2018 Annual Report by Glenelg Golf Club

2018

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

Front & back covers: The evening glow over the course on a balmy summerâ&#x20AC;&#x2122;s evening. (Image: David Brand) Published 05/04/2019

CONTENTS Office Bearers & Committee Captains Report Finance

2-3 4 5-6

Golf Course

Clubhouse, Food & Beverage

Membership, Foundation & Heritage Fund

Our People

10-13

Glenelg Golf Club Foundation

Membership Status

Office Bearers

Committee Members

Club Championships & Trophy Winners Performances of Note

19-20 21

Financial Reports

22-39

Audit Report

40-41

OFFICE BEARERS COMMITTEE OF MANAGEMENT

CAPTAIN Bevan Roberts

VICE CAPTAIN Greg Rundle

COMMITTEE Carolyn Dillon

COMMITTEE Paul Gander

COMMITTEE Paul Grosvenor

COMMITTEE Sid Kookana

COMMITTEE Imelda Lynch

COMMITTEE Darren Royals

PRESIDENT:

Helen McMutrie

VICE PRESIDENTS:

David Lindsay Ian Symons

KEY MANAGEMENT PERSONNEL

GENERAL MANAGER:

David Brooks

COURSE SUPERINTENDENT:

Tim Warren

HEAD PROFESSIONAL:

Shane Robinson

FINANCE MANAGER:

Carly Clough

Glenelg Golf Club Incorporated

ABN 94 199 789 857

COMMITTEE MEETING ATTENDANCE Attendance at Committee of Management meetings for the year ended 31 December 2018 Paul B. Duregon Bevan M. Roberts

3 12

Michael S. Adair

Phillip J. Maunder

Kay Nyland

Greg C. Rundle

Carolyn J. Dillon

Paul M. Gander

Paul J. Grosvenor

Sid S. Kookana (appointed May)

Imelda C. Lynch

Darren W. Royals

A total of twelve (12) Committee of Management meetings were held for the year ended 31 December 2018.

2018 Annual Report

2018

CAPTAIN’S REPORT Top 100 Courses of Australia ranking Glenelg at number 36 and held the 30th position in the Golf Australia Magazine rankings. Another priority for the Course team has been the increased care for the native vegetation throughout the course.

CAPTAIN Bevan Roberts

2018 was another busy and successful year for the Glenelg Golf Club. Firstly, I’d like to acknowledge and thank your elected Committee of Management for their support and dedication in guiding our great club towards a positive future. The financial position of our Club continues to be strong. Debt reduction remains a focus for the Committee of Management, with the need for ongoing investment in our facilities and infrastructure also high on the agenda. Pleasingly, our total number of members remained stable and membership revenue growth was positive. The new Bay Experience membership proved popular, attracting 44 new Members. Led by new Course Superintendent, Tim Warren, our greenkeeping team had a renewed focus on course conditioning that has seen improved daily presentation of playing surfaces enjoyed by members and visitors alike. Our wonderful course continues to receive industry wide acclaim with the 2018 Golf Digest

Improvements to the Practice Range kicked off late last year with the installation of the new irrigation system in partnership with Rainbird. Work has continued over summer which will see new additional hitting bays as well upgrades to the range surface in place by March 2019. 2018 saw Glenelg Golf Club win the Simpson Cup for a third consecutive year. Congratulations also to our other Pennant Champions. This is an outstanding achievement and everyone involved in the Club’s Pennant Program deserves our acclaim. Our Women’s Teams and our Junior Programme continue to reflect the importance we see in being both visible and competitive in our sport. Internally, new Club Champions emerged across multiple events. All are to be congratulated. The new storage shed for motorised buggies and gophers was opened in 2018 and is being actively used by a range of members. The overdue upgrade of air conditioning in the Members Lounge has certainly been appreciated by Clubhouse patrons this summer. Last year was an exceptional year for our Functions business. Not only was 2018 our best ever for Functions revenue,

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the Club was awarded the Best Club Reception Venue in Australia by the Australian Bridal Industry Academy for a second consecutive year. Congratulations to the Functions team Other staffing changes included the commencement in August 2018 of David Brooks as the Club’s General Manager. David has settled into his role and is leading his team of Club staff in a most professional manner. He is also enjoying getting to know an ever increasing number of members. His thoughtful and considered approach is being followed with positive action and results. The ”Bay” culture is a unique asset for our club. The casual, relaxed and friendly atmosphere generates a vibrant community spirit enjoyed by members, their guests and visitors. It is something that all members can be immensely proud of. Like me, I know you are looking forward with an expectation that the year ahead will be another successful period for the Glenelg Golf Club. One thing is for certain and that is 2019, like always, will race by. So, I encourage all members to be involved in as many Club activities as possible and to enjoy our fantastic facilities and the friendships made. In conclusion, I wish to record my sense of honour to be your Club Captain and the pleasure it is to present this positive 2018 Captain’s Report to the members of the Glenelg Golf Club.

FINANCE The year ended 31st December 2018 reported an operating surplus of $284,657. Total equity increased to $4,725,691, whilst the Club’s cash position decreased by $24,754, with $133,038 available at year end. Cash flow generated from operating activities of $532,153 was used to fund the Club’s debt reduction and capital expenditure programs for the year. With a variation in some of the Club’s operating activities, the ability to reduce the Club’s debt levels by $300,000 was realised. Current available loan facility level stands at $2,200,000 with $1,075,000 being drawn down. Since the Club’s debt reduction program was introduced in 2010,

a total of $2,375,000 has been repaid. A further $47,927 was used to reduce operating debt associated with hire purchases and lease agreements. There were no new leases established during 2018. Overall, the Club reduced its total borrowings by $347,927 to $1,123,951. Some key projects were completed in 2018, with capital expenditure totalling $242,841 for the year. The need to invest back into our facilities and infrastructure saw the replacement of clubhouse roofing and the installation of reverse cycle air-conditioning to the Member’s Lounge and Bistro areas. A new dual purpose shed was constructed at the rear of the Clubhouse to accommodate additional member carts/gophers

as well as course equipment. Club AV equipment was upgraded with new projectors, screens and TV screens. Our hospitality area saw a complete replacement of cutlery and a new dishwasher was purchased for the kitchen. Operationally, total net income grew by 1% to $3,344,661 in 2018. Membership revenue was positive for a sixth consecutive year, with Subscription revenue totalling $2,100,939, an increase of 4% over 2017 figures. Entrance fee revenue totalled $136,803, a decrease of $30,563 on 2017 figures. The Club’s golf operations reported revenue of $658,977, which is a decrease of 7.9% on 2017 figures. Green fee revenue reduced by 7.8% to $467,759 with cart hire

2018 Annual Report

reducing by 7.7% to $115,891. Notably, comparative 2017 figures saw a year of record revenue, with the Day/Night Ashes Test drawing a large number of visitors to Adelaide. There was also a change in Green fee breakdown in 2018 with smaller groups replacing some of the large Trade days which were due to rotate away from Glenelg in 2018. The impact of the reduction in Green fee income, combined with increased storage for member motorised ride-on cart/gophers has had a flow on effect resulting in the downturn in Cart usage. Food and beverage remains an important contributor to the Club’s overall financial performance. Revenue generated by bar and catering departments in 2018 totalled $2,554,667, an increase of

$80,095 on 2017 levels. Notably revenues generated through hospitality are almost on par with total revenues generated through membership activities. Bar posted a net profit of $176,304 – an 18.9% reduction on 2017 figures – whilst Catering posted a net profit of $123,044 – an 83% improvement on 2017 results. The hospitality department relies heavily on function income, with 46% of revenue in 2018 arising from Weddings, Functions, Trade Day and Conference activity. Total expenditure for the year grew marginally to $3,060,004 with many cost saving initiatives introduced to offset the ever rising costs of utilities, maintaining the club, and course. Administration expenses decreased 15.5% to $823,575,

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with staff changeover, and interest and bank charge reductions contributing to this overall reduction. Golf course expenditure totalled $1,726,913 for the year - a decrease of 1.6% on 2017 figures with a decrease in depreciation as we move to a model of leasing as opposed to owning equipment and a change to the way stock is being recorded contributing largely to this. House saw a 5.2% decrease to $524,789 with a decrease in cleaning hours being the largest contributor. Trade and other payables for the year end totalled $209,021 compared with $351,381 in 2017.

GOLF COURSE 2018 was a year of change, refocus, and developing plans for 2019 and beyond. In February Course Superintendent, Daryl Sellar, said good bye after 20 years of service with our Club. Daryl left a huge legacy and his tireless work for the Bay will always be appreciated. As a part of our refocus, the plans for the upgrade of the 5th and 6th have been put on hold. This proposed work was partly based upon irrigation improvement. It was decided to first investigate alternate options for our irrigation system before committing. Rain Bird Australia and Toro Irrigation Australia were approached to provide options to trial their latest irrigation systems. Rain Bird Australia was selected to install their IC system on the practice fairway. As the practice fairway’s irrigation system was in the same state as the 5th hole’s, we chose to run the trial on the practice fairway as the system can be operated independently to the rest of the course. Along with the upgrade of the irrigation system to the practice fairway, redevelopment commenced to the teeing grounds and surrounds with the extension of the hitting mats and the construction of a new practice green. Once completed, this area will be a fantastic addition to our practice facilities and further enhance our Member and guest experience. As mentioned in the 2017 Annual Report, the enhancement and redevelopment of the course is essential to set a solid platform for the Club into the future. Our Course Enhancement Plan, developed in consultation with Crafter and Mogford, our Course Architects, provides clear and consistent objectives for the course. We are currently prioritising what can be implemented from the plan with available resources both current

and future, considering the longerterm sustainability of any proposed changes.

has provided an opportunity for Dan O’Sullivan to join our Course Maintenance team.

An element of the course’s longterm sustainability is bunker management. This is an issue that is at the forefront of our ongoing management plans, both short and long term, for both resource allocation and Member playability. In the short-term, sand has started to be added to bunkers which, over time have become deeper as well as addressing walk in points which will be an ongoing focus throughout the next twelve months. Longer term, the Committee will be assessing all aspects of our bunkering within the Course Enhancement Plan in the view of formulating a long-term maintenance strategy that ensures our bunkers are maintained to the highest standards with available resources.

Another area of refocus has been vegetation management. Two part-time Vegetation Officers have joined our team, Monina Gilbey in June and Ian ‘Henry’ Lawson in September. Together they have cleared over 50m3 of dead vegetation and weeds and planted 1000 native plant seedlings. They have contributed 850 hours to vegetation management this year.

There were a number of staff changes throughout the year. Four valued members of staff, Daniel Banwell, Ben Hallam and Sam Raschella left during the year. This

Professional advice was engaged to help frame our future vegetation management plans. Kate Torgersen from Environmental Golf Solutions has advised on vegetation management and EBS Environmental Solutions has developed a management plan for our riparian zones. A Biodiversity Management Plan for the course is currently under development. The Biodiversity Management Plan aims to futureproof the biodiversity of the course. The plan lists the flora and fauna of the course, examines the

2018 Annual Report

threats to biodiversity, and outlines management actions to counteract those threats.

CLUBHOUSE, FOOD & BEVERAGE

The Friends of the Golf Course have been very active during the year. They have assisted with the staining and varnishing of course seating, painting of posts, and raking and dumping of pine needles and pine cones. We appreciate the help of the Friends of the Golf Course and encourage other Members to get involved.

Our food and beverage offerings play a key role in the financial success of the Club, particularly the activity generated through our function rooms for weddings, conferences and corporate golf day catering.

This year, Glenelg Golf Club was ranked 36th in the biannual Australian Golf Digest Top 100 rankings and held the 30th position in the Golf Australia Magazine rankings. Our focus for the next twelve months is to assess all parts of our course operations and to develop a 7 to 10 year course asset plan. Our goal is one of continuous improvement and solidify the Club’s reputation as one of the State’s premier golfing facilities.

Accolades were again received during 2018 with the Club being named Australia’s Best Club Reception Venue for consecutive years at the Australian Bridal Industry Academy’s 2018 National Awards. The Club also secured the title of Best Club Reception in SA for the 4th time.

Our biggest year of Weddings with 36 special days hosted at the Bay

Our general bar and bistro operations generated $1,376,477 in revenue in 2018, an increase of 1% over 2017. Function operations generated $1,178,199 in revenue in 2018, an increase of 6% over 2017. A number of Club events were held during the year, including Foundation Day, Winery Challenge and the GGC Wine Dinners – all successful Member based events.

The Wine Dinner in July was one of many fantastic events at the Club throughout the year

Our function business again was a major contributor to the Club’s financial performance with 374 functions, conferences, weddings and golf days held during 2018. Targeted marketing campaigns through social media, external expos and the hosting of Bridal Open Days during the year has seen a total of 36 weddings in 2018.

Bridal Expos at the Club offer a great opportunity for couples to see our venue, meet our staff, and plan their day with the help of our preffered suppliers

FUNCTION NUMBERS Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2018

2017

2016

Weddings

Functions

115

110

173

163

188

170

Conferences Golf Days

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MEMBERSHIP & GOLF

FOUNDATION & HERITAGE FUND

Membership interest and uptake has remained stable in 2018 compared to 2017. This year has been one of consolidation with a focus on the newer membership categories such as The Bay Experience and Women’s Try Golf.

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.

Since the inception of The Bay Experience membership category in 2017, its popularity has continued to grow. The Bay Experience has 47 members as at the end of 2018. This category is an introductory membership that provides a pathway to more traditional membership. This gives new Members the ability to play 10 rounds of golf a year, for a maximum of 2 years before choosing a more traditional Membership. Glenelg won the Simpson Cup for the third year in a row with a thrilling victory against Grange at The Grange Golf Club, whilst our Pike team were successful when they played Royal Adelaide in the final on the East Course at The Grange. The Women’s Try Golf category has remained steady and has 28 members as at the end of 2018. These Members are enjoying their introduction to the Club and we are hopeful that most will go on to become long-term members at the Bay. The Club continues to have a strong alliance with corporate partners such as The Audi Stadium Club and the Adelaide Football Club. Corporate and charity golf days have been well attended and continue to be a highlight of the calendar for each of these organisations. Notable trade days include the Adelaide Football Club Golf Day with 31 teams and 124 players, Fielders, National Jockeys Trust Golf Day, Morgan Stanley, Youthinc, Master Builders, Leukaemia and John Lewis Golf day.

The reputation of the Club’s Junior Golf and Elite Player Development Program continued to be a positive asset to our Club.

Roger Attenborough claimed the Harold Wright Memorial Trophy

In January our Golf Operations team ran another successful Junior Development Golf Day, with coaching and golf followed by a casual BBQ in the clubhouse with parents and friends. The Foundation supported Glenelg Golf Club Junior members by contributing more than $6,000 towards tournament entry fees, travel expense subsidies, individual lessons, Junior Tigers and HighPerformance clinics.

Will Somerfield has claimed the 2018 Jimmy McLachlan Memorial Trophy

In August, the annual Foundation Golf Day was held. Again, it was generously supported by members and Club partners, resulting in excess of $24,000 funds being raised. Total funds raised by the Foundation during 2018 exceeded $38,000. Members are encouraged to support the Glenelg Golf Club Foundation through ongoing fundraising initiatives and other activities to ensure we can continue to provide our junior members with the best development programs in Australia, and to continue to develop and improve our infrastructure and facilities.

Club Champion James Georgiadis, with Club Captain Bevan Roberts & runner up Luke Bashford

No new activity was seen in the Club’s Heritage Fund during 2018.

The first ever Blitz Golf event was held at Glenelg Golf Club in 2018

2018 Annual Report

OUR PEOPLE A Club is sometimes characterised as an “organization of people with a common interest, who meet regularly and take part in shared activities”. Without doubt it is the quality of the people and their generosity of time and spirit, which sets apart one Club from another Club. Glenelg Golf Club is often described as a great club, purely and simply because of our great people; members, staff and other contributors. During 2018, our Club was fortunate to have a skilled and thoughtful Committee of Management that provided sound governance and strong advocacy on behalf of all members. Club Captain, Bevan Roberts, invested a very significant amount

of his time assisting the Club build on its already substantial strengths as well as connecting the Club with a range of influential external stakeholders. Vice Captain, Greg Rundle, provided valuable counsel to Bevan and continued to chair the Finance sub-committee in a most accomplished fashion. At the 2018 AGM we thanked out going Captain Paul Duregon for his five years on Committee, with two years as Captain. We also thanked Kay Nyland for her nine years as a Member of the Committee of Management. With thanks also to Michael Adair who retired his position early in 2018 after three years on the Committee. Following the 2018 AGM, Committee of Management welcomed Imelda Lynch, Paul Gander and Carolyn Dillon as newly

elected members. In May 2018, Sid Kookana joined Committee of Management filling the casual vacancy due to Phillip Maunder’s decision to step down as a Committee Member. In November, Committee members toured course and clubhouse facilities of the other Adelaide Group 1 Clubs. This tour was generously hosted by the managers and board members of the other sand belt clubs and provided great insight to assist preparations for upcoming asset master planning of club infrastructure. Following this, in December, Committee members participated in a Course Enhancement Plan workshop facilitated by Course Superintendent, Tim Warren.

Glenelg won the Simpson Cup for the third year in a row with a thrilling victory against Grange at The Grange Golf Club Photo: David Brand

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Glenelgâ&#x20AC;&#x2122;s winning Pike team who played Royal Adelaide in the final of the Pike Cup on the East Course at The Grange Photo: David Brand

1st of January 2019, saw the introduction of the New Rules of Golf. Paul Grosvenor, with the support of Peter Norman did an outstanding job of preparing our members for this most significant change. During 2018 the Womens Committee had a change in Captain with Sue Tuohy completing her term and Sue Raggatt becoming the new Captain with Fiona Eblen taking over as Vice Captain. Joy Green also finished on the Committee with Megan Woods taking on the role. Our Womenâ&#x20AC;&#x2122;s Sub-Committee, again delivered an impressive annual program for our female members. Cheryl Franzi and Annette Rieniets continued their

outstanding work managing a packed womenâ&#x20AC;&#x2122;s social program as President and Vice President respectively. One of the very noticeable attributes of our Club is the numerous members who readily volunteer their time and experience to assist with managing pennant teams, refereeing, performing maintenance duties, coaching, marshalling, starting, polishing trophies, assisting with member mail-outs and the many other duties essential to support the operation of the Club. We do not have enough space to mention all by name, so I take this opportunity to thank you all for your support throughout 2018.

Our 2018 staff team saw a lot of changes throughout the year, but managed to deliver a high level of commitment to members and visitors throughout the year. In August we welcomed our new General Manager David Brooks who has settled in well, building and developing a team of hard working and dedicated staff in his support. We said goodbye to former General Manager Ben Kavenagh and thank him for his short but productive tenure. Special thanks go to Adrian Edgar who stepped up to fill the interim General Manager position, which enabled the Committee of Management to make a considered decision in finding the replacement.

2018 Annual Report

In Administration, we welcomed Tia Johnstone and Sarah Sokolovic to the team in Administration & Hospitality Support roles, they have settled in well and have been of great help to our busy office. In September we said goodbye and thank you to Elysia Yap, who had been our Membership Officer for the prior twelve months and in varying roles around the club prior to this. In the later part of the year we welcomed Raeleen Day to the position of Membership Officer and James Lorenz into the position of Marketing & Membership Manager, we look forward to the team strengthening and delivering our Member Administrative services in 2019. Throughout the year Finance Manager Carly Clough, continued to oversee our financial performance and assist new staff with their transitions.

Our golf course maintenance team does a remarkable job. Every year, budgetary pressures are placed on to what is our single biggest expenditure department and, every year, the team is able to deliver a golf course that has improved markedly from the previous year. After many years at the club, we said a sad but thankful goodbye to Daryl Sellar, who had overseen our great course through many of the changes that have got us to the standard and rankings we enjoy today. We thank Assistant Course Operations Manager, Simon Grieve for holding the acting position during the search for our new Course Superintendent, Tim Warren, who we welcomed to the Club in May. Our green staff also saw a great deal of change saying goodbye to some of our long-term staff. With that we welcomed a

number of new faces to the team. They have done a great job in presenting the course at a very high standard all year round. Hospitality for our Members and Guests is of great importance to our Club, providing a source of financial stability, and offering a service to our Members. Our team manages to deliver a range of services through Member dining and bistro, functions, weddings and conferences, which exposes our club to many and varied patrons. On each of these occasions, the quality of the food and service rarely falters. We are lucky to have a dedicated team of hospitality staff, who are happy to help our members and visitors and demonstrate the friendly nature that makes our Club great. We welcomed new Food and Beverage Manager Zak Soliman to the team

The Foundation Golf Day held in September was a great success raising over $24,000

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Glenelg Golf Club is very proud to accept the 2018 Australian Bridal Industry Academy Award (ABIA) for Best Club Reception Venue in Australia, and Winner of the 2018 ABIA Best Club Reception Award in SA.

in January and for his short tenure leaving in September he had a large impact. In July, we thanked Bar Manager Phil Day who stepped down from Full time employment and is now a great asset to the Club and staff in assisting on a more Casual basis. We thank Kaitlin Parsons and James Bridgen who have taken on Hospitality Supervisor roles whilst we look for our new Clubhouse Operations Manager. Our very strong Function business is led very ably by Sales & Events Manager, Lynn Kschammer, who is responsible for managing the events held throughout the year. Our kitchen is led by Head Chef, Matt Chapman who oversees a very competent team, special thanks go to Alistair Gibson who stepped up to take on higher duties whilst Matt had some time

off for health reasons during the year. Our team leaders are supported by a myriad of additional casual staff that form part of our Club community. Shane Robinson has put together a formidable Golf Operations team during his tenure at Glenelg, with many changes during 2018 with some of his coaching staff being used in more high performance roles for state, national and international representation. His coaching team, with leading PGA professionals Jordan Harkin, Gareth Jones and Adrian Wickstein, and ALPG professional, Sarah King, also offers a service second to none in Australia. During the year, PGA professional, Jordan Harkin, joined the team as Head Coach, replacing Adrian Wickstein in this important member service role.

The annual 50 Year Club luncheon was held in November – an event that recognises the Club’s longest serving members. Rod Fiske, Glynn Williams, Terry O’Brien were the latest members to join this exclusive group. Sadly, we also lost several long serving and popular members during the year. Phillip Pinnell, Robert Balnaves, Daniel Watson, Mike Jelly and Robert Michael.

2018 Annual Report

Glenelg Golf Club

FOUNDATION Building a stronger Club for future generations

JUNIOR GOLF & ELITE PLAYER DEVELOPMENT FUND ACTIVITIES 2018

2017

Our Juniors are the future of the Club and love getting out here to practice and learn with the Pros

INCOME Saturday Competition donations

4,617

Raffles

4,196

1,401

926

11,051

24,316

22,479

5,826

4,775

4,132

38,830

49,384

Member donations Foundation Golf Day 90th Raffle Miscellaneous TOTAL INCOME

4,495

Frank Vucic won the Junior Vardon Trophy at the 2018 Golf SA Industry Awards night

EXPENDITURE Junior Development Golf Day

2,214

3,100

Individual Junior lessons

2,086

9,504

Junior Tiger Golf

873

1,387

Travel Expenses

609

4,455

Entry Costs

536

8,412

6,319

26,858

TOTAL EXPENDITURE Junior & Tiger Members as at 31 December

The 2018 Glenelg Golf Club Foundation Golf Day raised more than $24k for junior golf

JUNIOR GOLF & ELITE PLAYER DEVELOPMENT FUND BALANCE:

$69,902.00 INFRASTRUCTURE DEVELOPMENT FUND BALANCE:

$8,674.00 No actvity in 2018 Our Golf Operations team continued their expert tutelage in various junior clinics during the year

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HERITAGE FUND SUMMARY OF ACTIVITIES Opening balance:.......................................$23,104.00 Interest earned:.................................................$101.00

HERITAGE FUND BALANCE:

$23,405.00

HERITAGE FUND MEMBERS

as at 31 December 2018

Securing the Club for Members both now and in the future. 1927 Founders’ Society Sapphire Member

Heritage Society Members

OWEN BURGAN (2012)

JOHN MADDERN AM (2013)

NOEL TAPLIN (2012) GEOFF GITSHAM (2013) GLENELG GOLF LINKS SHAREHOLDERS (2013)

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

50 YEAR CLUB

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

70+

Donald Cant

Pauline Sanderson

Peter Steadman

Rhonda Watson OAM

60+

Modge Brown

Chris Ellis

Alec Jordan

Liz Pitcher

John Dibben

Brian Faehse

Bernie Manser

Noel Taplin

Les Diercks

Rod Follett

Peter McDonald

Peter Wheatley

Peter Drew

Charles Harris

Dennis Nunn

Richard Bowering

Geoff Hallion

Steve McKee

Jill Tillett

Geoff Chapple

Prue Henschke

Rod McMutrie

Sue Tuohy

Geoffrey Cook

Wayne Humphries

Jane Nelson

Graham Webster

Mike Dobson

David Jervis

Terry O’Brien

Jan Wheatley

Pat Duguid

David Lahiff

Marcia Oldfield

Chris Whitford

Bill Fuller

David Lindsay

Cathy Symons

Dennis Whitford

Geoff Gitsham

Margaret McCann

David Tamblyn

Tony Whitford

Brenton Green

John McEntee

Gary Thompson

Glynn Williams

50+

2018 Annual Report

MEMBERSHIP STATUS For the year ending 31 December 2018

Category

Male

Female

2018

2017

2016

2015

2014

Life

Full

287

325

351

379

396

428

Full Paid

Company

Provisional

100

111

107

100

Intermediate

Six Day

105

107

158

166

153

148

153

Junior

Country

Corporate

Casual

Introductory

Women's Try Golf

Twilight

Social

Pinehill

Other*

208

249

259

272

287

322

TOTAL

1132

248

1380

1392

1446

1428

1418

862.22

878.00

923.56

948.46

961.75

Weekday

PGA Member Honorary Social Honorary The Bay Experience Tiger Cubs

FME

*Absentee, AFC, Ambassador, Casual & Full Temp Employees/Pro Shop, Clubhouse, Community, Non Playing, Veteren

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OFFICE BEARERS 1927-2018 Year

President

Captain

Vice-Captain

Year

President

Captain

Vice-Captain

1927

A.J. Roberts

S. Jackman

F.G. Hicks

1973

N.E. Bagshaw

J.D. Omond

M.C.E. Summers

1928

A.J. Roberts

S. Jackman

F.G. Hicks

1974

N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

1929

A.J. Roberts

S. Jackman

F.G. Hicks

1975

N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

1930

A.J. Roberts

S. Jackman

F.G. Hicks

1976

F.G. Collins

R.B. Bennett

G.A. Hodgson

1931

A.J. Roberts

F.G. Hicks

John Hill

1977

F.G. Collins

R.B. Bennett

G.A. Hodgson

1932

Not Appointed

F.G. Hicks

John Hill

1978

F.G. Collins

G.A. Hodgson

H.T. Slade

1933

W. Fisk

John Hill

G. McLeay

1979

F.G. Collins

G.A. Hodgson

H.T. Slade

1934

W. Fisk

John Hill

G. McLeay

1980

F.G. Collins

H.T. Slade

B.J. Manser

1935

W. Fisk

J.E. Ashton

G. McLeay

1981

F.G. Collins

H.T. Slade

B.J. Manser

1936

W. Fisk

J.E. Ashton

G. McLeay

1982

F.G. Collins

B.J. Manser

J.E.O. Handford

1937

W. Fisk

K.C. Crookall

Dr. A.H. Guymer

1983

F.G. Collins

B.J. Manser

J.E.O. Handford

1938

W. Fisk

Dr. A.H. Guymer

Dr. C.B. Maddern

1984

R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1939

Frank Smith

Dr. A.H. Guymer

J.E. McKee

1985

R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1940

Frank Smith

J.E. McKee

V.M. Thomas

1986

R.B. Bennett

G.D. Gitsham

A.K. Whitford

1941

Frank Smith

V.M. Thomas

W.B. Holt

1987

R.B. Bennett

G.D. Gitsham

A.K. Whitford

1942

Frank Smith

V.M. Thomas

W.B. Holt

1988

R.B. Bennett

A.K. Whitford

D.N. Barton

1943

Frank Smith

V.M. Thomas

W.B. Holt

1989

R.B. Bennett

A.K. Whitford

D.N. Barton

1944

Baden Pattinson

V.M. Thomas

W.B. Holt

1990

R.B. Bennett

D.N. Barton

J.L. Waddy

1945

Baden Pattinson

W.B. Holt

A.C. Brooke

1991

R.B. Bennett

D.N. Barton

J.L. Waddy

1946

Baden Pattinson

W.B. Holt

A.C. Brooke

1992

R.B. Bennett

J.L. Waddy

J.R. Giles

1947

W. Allen

E.Caradoc Ashton

S.N. McKee

1993

R.B. Bennett

J.L. Waddy

J.R. Giles

1948

H.H. Handby

E.Caradoc Ashton

S.N. McKee

1994

D.N. Barton

J.R. Giles

J.A. Rawson

1949

H.H. Handby

E.Caradoc Ashton

S.N. McKee

1995

D.N. Barton

J.R. Giles

J.A. Rawson

1950

C.H. Fidock

S.N. McKee

F.G. Collins

1996

D.N. Barton

J.A. Rawson

I.P. Symons

1951

C.H. Fidock

S.N. McKee

F.G. Collins

1997

D.N. Barton

J.A. Rawson

I.P. Symons

1952

C.H. Fidock

F.G. Collins

S.D. Harris

1998

D.N. Barton

I.P. Symons

D.M. Lindsay

1953

C.W. Anderson

F.G. Collins

S.D. Harris

1999

J.L. Waddy

I.P. Symons

D.M. Lindsay

1954

C.W. Anderson

S.D. Harris

D.M. Watson

2000 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1955

C.W. Anderson

S.D. Harris

D.M. Watson

2001 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1956

C.W. Anderson

S.D. Harris

D.M. Watson

2002 J.L. Waddy

C.R. Whitford

P.J. Norman

1957

C.W. Anderson

D.M. Watson

C.M. Wood

2003

C.R. Whitford

P.J. Norman

1958

C.W. Anderson

D.M. Watson

C.M. Wood

2004 B.J. Manser

P.J. Norman

I.R. Brooks

1959

C.W. Anderson

D.M. Watson

C.M. Wood

2005 B.J. Manser

P.J. Norman

I.R. Brooks

1960

W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2006 B.J. Manser

I.R. Brooks

P.R. McGrath

1961

W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2007 B.J. Manser

I.R. Brooks

P.R. McGrath

1962

W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2008 B.J. Manser

P.R. McGrath

N.J. Johnson

1963

W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2009 G.D. Gitsham

P.R. McGrath

N.J. Johnson

1964

N.E. Bagshaw

P.T. Morton

2010

G.D. Gitsham

N.J. Johnson

A.J. Martin

1965

N.E. Bagshaw

P.T. Morton

J.A. Butler

2011

G.D. Gitsham

N.J. Johnson

A.J. Martin

1966

N.E. Bagshaw

P.T. Morton

J.A. Butler

2012

G.D. Gitsham

A.J. Martin

G.M. Fox

1967

N.E. Bagshaw

J.A. Butler

J.A. Manning

2013

G.D. Gitsham

A.J. Martin

G.M. Fox

1968

N.E. Bagshaw

J.A. Butler

J.A. Manning

2014

G.D. Gitsham

G.M. Fox

P.B. Duregon

1969

N.E. Bagshaw

J.A. Manning

J.R. Alderman

2015

H. McMutrie

G.M. Fox

P.B. Duregon

1970

N.E. Bagshaw

J.R. Alderman

J.D. Omond

2016

H. McMutrie

P.B. Duregon

B.M. Roberts

1971

N.E. Bagshaw

J.R. Alderman

J.D. Omond

2017

H. McMutrie

1972

N.E. Bagshaw

J.D. Omond

M.C.E. Summers

2018

H. McMutrie

J.L. Waddy

DuregonReport B.M. Roberts 2018P.B.Annual 17 B.M. Roberts

G. C. Rundle

COMMITTEE MEMBERS 1927-2018 Name Adair, M.S.

Name

Yrs

Name

Yrs

Name

Yrs

Gitsham, G.D.

Martin, S.G.

Stanhope, B.H.

Alderman, J.R.

Goldsworthy, J.S.

Maunder, P.J.

Stevens, G.B.

Allen, W.S.

Grosvenor, P.J.

Mausolf, N.

Stevens, R.F.

Ashton, E.C.

Guy, G.R.

McCarter, L.

Still, J.A.

Ashton, J.E.

Guymer, Dr. A.H.

McCarthy, K.J.

Stone, J.C.F.

Bagshaw, N.E.

Handford, J.E.O.

McFarlane, A.

Summers, M.C.E.

Barton, D.N.

Harris, S.D.

McFarlane, K.B.

Symons, I.P.

Bennett, R.B.

Hartford, B.B.

McGlasson, A.

Thomas, V.M.

Bishop, W.P.

Hendry, J.M.

McGrath, P.R.

Thompson, G.R.

Hewett, L.P.

McKee, J.E.

Trabilsie, F.J.

Hicks, F.G.

McKee, S.N.

Truscott, R.W.

Briscoe, P.C.A. Brooke, A.C.

Brooks, I.R.

McLeay, G.

Vivian, A.B.

Brooks, L.A.

Hodgson, G.A.

McLuckie, R.

Waddy, J.L.

Burgan, O.T.

Hill, J. Hodgson, J.W.

McMutrie, H.

Walsh, T.I.

Holt, W.B.

Merrett, A.F.

Warburton, C.

Campbell, K.S.

Hull, S.C.

Morton, P.T.

Watson, D.M.

Chamberlain, R.R.

Humphries, W.G.

Nelson, R.A.

Watson, E.J.

Chapple, G.B.

Jackman, A.J.

Newton, R.

Weston, G.W.

Butler, J.A.

Collins, F.G.

Jackman, J.W.

Norman, P.J.

Wheatley, J.A.

Connelly, P.F.

Jackman, S.

Nyland, K.

Whitford, A.K.

Crookall, K.C.

Jarrad, B.

Oâ&#x20AC;&#x2122;Brien, G.P.

Whitford, C.R.

Cudmore, D.C.

Johnson, A.C.M.

Omond, J.D.

Wood, C.M.

Dale, M.E.

Johnson, N.J.

Palmer, J.S.

Wood, L.M.

Darling, A.E.

Johnson, W.G.

Percival, S.T.P.

Wood, W.C.

Dignan, J.A.

Kenny, J.P.

Phillips, D.W.

Woolcott, E.S.

Dillon, C.J.

Kimber, A.W.

Phillips, M.B.

Wright, H.F.

Duregon, P.B.

Kookana, S.S.

Price, W.D.

Young, W.D.

Ellers, L.G.

Koukourou, S.

Pritchard, W.A.

English, R.J.

Lacey, E.H.

Ranaldo, J

Ferris, B.T.

Lewis, F.A.

Rawson, J.A.

Flehr, B.E.

Lindsay, D.M.

Rawson, K.A.

Follett, R.M.

Lynch, I.C.

Reade, T.C.

Foster, G.C.

Maddern, Dr. C.B.

Roberts, B.M.

Fox, G.M.

Maddern, J.P.

Royals, D.W.

Frances, I.K.

Mahoney, W.J.

Rundle, G.C.

Freeman, R.E.N.

Mallen, L.

Sando, H.H.

Manning, J.A.

Sands, R.G.

Sauerbier, L.C.

Gander, P.M. Giles, J.R.

Yrs

Manser, B.J.

7 12

Gillespie, D.P.

Marshall, A.K.

Skinner, L.P.

Gillman, J.F.

Martin, A.J.

Slade, H.T.

Glenelg Golf Club Incorporated

ABN 94 199 789 857

5 11

CLUB CHAMPIONSHIPS & CLUB TROPHY WINNERS For the year ending 31 December 2018

Event

Winner

Runner Up

Men’s Club Championship

James Georgiadis

Luke Bashford

Women’s Club Championship

Charley Jacobs

Josie Gale

RF Stevens Trophy

Jack Buchanan

Sam Raschella

Men’s B Grade Championship

David Holst

Nick Gray

Men’s C Grade Championship

Mick Latty

Rob Fowler

Women’s B Grade Championship

Frances MacPherson

Marg Gordon

Women’s C Grade Championship

Joanne Rice

Heather Whitford

Men’s A Grade Plate

Grant Goodier

Mark Hall

Men’s B Grade Plate

Tony Annand

Richard Stanes

Men’s C Grade Plate

James Pyke

Morrie Croucher

Boys’ Club Championship

Jack Tanner

Jack Buchanan

Girls’ Club Championship

Charley Jacobs

Shakira Kuys

Men’s Senior Championship

Anthony Doyle

John Keogh

Jimmy McLachlan Memorial Trophy

William Somerfield

Sam Earl

Men’s Foursomes Championship

Josh Hayes & Henry Duregon

James Georgiadis & James Bridgen

Women’s Foursomes Championship

Josie Gale & Jan Dale-Harris

Cathy Darling & Sandy Francas

Men’s A Grade Foursomes

Paul Grosvenor & Grant Lucas

Andrew Orbach & Craig Watts

Men’s B Grade Foursomes

Kerry Bennett & David Watkins

Mark Fleer & Michael Maguire

Men’s C Grade Foursomes

Dusan Nenadovic & Harry Larsen

Women’s B Grade Foursome

Frances MacPherson & Kristy Morrison

Ros Henderson & Marg Gordon

Women’s C Grade Foursome

Patricia Aitken & Patricia Whelan

Peg Howard & Heather Whitford

Mixed Foursomes Championship

Shakira & Markus Kuys

Alistair Flynn (Kooyonga) & Laura Birchmore (The SGA GC)

Brian Ferris Memorial Trophy

Joe Hodgson (Kooyonga)

Jack Thompson (The Grange)

Eric Scovell Junior Vardon Trophy

Jack Buchanan

Jack Tanner

Glenelg Women’s Vardon

Jin-Young Yun (The Grange)

Caitlin Pierce (Royal Adelaide)

Owen Whitford Trophy

Jayne Staridas & Chris Whitford

Nigel Turner (Links Lady Bay) & Ann Coates (The Grange)

Lance Begg Trophy

Paul Grosvenor & Elysia Yap

Gary Jackson & Sue Smallacombe

Winter Pinehurst Foursomes Trophy

Jackson Kalz & Jack Buchanan

Jack Tanner & Jack Ramage

Burgandy Trophy

Peter Thomas & Chris Hercock

Julia Stone & John Stone

Don Harris Memorial Trophy

Graham Hobbs & Karin Harris

Marty Ardill & Bec Hughes

Burgandy Trophy

Harry & Chris Larsen

Ian & Ros Henderson

Don Harris Memorial Trophy

Peter & Jane Nelson

Andrew & Kristy Morrison

2018 Annual Report

Men’s Event

Winner

Men’s Event

Winner

Governor’s Cup

P.J. Barker (The Vines)

Glenelg Trophy (Juniors)

Jack Ramage

Senior Cup

William Traljic

Boys’ Handicap Matchplay

Josh Grundel

Anzac Memorial Trophy

Andrew Leonard

Rawson Memorial

Steve Gentle

Captain’s Trophy

James Mattsson

Don Watson Memorial

Ian Brooks

President’s Trophy

Richard Sheridan & Simon Knapp

Frank Collins Memorial

Andy Hunt

Glenelg Trophy

William Traljic

AH Smerdon Memorial

Michael Maguire

Sam Percival Trophy

Mark Trenwith

Steve McKee Memorial

Adrian Edgar

Milo Sprod Trophy

Alan Turner

Summer Cup

Peter Gale

Reg Sands Starter’s Trophy Michael Haynes

FA Lewis Memorial

Brian Welsh

Norm Omond Medals

A Grade: Dale Penny

Harold Wright Memorial

Roger Attenborough

B Grade: Steve Gentle

Brian Bashford Memorial

Grant Fuss

C Grade: Paul Bock

Joe Ashton Trophy

Modge Brown

Women’s Event

Winner

Women’s Event

Winner

President’s Foursomes

Sue Tuohy & Sue Raggatt

Captain’s Trophy

Barbara Deed

Consistency Cup

Anna Standish

Laurel Wreath

Fiona Eblen

Veterans’ Handicap Net

Jill McDonald

International Bowl - Silver

Jan Dale-Harris

Veterans’ Handicap Gross

Jan Dale-Harris

Joanne Rice

Essex Stroke - Silver

Jan Dale-Harris

- Bronze Shane Robinson Trophy

Raelene Graham

- Bronze

Club Medal 1

Elise Dignan

Extreme Veterans’ Trophy

Ruth Croall

Club Medal 2

Nancy Craigie

Most Improved Handicap

Joanne Rice

Caddy & Managers’ Trophy

Liz Kelton

Jacka Trophy

Matilda Wheare

Christina Larsen

Past Committee Trophy

Kay Nyland

Turkey Gobbler

Jill Gehling & Marg Whelan

Wallace Stroke

Sarah Crocker

Parfection Prize

Kay Nyland

Anne Smerdon Trophy

Amellia Whinney

Parfection Prize

Peggy Lau-Flux

Ella Cole Trophy

Zoe Manton

Holes In One

Trevor King (Mar) - 16th Hole

Christine Croucher (June) - 11th Hole

Andrew Hodge - (Oct) - 16th Hole

Simon Gallie (Mar) - 14th Hole

Kym Mueller (Aug) - 11th Hole

Ian Brooks (Oct) - 16th Hole

Steven Weeks (Mar) - 16th Hole

Fiona Eblen (Aug) - 14th Hole

Brad Sugars (June) - 11th Hole

Jon Oatey - (Sep) - 11th Hole

Glenelg Golf Club Incorporated

ABN 94 199 789 857

PERFORMANCES OF NOTE For the year ending 31 December 2018

PENNANT CHAMPIONS SIMPSON CUP: Jackson Kalz, Joshua Hayes, Frank Vucic, Ben Layton, Harrison Burner, Anthony Olsen & Michael Munn PIKE CUP: Matilda Wheare, Samantha White, Tilly Miels, Louise Pike & Rebecca Hughes WOMEN’S A3: Susan Raggatt, Fiona Eblen, Joanne Lendrum, Josephine Ricourt & Wendy Vaughan

STATE REPRESENTATION Boys’ State Team: Jack Tanner, Frank Vucic, Jack Buchanan

2018 Women’s A3 Pennant Champions

Girls’ State Team: Charley Jacobs, Shakira Ann Kuys, Tilly Miels Men’s State Team: Jackson Kalz, Frank Vucic, Josh Hayes, Jack Buchanan Women’s State Team: Sarah Crocker, Charley Jacobs, Elysia Yap 17 & Under Schools Team: Shakira Ann Kuys, Tilly Miels, Jade Kinita, Eliza Baker, Jack Buchanan, Harry Burner 12 & Under Schools Team: Kade Bryant, Josh Grundel, jack Leonard, Zoe Manton, Fletcher Ryan, Anthony Wang

STATE HIGH PERFORMANCE SQUADS Tier 1: Frank Vucic, Ben Layton, Jackson Kalz Tier 2: Harry Burner, Jack Tanner, Charley Jacobs, Harry Edwards, Shakira Ann Kuys, Jack Buchanan, Tilly Miels Tier 3/Talent ID: Jade Kinita, Eliza Baker, Jack Ramage

Six Glenelg members were selected in the 12 & Under Primary School State Team

INDIVIDUAL PERFORMANCES 2018 Golf SA Junior Open: Frank Vucic 2018 Golf SA Junior Open: Harrison Burner 2018 Glenelg Ladie’s Vardon: Jin-young Yun 2018 Glenelg Men’s Vardon: Jack Buchanan 2018 Tea Tree Gully Womens’ Vardon: Jin-young Yun 2018 The Vines Junior Gross Vardon: Frank Vucic 2018 The Vines Junior Nett Vardon: Jack Buchanan 2018 Flagstaff Hill Women’s Vardon: Elysia Yap 2018 Blackwood Junior Vardon: Jack Tanner 2018 West Lakes Boys’ Vardon: Frank Vucic 2018 The Grange Women’s Vardon: Jin-young Yun 2018 The Grange Junior Vardon: Frank Vucic 2018 Mt Osmond Junior Vardon: Harrison Burner

2018 Glenelg Vardon winners, Jin-young Yun, Jack Buchanan & Joe Hodgson

2018 Mt Osmond Women’s Vardon: Jade Kinit

2018 Annual Report

2018

FINANCIAL REPORTS GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY ABN 94 199 789 857

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018 Note NET INCOME Membership Subscriptions Entrance Fees Infrastructure Levy Bag & Buggy Storage Locker Fees Golf Operations Competition Fees Green Fees Cart Hire Affiliation Fees Trophies Professional Retainer (Pro Shop) Professional Retainer (Golf Operations) Professional Service Fees / Commissions Depreciation Other Golf Operations Expenses Bar Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries and Associated Costs Other Expenses Depreciation Catering Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries and Associated Costs Other Expenses Depreciation Other Income Catering Levy forfeited Interest Received Phone Tower Miscellaneous

TOTAL NET INCOME

Consolidated 2018 2017 $ $

2,100,939 136,803 296,045 76,122 13,872 2,623,781

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

Golf Club 2018 $

2,100,939 136,803 296,045 76,122 13,872 2,623,781

2017 $

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

75,327 467,759 115,891 (3,164) (55,506) (53,194) (81,842) (72,996) (58,682) (81,702) 251,891

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

75,327 467,759 115,891 (3,164) (55,506) (53,194) (81,842) (72,996) (58,682) (81,702) 251,891

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

1,091,328 (401,210) 690,118

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

1,091,328 (401,210) 690,118

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

(452,895) (56,311) (4,608) 176,304

(422,533) (39,437) (3,554) 216,615

(452,895) (56,311) (4,608) 176,304

(422,533) (39,437) (3,554) 216,615

1,463,367 (559,939) 903,428

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

1,463,367 (559,939) 903,428

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

(709,680) (48,514) (22,190) 123,044

(732,114) (68,625) (23,075) 67,224

(709,680) (48,514) (22,190) 123,044

(732,114) (68,625) (23,075) 67,224

64,815 866 59,178 44,782 169,641

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

64,815 866 59,178 44,782 169,641

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

3,344,661

3,313,030

3,344,661

3,313,030

2018 Financial Report The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018 Note EXPENDITURE Administration and Support Services Salaries and Associated Costs Audit Fees Marketing & Communications Depreciation Finance Costs Bank Charges & Merchant Fees Insurance Postage, Printing and Stationery Telephone Council Rates Legal and Consulting Travel and Accommodation Computer Consumables and Maintenance Other Administration Expenses Course Salaries and Associated Costs Maintenance Power Enhancement Irrigation Landscape Maintenance Machinery ASR Expenses Other Expenses Depreciation House Laundry Repairs and Maintenance Contract Cleaning Light, Power and Water Other House Expenses Depreciation Other Expenses (Profit)/Loss on Sale of Fixed Asset

TOTAL EXPENDITURE NET SURPLUS / (DEFICIT) Other Comprehensive Income

Consolidated 2018 2017 $ $

2018 $

2017 $

394,111 11,000 81,432 16,563 16,863 35,399 35,732 18,457 13,817 51,792 3,245 719 57,454 86,991 823,575

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

394,111 11,000 81,432 16,563 16,863 35,399 35,732 18,457 13,817 51,792 3,245 719 57,454 86,991 823,575

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

859,860 194,788 76,903 40,505 18,577 24,820 82,116 28,431 171,508 229,405 1,726,913

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

859,860 194,788 76,903 40,505 18,577 24,820 82,116 28,431 171,508 229,405 1,726,913

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

10,371 62,738 60,352 110,338 50,641 230,349 524,789

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

10,371 62,738 60,352 110,338 50,641 230,349 524,789

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

(15,273) (15,273)

Golf Club

(39,318) (39,318)

(15,273) (15,273)

(39,318) (39,318)

3,060,004

3,244,899

3,060,004

3,244,899

284,657

68,131

284,657

68,131

TOTAL COMPREHENSIVE INCOME FOR YEAR

284,657

68,131

284,657

68,131

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY

284,657

68,131

284,657

68,131

2018 Financial Report The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 Note

Consolidated 2018 2017 $ $

2018 $

Golf Club 2017 $

133,038 333,257 59,483 188,638 714,416

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

CURRENT ASSETS Cash & Cash Equivalents Trade & Other Receivables Other Current Assets Inventories Total Current Assets

2 3 4

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

NON-CURRENT ASSETS 6,169,230 6,169,230

6,506,766 6,506,766

639,433 5,510,529 6,149,962

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

6,883,646

7,177,153

6,864,378

7,157,885

7 8a 9a 11

209,084 74,857 116,724 609,702 1,010,367

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

209,021 74,857 116,724 609,702 1,010,304

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

8b 9b

121,157 1,007,227 1,128,384

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

121,157 1,007,227 1,128,384

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

TOTAL LIABILITIES

2,138,751

2,716,914

2,138,688

2,716,851

NET ASSETS

4,744,896

4,460,239

4,725,691

4,441,034

Retained Earnings Outside Equity Interests in controlled entity

4,716,649 28,247

4,431,992 28,247

4,725,691 -

4,441,034

TOTAL EQUITY

4,744,896

4,460,239

4,725,691

4,441,034

Financial Assets Property, Plant and Equipment Total Non-Current Assets

5 6

TOTAL ASSETS

CURRENT LIABILITIES Trade & Other Payables Short-Term Provisions Short-Term Borrowings Other Current Liabilities Total Current Liabilities NON-CURRENT LIABILITIES Long-Term Provisions Long-Term Borrowings Total Non-Current Liabilities

EQUITY

2018 Financial Report The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2018 Retained Earnings $

Outside Equity Interest $

Total $

Consolidated Entity Balance at 1 January 2018 Profit attributable to members of controlling entity

4,431,992 284,657

28,247

Balance at 31 December 2018

4,716,649

28,247

4,460,239 284,657 4,744,896

Controlling Entity Balance at 1 January 2018 Profit attributable to members of controlling entity

4,441,034 284,657

Balance at 31 December 2018

4,725,691

4,392,108 68,131

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

4,363,861 68,131

28,247

Balance at 31 December 2017

4,431,992

28,247

4,460,239

Year End 2017 Controlling Entity

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

4,372,903 68,131

Balance at 31 December 2017

4,441,034

2018 Financial Report The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2018 Note

Consolidated 2018 2017 $ $

Golf Club 2018 $

2017 $

CASH FLOWS FROM OPERATING ACTIVITIES 2,554,695 2,615,977 658,977 (5,450,274) (16,863)

Bar and Catering Sales Subscriptions and Entrance Fees Green Fees and Competition Fees Payments to Suppliers and Employees Interest Paid Donations, Fundraising and Other Sundry Receipts NET CASH INFLOW FROM OPERATING ACTIVITIES

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

2,554,695 2,615,977 658,977 (5,450,274) (16,863)

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

169,641

170,205

169,641

170,205

532,153

451,048

532,153

451,048

(242,841)

(358,748)

(242,841)

(358,748)

CASH FLOWS FROM INVESTING ACTIVITIES Payments for Property, Plant and Equipment Proceeds from Sale of Property, Plant and Equipment Share Purchase

33,861

55,169

(208,980)

(303,579)

(208,980)

(303,579)

Repayment of Borrowing Additional Lease Established Repayment of Bank Loan Debentures Repaid

(47,927) (300,000) -

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

(47,927) (300,000) -

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

NET CASH PROVIDED INFLOW (OUTFLOW) FROM FINANCING ACTIVITIES

(347,927)

(137,294)

(347,927)

(137,294)

NET INCREASE / (DECREASE) IN CASH HELD

(24,754)

10,175

(24,754)

10,175

Cash at Beginning of Year

157,792

147,617

157,792

147,617

133,038

157,792

133,038

157,792

NET CASH (OUTFLOW) FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Cash at End of Year

2018 Financial Report The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporations Act of South Australia. The financial report covers the consolidated entity of Glenelg Golf Club Inc as the individual controlling entity and the controlled entity, Glenelg Golf Links Limited. The financial report of Glenelg Golf Club Inc and the controlled entity and Glenelg Golf Club Inc as an individual controlling entity comply with all Australian equivalents to International Financial Reporting Standards (IFRS) in their entirety except where compliance is not mandatory for non-corporate entities. The following is a summary of the material accounting policies adopted by the consolidated entity in preparation of the financial report. The accounting policies have been consistently applied unless otherwise stated. The financial report has been prepared on an accrual basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year. a)

Principles of Consolidation The Club controls the share capital of Glenelg Golf Links Limited. The consolidated accounts incorporated the assets and liabilities of Glenelg Golf Links Limited as at 31 December 2018 and the results of the Company for the period then ended. The effects of all transactions between the Club and the Company are eliminated in full. Outside equity interests in the results and group equity are shown separately in the consolidated profit and loss account and balance sheet respectively. The cost of acquiring shares in Glenelg Golf Links Limited have been accounted for as an interest in the land owned by that company and reflected accordingly.

Financial Instruments Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below: Available-for-sale financial assets Available-for-sale financial assets include any financial assets that are not considered to be â&#x20AC;&#x153;loans and receivablesâ&#x20AC;? or held for selling in the short term. Available-for-sale financial assets are reflected at fair value. Where fair value cannot be reliably estimated, the asset is stated at its initial cost. Unrealised gains and losses arising from changes in fair value are taken directly to equity. Financial Liabilities Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES c)

Property, Plant and Equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land is shown at cost. Building is shown at cost less any accumulated depreciation and impairment losses. Plant and Equipment The depreciable amount of all fixed assets including building, but excluding freehold land, is depreciated on a straight line basis over their useful lives to the consolidated entity commencing from the time the asset is held ready for use. The depreciation rates for each class of depreciable assets are based on the following estimated useful lives, expressed in years: Category Administration furniture and fittings Bar plant and equipment Catering plant and equipment Clubhouse building Clubhouse other Course buildings House plant and equipment Motor vehicles Office equipment Course plant and equipment Entrance road

Useful Lives 5-11 8-11 7-11 40-50 7-11 4-25 8-11 4-5 5-7.5 4-11 15

Impairment of Assets At each reporting date, the Committee of Management reviews the carrying values of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement. Where it is not possible to determine the recoverable amount of an individual asset, the Committee of Management estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES f)

Subscription Income Members subscriptions are included as income in the year the invoice is raised. Subscription year is from April of the current year to March of the following year. Any subscription fees invoiced for the quarter of January to March of the following year is recognised as income of the current year. This has been treated consistently from year to year.

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

h) Inventories Inventories are measured at the lower of cost and net realisable value. i)

Course Redevelopment Expenditure Expenditure incurred on redevelopment of the course is charged to operating profit as incurred.

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

Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet.

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

m) New Accounting Standards and Interpretations Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2018 reporting periods. Glenelg Golf Club Incorporated have received preliminary advice that the following new accounting standards may impact future reporting: AASB 15: “Revenue from contracts with customers” (applicable from 1 January 2019) will replace the current accounting requirements applicable to revenue with a single, principles-based model. This will affect the timing of revenue recognition in the future, in particular for entrance fees. AASB 16: “Leases” (applicable from 1 January 2019) will replace the current accounting requirements applicable to leases in in AASB 117: Leases and related Interpretations. AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be classified as operating or finance leases. It requires a right-of-use asset to be brought to balance sheet and depreciated in line with the Clubs depreciation policy. A corresponding liability will be recognised to the value of the variable lease payments over the life of the lease term. Further advice and guidance is being sought from the Club’s advisers with regards to the impact of future standards.

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018 Note

Consolidated 2018 2017 $ $

2018 $

Golf Club 2017 $

99,593 10,040 23,405 133,038

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

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

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

The effective interest rate on short-term bank deposits was 4.85% (2017: 6.7%); these deposits have an average maturity of 20 days. Reconciliation of Cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the balance sheet as follows: Cash & Cash Equivalents

133,038

157,792

133,038

157,792

154,049 114,172 65,036 333,257

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

154,049 114,172 65,036 333,257

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

75,344

79,710

75,344

79,710

28,041

20,487

28,041

NOTE 3 - TRADE & OTHER RECEIVABLES Subscription Debtors Sundry Debtors GST Input Tax Credits

NOTE 4 - INVENTORIES Bar Stock Catering Stock

Course Stock Glassware/Crockery

85,253 188,638

22,769 4,936 127,902

20,487

22,769 4,936 127,902

In 2018 the treatment of Course stock was changed to include additional course components that were held in stock at the end of the period. These items include, hardware items, fuel stock, sand stock and mechanical inputs, there was also an increase to the size of chemical container purchases to create better buying opportunities, which has also resulted in larger stock holdings. This change has been made to better apportion course inputs at the time of utilisation to get a more accurate cost for course expenditures. These items are now included in monthly stocktakes, whereas in prior years the stocktake was limited to chemical stock on hand. Due to these items not being included in prior period stocktakes, a retrospective comparative figure is unavailable. This change in policy has resulted in approximately $62,484 positive change in profit.

NOTE 5 - FINANCIAL ASSETS Available for sale financial assets comprise of: Shares - Glenelg Golf Links Ltd Loan - Glenelg Golf Links Ltd Total Financial Assets

638,328 1,105 639,433

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

Note

Consolidated 2018 2017 $ $

Golf Club 2018 $

2017 $

NOTE 6 - PROPERTY, PLANT & EQUIPMENT Freehold land

658,704

Clubhouse Less Accumulated Depreciation

6,126,122 (2,137,835) 3,988,287

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

6,126,122 (2,137,835) 3,988,287

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

Clubhouse Plant and Equipment Less Accumulated Depreciation

718,512 (558,875) 159,637

708,927 (473,883) 235,044

718,512 (558,875) 159,637

708,927 (473,883) 235,044

Course Buildings Less Accumulated Depreciation

462,646 (290,649) 171,997

394,929 (297,110) 97,819

462,646 (290,649) 171,997

394,929 (297,110) 97,819

Administration Plant and Equipment Less Accumulated Depreciation

372,121 (346,893) 25,228

371,648 (331,621) 40,027

372,121 (346,893) 25,228

371,648 (331,621) 40,027

Bar Plant and Equipment Less Accumulated Depreciation

161,837 (151,648) 10,188

162,084 (147,290) 14,794

161,837 (151,648) 10,188

162,084 (147,290) 14,794

Catering Plant and Equipment Less Accumulated Depreciation

370,868 (326,811) 44,057

364,791 (312,721) 52,070

370,868 (326,811) 44,057

364,791 (312,721) 52,070

Golf Carts Less Accumulated Depreciation

114,588 (57,586) 57,002

159,806 (51,516) 108,290

114,588 (57,586) 57,002

159,806 (51,516) 108,290

Course Plant and Equipment Less Accumulated Depreciation

4,197,263 (3,549,589) 647,674

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

4,184,050 (3,536,373) 647,677

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

Entrance Road & Carpark Less Accumulated Depreciation

572,283 (296,151) 276,131

564,632 (274,918) 289,714

572,283 (296,151) 276,131

564,632 (274,918) 289,714

Capital Improvements Less Accumulated Depreciation

1,163 (1,022) 141

1,163 (1,001) 162

1,163 (1,022) 141

1,163 (1,001) 162

Range Assets Less Accumulated Depreciation

237,076 (106,892) 130,184

237,076 (82,207) 154,869

237,076 (106,892) 130,184

237,076 (82,207) 154,869

TOTAL PROPERTY, PLANT AND EQUIPMENT

658,704

2018 Financial Report

6,169,230

6,506,766

5,510,529

5,848,065

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

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

Movement in Carrying Amount Movement in the carrying amounts for each class of property, plant & equipment between the beginning and the end of the current financial year. Carrying amount at 1 January 2018

Additions

Disposals

4,045,908

85,455

Depreciation

Write Back of Accumulated Depreciation

Carrying amount at 31 December 2018

(143,076)

3,988,287

Golf Club Clubhouse Clubhouse Plant & Equipment

235,044

11,844

(6,850)

(87,251)

6,850

159,637

Course Buildings

97,819

92,005

(28,969)

(17,827)

28,969

171,997

Administration Plant & Equipment

40,027

3,054

(4,320)

(16,561)

3,027

25,228

Bar & Plant Equipment

14,794

(359)

(4,606)

359

10,188

Catering Plant & Equipment

52,070

14,177

(10,721)

(22,191)

10,721

44,057

Golf Carts

108,290

(45,218)

(33,994)

27,924

57,002

Course Plant & Equipment

809,368

28,006

(142,077)

(189,697)

142,077

647,677

Entrance Road & Carpark

289,714

8,301

(720)

(21,883)

720

276,131

Range Assets

154,869

(24,684)

130,185

162

(21)

141

5,848,065

242,841

(239,234)

(561,790)

220,647

5,510,529

Capital Improvements

Consolidated Entity Freehold Land Clubhouse Clubhouse Plant & Equipment

658,704

85,455

(143,076)

3,988,287

235,044

11,844

(6,850)

(82,660)

2,259

159,637

Course Buildings

97,819

92,005

(28,969)

(13,145)

24,287

171,997

Administration Plant & Equipment

40,027

3,054

(4,320)

(16,115)

2,581

25,228

Bar & Plant Equipment

14,794

(359)

(4,494)

247

10,188

Catering Plant & Equipment

52,070

14,177

(10,721)

(19,569)

8,100

44,057

Golf Carts

108,290

(45,218)

(33,994)

27,924

57,002

Course Plant & Equipment

809,365

28,006

(142,077)

(189,697)

142,077

647,674

Entrance Road & Carpark

289,714

8,301

(720)

(21,813)

650

276,131

Range Assets

154,869

(24,684)

130,185

162

(21)

141

6,506,766

242,841

(239,234)

(549,268)

208,125

6,169,230

Capital Improvements

658,704 4,045,908

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

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

Note

Consolidated 2018 2017 $ $

2018 $

Golf Club 2017 $

111,192 97,892 209,084

233,678 117,766 351,444

111,192 97,829 209,021

233,678 117,703 351,381

117,599 75,039 (117,781) 74,857

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

117,599 75,039 (117,781) 74,857

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

179,595 23,261 (81,699) 121,157

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

179,595 23,261 (81,699) 121,157

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

75,000 41,724 116,724

375,000 47,928 422,928

75,000 41,724 116,724

375,000 47,928 422,928

NOTE 7 - TRADE & OTHER PAYABLES Trade Creditors Other Creditors

NOTE 8 - PROVISIONS a) Short-Term Provisions - Annual Leave Opening Balance Additional Provisions Raised Amounts Used

b) Long-Term Provisions - Long Service Leave Opening Balance Additional Provisions Raised Amounts Used

NOTE 9 - BORROWINGS a) Short-Term Borrowings Bank Loan Hire Purchases b) Long-Term Borrowings Bank Loan Hire Purchases Debentures

1,000,000 7,227 1,007,227

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

1,000,000 7,227 1,007,227

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

The Club has a loan facility of $2,200,000 which is secured by registered mortgages over land owned by Glenelg Golf Links Limited. At 31 December 2018, $1,075,000 of the Clubâ&#x20AC;&#x2122;s facility was utilised ($1,375,000 in 2017).

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

Note

Consolidated 2016 2015 $ $

Golf Club 2016 $

2015 $

NOTE 10 - CAPITAL & LEASING COMMITMENTS Hire Purchase Lease Commitments Payable - minimum lease payments not later than 12 months between 12 months & 5 years greater than 5 years Minimum Lease Payments

41,724 7,227 48,951

Less Future Finance Charges Present Value of Minimum Lease Payments

(3,755) 45,196

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

96,878

41,724 7,227 48,951

96,878

(7,307) 89,571

(3,755) 45,196

(7,307) 89,571

47,928 48,950 -

151,460 254,562 406,022

117,118 179,022 296,140

151,460 254,562 406,022

117,118 179,022 296,140

63,920 31,773 180,414 46,370 22,895 42,902 119,446 78,577 23,405 609,702

71,615 11,292 194,028 44,957 24,692 47,515

63,920 31,773 180,414 46,370 22,895 42,902 119,446 78,577 23,405 609,702

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

NOTE 11 - OTHER CURRENT LIABILITIES Catering Deposits Green Fee Deposits Catering Levy unabsorbed Wallet Account Trophy Account PAYG Tax Sundry GST Payable Glenelg Golf Club Foundation Heritage Fund

132,929 46,066 23,304 596,398

NOTE 12 - RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT FROM OPERATING ACTIVITIES Profit from Ordinary Activities

284,657

68,131

284,657

68,131

Non cash flows in profit from ordinary activities Depreciation Provision for Employee Benefits (Profit) / Loss on Sale of Non Current Assets

561,790 (101,180) (15,273)

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

561,790 (101,180) (15,273)

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

(7,804) (129,056) (243) (60,736)

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

(7,804) (129,056) (243) (60,736)

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

532,154

451,048

532,154

451,048

Changes in Assets & Liabilities (Increase) / Decrease in Debtors Movements in Loans to Glenelg Golf Links Ltd Increase / (Decrease) in Trade Creditors & Accrued Expenses

(Increase) / Decrease in Prepayments (Increase) / Decrease in Stock Net Cash Inflow from Operating Activities

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

NOTE 13 - FINANCIAL INSTRUMENTS a)

Interest Rate Risk The Club’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates and the effective weighted average on those financial assets and liabilities, is as follows: Weighted Average Effective Interest Rate

Financial Assets Cash at Bank Cash on Deposit

Financial Liabilities Borrowings

2018 %

2017 %

4.85

6.7

1.94

Fixed Interest Rate Maturing Within 1 Year 1 to 5 Years

Floating Interest Rate

2018 $

2017 $

99,593 123,089 99,593 123,089

1.75

2018 $

2017 $

- 116,724 - 116,724

422,928 422,928

1,007,227 1,048,950 1,007,227 1,048,950

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

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

The Club has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. The sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks. At 31 December 2018, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows: Consolidated 2018 2017 $ $

2018 $

Golf Club

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

(22,479) 22,479

(29,438) 29,438

(22,479) 22,479

(29,438) 29,438

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

(22,479) 22,479

(32,183) 32,183

(22,479) 22,479

(32,183) 32,183

10,600 10,600

10,050 10,050

10,600 10,600

10,050 10,050

2017 $

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

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

NOTE 14 - RELATED PARTIES a)

The Club paid rent of $0 to Glenelg Golf Links Limited in which it has a majority shareholding, for use of the golf course (2017 - $0).

The names of the persons who were officers of Glenelg Golf Club Incorporated at any time during the year ended 31 December 2018 are as follows: Bevan M. Roberts (Captain) Greg C. Rundle (Vice-Captain) Michael S. Adair Carolyn J. Dillon Paul B. Duregon Paul M. Gander Paul J. Grosvenor Sid S. Kookana Imelda C. Lynch Phillip J. Maunder Kay Nyland Darren W. Royals

Elected March 2018 Elected March 2018 Resigned January 2018 Elected March 2018 Term completed March 2018 Elected March 2018 Elected March 2016 Appointed May 2018 Elected March 2018 Resigned May 2018 Term completed March 2018 Elected March 2017

During the year, the following related party transactions occurred: 1, Paul Duregonâ&#x20AC;&#x2122;s company received payments under normal commercial conditions for maintenance works performed by PASA Building sub-contractors.

NOTE 16 - CONTINGENT LIABILITIES The Clubâ&#x20AC;&#x2122;s objection to the land tax assessment for 2017/18 was upheld and therefore no expense or accrual has been recognised in relation to 2018/19 land tax. The Club understands that Revenue SA intends to review the eligibility for an exemption from land tax at the end of each financial year.

NOTE 17 - AFTER BALANCE DATE EVENTS No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the entity, the results of those operations, or the state of affairs of the entity in future financial years.

NOTE 18 - ASSOCIATION DETAILS The principal place of business of the association is 20-118 James Melrose Road, Novar Gardens.

2018 Financial Report

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018

NOTE 19 - CAPITAL EXPENDITURE COMMITMENTS Capital expenditure commitments contracted for: $ Plant & Equipment Purchases Capital Expenditure Projects

0 41,605 41,605

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

41,605 0 0 41,605

The committee members control the capital of the Club in order to maintain a good debt-to-equity ratio and to ensure that the Club can fund its operations to continue as a going concern. The Club’s debt and capital includes financial liablities, supported by financial assets. There are no externally imposed capital requirements. The committee members effectively manage the Club’s capital by assessing the Club’s financial risks and adjusting its capital structure in response to changes in these risks and in the market. The responses include the management of debt levels. There have been no changes in the strategy adopted by management to control the capital of the Club since the prior year. This strategy is to ensure that there is sufficient cash to meet trade and sundry payables and borrowings.

NOTE 20 - CONTROLLED ENTITIES 2018 Country of Incorporation Parent Entity Glenelg Golf Club Incorporated

Australia

Subsidiary Glenelg Golf Links Limited

Australia

* percentage of voting power in proportion to ownership

2018 Financial Report

2017

Percentage Owned (%) *

GLENELG GOLF CLUB INCORPORATED STATEMENT BY COMMITTEE

In the opinion of the Committee of Management of Glenelg Golf Club Incorporated:

(a) The attached consolidated statements of Glenelg Golf Club Incorporated, comprising the balance sheet, income statement, statement of changes in equity, statement of cash flows and notes to the financial statements for the year ended 31 December 2018 are, in our opinion, properly drawn up so as to give a true and fair view of the state of affairs of the Club and the consolidated entity as at 31 December 2018, 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 December 2018:

1. Paul Duregonâ&#x20AC;&#x2122;s company received payments under normal commercial conditions for maintenance works performed by PASA Building sub-contractors.

BEVAN ROBERTS Captain

GREG RUNDLE Vice-Captain

2018 Financial Report

Bentleys SA Audit Partnership Level 2 139 Frome Street Adelaide SA 5000 GPO Box 939 Adelaide SA 5001

Independent Audit Report to the members of Glenelg Golf Club Inc.

ABN 43 877 091 903 T +61 8 8372 7900 F +61 8 8372 7999 admin@adel.bentleys.com.au bentleys.com.au

Opinion We have audited the accompanying financial report of Glenelg Golf Club Inc. which comprises the statement of financial position as at 31 December 2018 the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and the statement by the committee of the association. In our opinion, the financial report gives a true and fair view of the financial position of Glenelg Golf Club Inc. as of 31 December 2018, and of its financial performance and its cash flows for the year then ended in accordance with Australian Accounting Standards and the Associations Incorporation Act 1985 (SA). Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditorâ&#x20AC;&#x2122;s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Club in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Boardâ&#x20AC;&#x2122;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. Committee's responsibility for the financial report The Committee of the Club is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Associations Incorporation Act 1985 (SA). This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

A member of Bentleys, a network of independent accounting firms located throughout Australia, New Zealand and China that trade as Bentleys. All members of the Bentleys Network are affiliated only and are separate legal entities and not in Partnership. Lia bility limited by a scheme approved under Professional Standards Legislation. A member of Kreston International. A global network of independent accounting firms.

In preparing the financial report, management is responsible for assessing the Club’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Club or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Club’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Report 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 an 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 this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/Home.aspx. This description forms part of our auditor’s report.

Bentleys SA Audit Partnership

DAVID FRANCIS PARTNER

Dated this 19th day of February 2019

20-118 James Melrose Road NOVAR GARDENS SA 5040 PO Box 220 GLENELG SA 5045 Phone: (08) 8350 3200 Fax: (08) 8294 8894 www.glenelggolf.com reception@glenelggolf.com