EQUIVALENTS

The effective interest rate on short-term bank deposits was 0.73% (2022-2023: 0.18%); 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

In accordance with Accounting Standard AASB 9 in relation to Financial Instruments, the shares held in Glenelg Golf Links Ltd are recognised at Fair Value, with the value being based on the last sale price recorded. The last sale price recorded was in 2023/2024 at $320.00 per share (2022/23 $280.00 per share) the revaluation of these shares is carried through Other Comprehensive Income and shown as a reserve on the Balance Sheet.

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

NOTE 6 - PROPERTY, PLANT AND EQUIPMENT

NOTE 6A - CAPITAL WORK IN PROGRESS

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

NOTE 6 - PROPERTY, PLANT AND 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.

* The Freehold Land at 31st March 2024 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 (2022/2023: nil).

In accordance with AASB 16 the Operating Leases in place for Golf Carts and Course Equipment are recorded as a Right of Use Asset and depreciated on a straight line basis over the life of the lease. The following amounts are recognised in the Statement of Comprehensive Income

Consolidated Golf Club

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

NOTE 8 - TRADE & OTHER PAYABLES

NOTE 9 - PROVISIONS

ORT-TE RM PROVI SI ON S Annual Leave

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 2024, $0 of the Club's facility was utilised (31 March 2023: $10,000).

During the year the Club undertook a loan restructure which resulted in the removal of the commercial bill with the subsequent establishment of an offset account to reduce the Clubs liability to $0. The following amounts detail the net result of the balance of the loan facility and offset account. The loan facility maturity date is 22/09/2026.

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

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.

At 31 March 2024, 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:

Consolidated

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

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 (2022-23 - $0).

(b) The names of the persons who were officers of Glenelg Golf Club Incorporated at any time during the period ended 31 March 2024 and formed the Committee of Management are as follows:

Imelda C. Lynch (Captain)

Paul J. Grosvenor (Vice-Captain)

Carolyn J. Turci

Paul M. Gander

Ben Winton

Anna Standish

James Frearson-Lea

Scott Petherick

Andrew Culley

Elected June 2022

Elected June 2022

Resigned May 2023

Elected June 2021

Elected June 2021

Elected June 2022

Elected June 2022

Elected June 2023

Elected June 2023

During the financial year, the Club used services from Green Goose Lawns, a business controlled by Mr Paul Gander totalling $4,160 for the purpose of Kikuya spraying on course. 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 Links Limited's objection to the land tax assessment for 2022/23 was upheld and therefore no expense or accrual has been recognised in relation to 2023/24 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.

NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024

NOTE 21 - CAPITAL EXPENDITURE COMMITMENTS

Capital expenditure commitments contracted for:

Payable: within 12 months

between 12 months and five years

greater 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.

2023-24 2022-23

NOTE

22 - CONTROLLED ENTITIES

Controlling Entity

Country of Incorporation

Glenelg Golf Club Inc Australia Controlled Entity

*percentage of voting power in proportion to ownership Percentage owned (%)*

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 2024 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 2024, 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 2024:

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

Dated this day of 2024.

IMELDA LYNCH

PAUL GROSVENOR Captain Vice-Captain

INDEPENDENT AUDITOR’S REPORT

To the members of the Glenelg Golf Club Inc.

Report on the Audit of the Financial Report

Opinion

We have audited the accompanying financial report, being a general purpose financial report, of the Glenelg Golf Club Inc. (the Club), which comprises the Consolidated Statement of Financial Position as at 31 March 2024, the Consolidated Statement of Comprehensive Income, the Consolidated Statements of Changes in Equity, the Consolidated Statement of Cash Flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the Statement by the Directors on the annual statements giving a true and fair view of the financial position and performance of the economic entity.

In our opinion, the accompanying financial report of the Club is in accordance with the requirements of the Associations Incorporation Act (SA) 1985, including;

(i) giving a true and fair view of the economic entity’s fina ncial position as at 31 March 2024 and of its performance for the year then ended; and

(ii) that the financial records kept by the economic entity are such as to enable financial statements to be prepared in accordance with Australian Accounting Standards.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described as in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the economic entity in accordance with the auditor independence requirements of the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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

Responsibilities of Management for the Financial Report

Management is responsible for the preparation and fair presentation of the consolidated financial report and has determined that the basis of preparation described in Note 1 is appropriate to meet the need of the Committee Members. Management’s responsibility also includes such internal control as Management determines is necessary to enable the preparation of the financial report is free from material misstatement, whether due to fraud or error.

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

The Committee Members of the Club are responsible for overseeing the economic entity’s financial reporting process.

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

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the economic entity’s internal control

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of the management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the economi c entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to mo dify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the economic entity’s to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the economic entity to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

SAMANTHA CRETEN DIRECTOR

29 May 2024

DEAN NEWBERY