PHGC Annual Report 2017-2018

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PENNANT HILLS GOLF CLUB LIMITED

OFFICE BEARERS

President: Mr Allan Watson

Vice-President: Mr Ross Howarth

Captain: Mr John Buchanan

Hon. Treasurer: Mr Chris Allen

Directors:

Mrs. Amanda Stubbs, Mr. Peter Henry, Mr. Phillip Stanton

Mr. Andrew Jones & Mrs Anne Goodrick

COMMITTEES

Business and Strategy: C Allen (Chairperson), P. Stanton, A. Goodrick

Course:

Playing and Match:

Membership and Marketing:

A Watson & A Jones

J. Buchanan (Chairperson), C. Allen, A. Watson, S. Moffat, G. Winters & K. Ferguson.

J Buchanan (Chairperson), C Allen, S. Moffat, K. Ferguson, G. Winters, A. Goodrick, A. Watson & D. Maguire.

P. Henry (Chairperson), A. Stubbs, A. Jones, S. Nicolas & A. Watson.

Clubhouse Experience: A Stubbs (Chairperson), A Watson, P Stanton, P Henry, S Nicholas & A. Elsley.

Clubhouse Project:

Ladies Committee:

Life Members:

R Howarth (Chairperson), P Stanton, A. Goodrick, A. Watson, R. Stevenson, C. Allen, C Fraser & R Hosking

S. Nicholas (President), S. Moffat (Captain), S. Murphy (Secretary), L. Stanton (Competition Manager), J. Bull, S Gooley, J Harvey & L. Roberts

Men: A Gresham & J Oakley

Ladies: M Sutherland

Delegate to Golf NSW: Mr Chris Allen

Auditor:

BDH Audit and Assurance Pty Ltd

General Manager: Dr. Robin Taylor

PRESIDENT'S REPORT

It is with great sadness I acknowledge the passing of one of our life members, John Oakley, in August of this year. John made a major contribution to our Club. A brief summary of his early life and achievements, which has been provided by his son Michael, can be found on our website.

I concluded last year’s report with the following sentence in respect to the commitment of your Board:

The upcoming year will provide the challenge of completing the Clubhouse improvements in addition to the ongoing challenges of maintaining a viable golf club but each of us is committed to meeting those challenges to the best of our ability to ensure our Club continues to be a place where all members can enjoy themselves.

I was not anticipating the challenges to be as great as they turned out to be and I want to begin this year’s report by thanking our General Manager, Robin Taylor and his entire team, as well as each of you for the support and understanding that was provided to the Board as we grappled with the many unforeseen issues that arose during the year.

The Year in Review

To state the obvious, most challenges emanated from the Clubhouse Improvements that commenced during the year. The Improvements are costlier, more disruption to members and taking longer than envisaged.

As outlined in Ross Howarth’s report satisfactory progress is now being made and the major disruption to members is expected to be over by the end of November when the new locker rooms, the new member bar area and terrace, and the golf shop and café will be completed.

An enormous amount of thought and work was undertaken by Robin and his team to minimise the disruption both on the course and in the clubhouse. Without their commitment to members, and our Club generally, our enjoyment of the Club would have been even more diminished than it has been, and our financial performance would have been worse than what has been achieved.

I would especially like to thank members for their continued support of all aspects of the Club’s activities in less than ideal circumstances. Your patience is greatly appreciated, and the support has enabled the Club to trade profitably during the upheaval. The Board is particularly appreciative of members who have agreed to move events to allow the Club to accommodate as many events as possible.

In addition to the Board, many individual members have provided their advice and expertise in assisting to resolve issues with the Improvements during the year and on behalf of your fellow members I would like to thank you. I note in particular the contributions of Rob Stevenson, Brett Elsley, Ian Barker, Moya Shepherd, Jarrod Loats, Greg Wicks and David Cunneen.

The other major piece of work undertaken by the Board during the year was the review of our membership categories by Peter Henry and his committee. This has culminated in the current Board drafting recommended enhancements to the membership structure for consideration by the new Board.

The individual committee reports outline in some detail the other Club activities during the year and I commend them to you.

Our Club

The success of any club is determined by the level of support it receives from its members.

We are fortunate to be members of a Club where so many people are eager to contribute where they are able. This has been particularly evident this year where members have rallied in support of the Board to help wherever needed. I requested the assistance of numerous members this year and did not receive a single knock back. It highlighted to me how strongly people enjoy being part of PHGC and how committed they are to build a better Club for current and future members.

The personality of our members is such that they do not seek to be formally acknowledged for their contribution which again was demonstrated to me by the individuals who supported the Club’s Foundation to help fund the asbestos decontamination. They did so without fanfare and when I have had the opportunity to talk to them they have requested that they not be acknowledged publicly. I will honour those requests and in doing so simply say thank you on behalf of your fellow members for your generosity.

I have mentioned previously that our Club exists as a private club with the culture we have solely because so many members contribute to our activities and operations. We are fortunate to have many members who continue to assist in numerous ways. To you all thank you on behalf of your fellow members for the contributions you make.

With the completion of the Clubhouse improvements it is hoped that many more members will take the opportunity to enjoy the company of their fellow members and friends in the new surrounds.

Our People

This year, like no other year, has demonstrated to me how lucky we are to have such great people looking after us. Our people have been as inconvenienced as we have been this year and I wish to pass on to them how appreciative we are for your efforts in coping with an extraordinarily difficult environment and making our golfing life as enjoyable as you have done. Many, many thanks.

I would like to also personally thank my fellow directors for the extraordinary amount of time, thought and effort they have put in this year in dealing with the challenges we faced. Your dedication to assessing each issue in the context of what was in the best overall interest of our Club and its members and being prepared to make necessary but difficult decisions never wavered, even during some late-night lengthy meetings. On behalf of your fellow members, thank you to you and to your families for the time you have given to the Club this year.

Four of our Board members are not standing for re-election this year.

For all my time on the Board I have had the privilege and good fortune of having Amanda Stubbs and John Buchanan as fellow directors.

Amanda has had numerous responsibilities during her seven years on the Board. She has been instrumental in her roles with our junior programme and the Kendall Binns Foundation in developing our junior ranks to the point where demand has outstripped our current capacity to provide opportunities for young people to be involved with our Club. You have left a great legacy Amanda, in the form of the character and nature of our junior members. They are testament to the guidance you and others have provided to them as to what it means to play golf and in particular what it means to be a member of our Club. Amanda has been a considered and balanced voice on the Board always looking to ensure the interest of members was at the forefront of decisions taken. The Board’s decision making was enhanced by Amanda’s willingness to put a counter view and when decisions were settled she was supportive whether her personal view had prevailed or not. She has been a great support to me in my role as President and has always taken on roles with great humour and expertise. I am particularly appreciative of her chairing the Member Experience committee where she has met the not insignificant Food & Beverage challenges with skill and has successfully laid a foundation for a revamped offering when the new clubhouse facilities are opened.

John has made an enormous contribution to our Club. He is retiring after a decade as a member of the Board. He chaired the Membership Committee when our current membership categories were established, he chaired the Playing Committee and the Course Committee, was a member of the Business and Strategy Committee, and has been our Club Captain for the last three years. I have benefitted greatly from John’s counsel on many issues and the Board benefitted greatly from John’s intellect, unflappable demeanour, and clarity of thought, insightfulness and leadership. John’s willingness to continue in the Captain role this year despite having moved to Bowral has been at great personal and economic cost. John your fellow members greatly appreciate your exceptional commitment and contribution over the last ten years and our Club has benefitted greatly from it, thank you.

Peter Henry is the third of the directors leaving. Peter joined the Board in 2015 and has chaired our membership committee for the last three years. During his chairmanship his energy and genuine passion for our Club has seen 218 new members join. A great achievement in a period when there has been a constant challenge to attract members to private golf clubs. Particularly notable is that under Peter’s chairmanship we had 51 members join aged between 21 and 40 years. These members are the future of

our Club. The Board benefitted greatly from Peter’s creative ideas and his constant challenge to the Board to think outside the norm. Peter, your unselfish commitment to improving our Club for your fellow members has been extraordinary. Thank you.

Andrew Jones has also not nominated for a Board position this year. Andrew was elected to the Board last year and prior to his election he was a non-director member of the Business and Strategy committee. Andrew’s depth of business and financial skills and experience acquired from his 25 years and more as a senior executive in a number of large international public companies saw him make a major contribution to the management of the complex and challenging programme of works undertaken by the Club in the last two years. Andrew, our Club is poorer for your decision not to stand for the Board this year.

In closing my acknowledgements, I would like to thank the leadership of our Lady members for the enormous support and input provided to me and the Board during the year. We are fortunate to have a Ladies committee of the calibre that we do functioning under the positive and constructive leadership of our Lady President Susie Nicholas.

As I have in the past I can assure members that everyone who serves on the Board appreciates the trust you show in them to oversee the Club’s operations and to set its strategic direction. The upcoming year will provide the new Board with the challenge of completing the Clubhouse improvements in addition to the ongoing challenges of maintaining a viable golf club. I am sure whoever is on the Board will to the best of their ability ensure our Club continues to be a place where all members can enjoy themselves.

After seven years, three as Treasurer and four as President, I have stepped down from the Board this year. I do however intend to discuss with the new Board my continued involvement with all aspects of the Clubhouse Improvements to assist in seeing them through to completion.

To Robin Taylor, who has been the Club’s General Manager for the four years I have been President, a special thank you for your support.

It has been an honour and a privilege to have been on the Board and I also wish to thank members for their support.

I especially acknowledge the committed and talented Board members I have served with in my time as President, you made my experience a rewarding and enjoyable one.

Allan Watson President

TREASURER’S REPORT

NET PROFIT

The Club recorded a surplus from club operations for the year of $56,000, made up as follows:

Year on Year comparisons:

• The operating deficit before interest and abnormal items was $90,000 lower than the prior year

• Revenues were $204,000 or 3.5% higher than the prior year

• Lower subscription revenue

• Lower golf activity revenue due, in the main, to lower corporate golf activity including loss of the ladies pro-am event

• Operating expenditures before interest and abnormal items increased by $295,000 or 5.0% - due in part to m iscellaneous costs relating to construction activities

• Course and water treatment plant expenditure of $1,886,000 was $56,000 higher than the prior year but in line with budget

• The pro shop recorded a $9,000 deficit for the year, down from a break even result last year

• Bar & catering activities recorded a profit for the year of $43,000 which was $79,000 lower than the prior year. The full year cost of staff changes in the kitchen and disrupted trade and costs from the closure for asbestos removal contributed to this result

Summary

The net profit for the year of $56,000 was $122,000 lower than the budget of $178,000. Lower subscription income, the impact from disrupted F & B trade and write down in asset values for assets affected by the clubhouse renovations were the major drivers for the shortfall

SUMMARY OF RESULTS

(Note 1)

Operating profit/(loss) before interest & nonoperating items

Subscriptions (Note 1)

Profit from golf activities (Note 2)

Pro shop profit / loss (Note 3)

Course & WRP expenses (Note 4)

Bar & catering profit (Note 5)

House expenses (Note 6)

(Note 7)

(Note 8)

& non-operating items

Interest

Mobile phone tower rent

Entrance fees

& non-operating

# Total revenue disclosed above differs to revenue disclosed in the Annual report as it excludes revenue disclosed as non-operating income and the pro shop income above includes professional lessons and equipment repairs net of costs.

REVIEW OF RESULTS

(Note 1) Subscription revenues

Subscription revenues down on budget but higher than the prior year.

(Note 2) Profit from golf activities

The below budget result for the year is largely due to two factors:

• Higher member utilisation of visitor passes resulting in lower visitor fee income.

• Corporate green fees were below budget, with the loss of the ALPG Pro-Am 2 day event having a major impact. There was a continuation of reductions in the field size for some events booked and budgeted. The small business group strategy for members has been successful this year with 37 members taking the opportunity to host small groups on a Tuesday.

(Note 3) Pro shop loss

Pro shop sales revenues were higher than budget and the prior year. Lower clothing and merchandise sales were more than offset by higher equipment sales. The mix of higher equipment sales did come at a lower overall margin. The benefits of an increased cart fleet and new carts together with better weather conditions contributed to a higher net cart revenue.

The value of member benefits taken up during the year in the form of free lessons and ball and glove discounts was $22,000 up from $21,000 in the prior year. Overall lesson revenue was down on the prior year. With lesson benefits at roughly the same levels paid lesson activity was lower. An overall $9,000 loss from Pro Shop was down from last year and presents a challenge for next year, particular ly in merchandise sales as we enter the new facilities.

(Note 4) Course & WRP expenses

Course and WRP expenses were contained at levels around the budget. The increase over last year’s costs was largely attributed to an extra course employee employed to focus on course ascetics with bunker condition a prime example.

(Note 5) Bar & catering profit

Sales were higher than budget and last year on gross margins lower than the budget but in line with last year. Sales levels and margin control proved difficult as the club moved into temporary bar arrangements in April compounded by the loss of kitchen and wash facilities. A reduction in function activity as the year draws to an end which will extend into next financial year will continue to present a challenge. The front and back of house team have the challenge of maintaining a standard of member service and delivery in very trying conditions over the remaining months until the new member service facilities open. Members support will be greatly appreciated.

(Note 6) House expenses

House expenses were lower than budget and last year as a result of the containment of costs. House operations did however incur a higher maintenance cost which included costs associated with the renovation project which have been incurred to facilitate the temporary movement of facilities as the project progresses.

(Note 7) Administration expenses

Administration expenses were higher than last year but lower than the budget. Salary costs included one off costs related to the release of staff in both front and back of house. Administration has also incurred costs associated with the renovation project but has been able to contain most cost areas below budget.

(Note 8) Other income

Other income was higher than budget and marginally lower than last year. Other income was assisted by unbudgeted rental income flowing from the cottage.

CASH FLOW

The Club generated free cash flow during the year of $41,000 after routine capital expenditure of $72,000. After paid development capital expenditure of $1,263,000, the net cash deficit for the year was $1,222,000.

The main capital expenditure items during the year were:

The clubhouse redevelopment costs comprised builder’s costs of $727,000 plus architectural, surveyors, engineers, contract management and other site preparation and service costs of $391,000.

FINANCIAL OUTLOOK

A detailed operating and cash flow budget has been completed for the 2018/19 financial year. The budget is summarised in the following table:

Operating profit before interest & non-operating items

Subscriptions

Profit from golf activities

Pro shop profit / loss Course & WRP expenses

Bar & catering profit (Note 1)

House expenses (Note 1)

expenses

& non-operating

Interest & non-operating items

Net Interest income/(expense)

Mobile phone tower rent

Entrance fees

Forfeited F&B levies

At 30 June 2018, the Club had cash at bank and on deposit of $2.3 million. This cash position is higher than the cash flow modelling which has been prepared to support the upgrade project although this is the result of the timing of expenditure. The Board and sub committees maintain control over expenditure through strong cash flow reporting and an expenditure approval process which will ensure the club maintains control over the significant expenditure being incurred over the next financial year.

KENDAL BINNS JUNIOR FOUNDATION

Donations to the Foundation in the 2017/18 year were $12,788 and the Foundation has spent $6,115 on a number of initiatives to improve the golfing skills of the Club’s junior members and to encourage the growth of junior membership numbers.

CONCLUSION

I would like to thank Craig Usher and Robin Taylor for their extremely hard work and commitment in the financial management of the Club in what was a very challenging change year to environment. I would also like to thank the members of the Business Committee, Allan Watson, Anne Goodrick, Phillip Stanton and Andrew Jones for the guidance and assistance they provided during the year in steering the Club’s financial operations.

Chris Allen Honorary Treasurer

CAPTAIN’S REPORT

This report is my last as Captain. After 10 years on the Board and 3 as Captain, I will be stepping down at this year’s AGM. Frankly, I’m glad to be leaving behind my multiple trips per week from Bowral where Netti & I have lived for more than 2 years. My greatest concern with the stress of the Captaincy and commuting behind me is what excuse I can use for my continuing appalling golf form. Perhaps my form will improve?

This year I have chaired both the Course Committee and the Playing & Junior Committee. This report will concern itself with the business of those committees and of Men’s golf. Ladies golf is covered elsewhere.

Course

As I write in mid-August, I think it would be fair to say that our golf course is in the best winter condition I have seen. Each Autumn, our talented course superintendent Richard Kirkby hopes for a dry and frostfree winter. This winter has really been the jackpot! It has surely had the least duration of Preferred Lies in place of almost any winter. The greens are as firm and fast as they are likely to be. Greens 5, 14 and 17 being impacted by shade are not to the same speed but nevertheless have improved on previous years. The 17th green in particular has improved as a result of the limited amount of canopy trimming we have been allowed to complete. Fairways are a little thin in places but not bad. Some bare patches exist in the rough, but work will commence on improving those once the growing season returns. We can look forward to a pristine golfing experience once Spring is fully entrenched.

Some might query my phrase above “allowed to complete”. Members may not realise that our golf course is heritage listed and as a result we are constrained in what we are able to do with our trees. This is particularly so in the remnant old growth, most of which is in proximity to Devlins Creek. As a result of this listing, the club, a couple of years back, obtained Development Approval from Hornsby Council for our Tree Management program. This program categorizes every tree on the golf course in terms of risk and has allowed us to remove many dangerous trees without further reference to Hornsby Council. Previously, we had to seek approval for every individual tree removal or substantial trimming or “dead wooding”. All trees ranked as Critical or Urgent under the plan have been removed. Removal of High Risk trees is on-going. The program also requires us to plant replacement trees. Members will have noted significant plantings along the edges of both the 3rd and 5th holes.

After much investigation and preparation by the previous Course Committee, our new practice nets were built this year. The sandstone blocks that frame the nets have added pleasingly to the aesthetics of that part of the property. And the functionality of the nets and mats has been well received by members. Further development of that area is likely once the current clubhouse building works are completed.

Other works completed on the course this year include the raising of the floor in the front-left-greenside bunker on 16, commissioning of the new 16B tee and the extension of the 12th green on the front right side. Further drainage work will also be carried out in coming months.

The disease which has attacked some of our greens over the past 3 summers has now been definitively identified as Summer Patch Magnaporthe. A suitable chemical treatment has been identified and we await the registration of the product prior to the prone period starting in December. Registration of turf chemicals for use on golf courses is a legal requirement prior to routine use. As Summer Patch had not previously been identified in Australia the registration process has precluded earlier use. We expect the chemical to be available for the coming season. It remains to be seen how successful it is as a treatment, but we remain hopeful.

The pest, Ground Pearls, has also been identified on the course. This bug has been responsible for a number of bare patches mostly in the rough. The only known effective treatment is total removal. A couple of test patches have been repaired – on the 4th fairway adjacent to the net protecting the 5th tee and on the 17th fairway near the back of the 18th tee. This removal involves excavation to a significant depth prior to replacement of soil and turf.

The committee undertook a review of the course’s Designated Gardens through this year. Some gardens which were previously designated reverted to being part of the course, others were adjusted to being GUR using white stakes rather than green-topped white stakes but most remained unchanged. The changes to the Rules of Golf which are to come into effect in January 2019 will require further reassessment of course marking to be completed in coming months.

Thanks are due for the skilled and diligent work of Richard Kirkby, his deputy Spencer Davison and their team. They continue to deliver a challenging and beautifully presented golf course for our enjoyment.

Special mention also to Rod Fletcher, our horticulturist who does a wonderful job of setting our course well apart from many others with touches of visual pleasure all over the grounds. Thanks must also go to David Cunneen for his contribution to signage around the golf course.

The Course Committee consisted of the Richard Kirkby/Spencer Davison, Robin Taylor, Allan Watson, Chris Allen, Lesley Roberts/Sally Moffatt and myself, ably assisted by three volunteers who were seconded to the team – Kell Ferguson, Greg Winters and Damian Maguire.

Playing & Junior

2017-18 has seen more rounds of golf played at PHGC than previously on record. It has been a remarkably dry 12 months with very little weather impact on play. The weather has also allowed a relatively high utilisation of our new cart fleet.

Our golfing activities have been led by Director of Golf, Geoff Black this year. By the time this report is published Geoff will have moved on to a new job at Elanora Country Club after 5 or so years with the club. We wish Geoff all the best for his career and thank him for his efforts. The club has asked a lot from him and he has put in a huge effort over his time and delivered a very successful year in 2017-18. Geoff has built a very good team in the Proshop during his tenure. The core of the team is Lauren Hibbert, Andrew Potter, Liam Shiels and Keith Smith who are assisted by a good group of young casuals. Andrew Potter has been on extended leave since the Football World Cup in Russia but we expect him to return early in October. I think the whole team has provided a great level of member service and golfing experience. Thanks.

Rachel Bailey is our teaching professional. It is hard to understate what a wonderful job Rachel does in her role. It would be interesting to know how many of her pupils have collected the vouchers that I have presented on a Wednesday through the year. I would be willing to bet there are quite a few. But not only does Rachel bring an edge to games of we long-time golfers, she also runs Junior & Beginner clinics. The Junior Clinics are much in demand with a waitlist in place for enrolments. We can expect to see the fruit of that professionalism in our membership over time. Rachel also provides clinics to our representative teams. Thanks Rachel.

The amount of volunteering at PHGC is another thing that distinguishes our club from others. The ASX Golf Day, MonSTaR, Pennant Hills Cup, Junior Open and other events couldn’t run as they do without the contribution of the members who give up their time to assist. It is a risky move to name some of these since inevitably many rem ain unnamed. I’ll risk it on this occasion! Paul Fabian and Cyril Denny are perpetual spotters; Tony Gresham and Darcy Cluff as starters; Chris Allen, Moya Shepherd and others as referees. Forgive me those many who I haven’t named.

This year we trialled 9-minute tee intervals on Wednesdays, Thursdays, Fridays and Sundays. Counterintuitively, the longer tee interval appears to help with improving Pace of Play. On high volume days such as Wednesday there is a challenge with capacity during the shorter daylight hour months. Personally, I would persist with 9 minutes as it appears to deliver a round of golf with fewer delays to play. Capacity of course remains an important issue.

The Playing Committee comprised Geoff Black, Andrew Potter, Robin Taylor, Allan Watson, Chris Allen, Anne Goodrick, Sally Moffatt, Kell Ferguson, Greg Winters and Damian Maguire. Thanks to all of them.

Men’s Representative Golf

I would like to highlight some individual achievements first up.

Andrew Richards has had a break -out year. Andrew has played #1 for our Major Pennant and Eric Apperly teams off a handicap not worse than +2. His selection in the NSW Men’s Golf team to contest the GA Interstate Series held at The Grange in Adelaide was a highlight. His golfing trip to the United States including participation in the GA High Performance School there was another. Andy is a credit to his family as a young man and his family – Geoff, Jody, Michael and Ryan – are a wonderful part of our club.

Jared Dries has had a top year. To his great success in the world of Speedgolf, he has added some special achievements in club and rep golf. Jared put his hand up to manage our Eric Apperly Shield team as well as being playing Captain. Managing a group of young golfers to represent our club is not without its challenges. Jared did the job in a measured, mature, intelligent and team building way. I, for one, have been mightily impressed by his work.

Our Major Pennant team was managed by Greg Winters this year. They had a successful year without making the playoffs but retaining our spot in Division 1. Next year our team has drawn Macquarie Links, Avondale and The Australian. Sounds like an enjoyable playing and spectating season in prospect.

Our Eric Apperly Shield team finished 3rd (out of 5) in their group behind very strong Bonnie Doon and Pymble teams. Boonie Doon are the current holders of the Shield and if memory serves, Pymble were the preceding winners. The playoffs are not yet completed but it would be no surprise if Boonie Doon were to repeat. Our very young team pushed them hard in their match, losing 4.5 to 1.5 but with 2 matches being very close. Looks good for next year.

We contested Junior Pennant and Encourage Shield late last year with David Murray and Das Nair managing respectively. These competitions are great preparations for higher level golf and we had successful seasons in each.

Our Masters Pennant side had a successful year, winning their section. I think it would be fair to say the team was a bit disappointed not to have gone further than they did but major success is getting closer! Thanks to Kell Ferguson for managing the team.

In Pack Cup, I wrote in my report last year that we remained the only club never to have won the Wallace Toogood Trophy (wooden spoon). We can no longer make that claim ☹. Thanks, again, to Kell Ferguson for managing the team. Our Pack Plate team outperformed their younger counterparts coming second in their season. Thanks to Graham Dawson for the hard yards managing the team.

In Mixed Pennant our team won their division but failed to progress to the quarter-final after being beaten in the playoff by Balgowlah. Thanks to Neil Gordon and Hannah Sneath for putting the team together every week and better luck next year.

Congratulations to Damian Maguire on his inaugural Club Championship. Damian is a terrific long-term member and all-round good guy. As far as I can tell, his only fault is that he played for Eastwood but it’s possible that I m ight be biased. Congratulations also to the winners of other major events listed below:

Event Winner

Club Champion

“A” Reserve Champion

“B” Grade Champion

“C” Grade Champion

Senior Champion

Junior Champion

Pennant Hills Cup

Foursomes Champions

AE Marks Cup

President’s Cup

Captain’s Cup

AY Gresham Cup

E J Hyde Cup

Winter Cup

Spring Cup

Summer Cup

Autumn Cup

Founder’s Plate

Mixed Fourball Knockout

Gold Button

50 and Over

60 and Over

Left Hander’s Cup

Sep Johnston (February) Eclectic

August Eclectic (Wednesday)

Vic Kendall Tyro Trophy

Lilian Marks Cup

Mixed Foursomes

Family Plate

President v Captain

Naggers Cup

Club Cup

Damian Maguire

James Skuodas

James Antonenas

Phil Sortwell

Greg Wilson

Hamish Murray

Thomas Heaton – Pennant Hills Golf Club

Murray Fogarty & Damian Maguire

Luke Hargreaves & Patrick Minogue

David Murray

Tim Whitney

Tony Vermeer

Tony Vermeer

Chris Sydes

Bobby Grace

David McAllister

Eugene O’Reilly

Kent Ross

Hannah Sneath & Joe Chehade

Don Allan

Stephen Wood

Michael Gilbert

Murray Newman

Lucas Frey

David Edwards

David Garnsey

Pam & Brian Jones

Olivia Kerr & Hamish Murray

Stephen & Matthew Vile

Presidents

Ann & Brett Elsley

Stephen Artlett, Richard Mackenzie, Su Maxwell, Nerol Naylor

I’d like to record my thanks to our General Manager, Dr Robin Taylor who has been a huge help to me as well as good company. Also, Allan Watson has been my staunch supporter at all times even if we disagree occasionally. And to Chris Allen a special thanks for all the times you filled in for me when the travel was just too much.

And lastly, to my farewell. When I took on the job of Captain I made it my objective to contribute to the enjoyment of golf by our club’s members. Maybe I did, m aybe I didn’t. It’s no easy task to be a Board member, Captain or President of a golf club. For the most part, I have enjoyed my 10 years and I’m glad to be moving on. I hope to meet you on the golf course and that my golfing talents might return to me! Thanks for your support.

John Buchanan Captain

CLUBHOUSE EXPERIENCE COMMITTEE

The committee; Allan Watson, Phil Stanton, Peter Henry, Susie Nicholas, Ann Elsley, Robin Taylor, Peter O’Brien, Peter Barter and myself; continued to dedicate their time to improving the experience of our members around the Clubhouse. Our main goal the last twelve months has been to have more of our members dining at their clubhouse. However we have had a year of total unrest and to say the job of providing a better member experience has taken a mammoth amount of work from staff, is an understatement. If I was to list the tasks that have been undertaken to alleviate the strain on our members I would be adding pages to this report. However, no matter how much we felt we had achieved we were continually tested by challenges posed by our Clubhouse Redevelopment and the decontamination of our building. At the time of writing we are yet in another stage of upheaval as our bar area is under construction and our temporary solution will exist for a few months. During this, the staff continue to strive to create a positive experience for our members.

We have had many staff changes this year; some new faces arriving, some old faces leaving; turnover is always a tough time but I believe we are finally settling into a pattern that will carry us through to next year and in another 12 months we should see the fruits of all our hard work.

Peter Barter, our head chef, has proven to be a popular addition to our club. We have seen the food offering improve to a new level and we thank Peter, Sam and the kitchen team for delivering menus enjoyed by our members. A half way bbq has been introduced on a Wednesday and Saturday and is proving to be popular. This may be introduced on a Sunday once our new bbq facilities are up and running. Peter O’Brien has joined the team as hospitality manager and has handled the constant lounge relocations well. He is working hard with his team to improve the service around the Club and I’m sure members will agree they are seeing these service improvements.

Our hospitality staff continue to undergo training in both food and beverage service & delivery, which is an area that has not had much focus to date. Our wine list is proving to be popular and our new coffee, Vittoria, has also been a success.

The Chefs Table has been a great addition to our food offering and I hope many members have had the pleasure of attending one or many of these fine evenings. The Golf & Graze is also proving popular and it’s demonstrating to us that we are making headway into our improved member experience. We cannot wait until the redevelopment is completed, with a new cafe downstairs creating new options both pre-golf and halfway. It will be wonderful to have this offering available on a regular basis.

Events have been severely disrupted this year and may continue to be disrupted in the early months of next year. Hopefully by 2nd quarter 2019 we will see our club back to full swing and events both internal and external will be providing revenue for our club.

On the social front, our club events team led by Ann Elsley has again delivered some grand events over the last 12 months. I would like to thank Ann Elsley, Janet Shand, Jill Cooper, Sue Maxwell, Rosemary Artless, Judith Davidson, Irene Parnell, Christine Dennis, Pam Cunneen, Robyn Raymond and Linda Deall for their dedication in bringing something special and memorable to our Club events.

This will be my last year serving on the Board and various committees. I have enjoyed my time, enjoyed the companionship of my fellow board and committee members, enjoyed working with Robin Taylor and his staff and have also enjoyed the support of our members. It is nice to know that members appreciate the work that is undertaken by all on a voluntary basis. I know I leave the board in good hands and I know our member services area will continue to improve as the months go by. Please continue to support our fine club.

Amanda Stubbs Chairperson, Clubhouse Experience

CLUBHOUSE REPORT

The redevelopment of our Clubhouse is now moving along at a very good pace after an initial period of disruption that moved the overall project timeline back around 4-5 months. At the time of the AGM we should be only six to eight weeks away from completion of the southern end of the Clubhouse comprising the new Members Lounge and extended Terrace, the new male and female locker rooms, and the Proshop and Café on the lower ground level.

When members come to the club for pre Xmas drinks with friends, they will enter via the new entry area at the southern end of the club and enjoy a very different and, we hope you agree, a beautifully enhanced home for all of our members.

As a consequence of the delayed start, the project completion date was revised to early June 2019 however the builders and architect subsequently reviewed the development sequence and agreed that it would be possible to complete the new Members Bar in Stage 1 rather than the original plan of Stage 3. The only downside is the need for a temporary bar in the Devlins Room for the period of Stage 1 construction but this was a preferred option as it would shave some weeks off the total project timeline and avoid having to close down the new Members Lounge at a later date to install the new bar.

Stage 1 is due for completion late November/early December which now means that members will have uninterrupted access to all new sections at the southern end from that date. Once the southern end renovations are complete, the temporary separation wall will have to be reinstated for approximately four weeks during which time decontamination of the northern section of the club will be carried out. The builders will then commence construction of the new Founders Bar in the current Members’ locker room area, the new administration area in the current Lady Members’ locker room and back -of-house and storage facilities behind the k itchen

At the time of writing, we are awaiting the revised critical path from the builders and it is hoped that completion may be achieved a little earlier than the original June 2019 estimate.

As a consequence of the stages of renovation, we have had to significantly reduce the number of functions we can accommodate from August through to February of 2019 however the negative impact on trading revenue has been anticipated and accounted for in the FY19 budget. On the plus side, as well as achieving our core objective of a vast improvement in member facilities and experience, we will also have an improved offering for members and visitors wishing to use our club for functions.

At the time of writing, the stage of construction was such that the scope of the project was visually evident. This was pleasing after an unfortunate start that saw work deferred after only three days due to the discovery of a quantity and location of friable asbestos materials not indicated in the initial report by an environmental specialist company.

Full details have been supplied by the President in his comprehensive paper at the time and, rather than repeat those details here, a copy of that paper is available from the office.

In what has been a tough start to the project, the dedication of all members of the Clubhouse Committee and the time they have devoted to the task has seen us overcome early hurdles and move the project

ahead. In conjunction with Committee members, the expertise and commitment displayed by Robin Taylor and his team has been exemplary and we offer them our very great thanks.

Our thanks also go to you, our club members, for the patience you have shown this year and we greatly appreciate the positive comments that we have had from many of you expressing an understanding of the potential gain far outweighing the short term pain. I would also be grateful if you could express similar support to our staff who have been extremely supportive whilst working at times under difficult conditions whilst providing service to all members.

I look forward to sharing an enjoyable Xmas drink with you in our new Members Lounge.

Ross Howarth Chairperson, Clubhouse Project

MEMBERSHIP AND MARKETING REPORT

In 2014/15 the Board and Membership committee implemented a new range of club membership categories, with a focus on a sustainable solution that catered to members needs throughout their golfing life-stages. As committed by the Board after three years a review has been conducted to understand if any further refinement is required to maximise the positive impact the new categorises have generated, this review has included qualitative and quantitative input throughout the year and will see some refinements proposed to members at this year’s AGM.

In 2017/2018 we welcomed 71 new members to the Club, this intake of new members builds on the 90 new members that joined in the prior year again reflecting the appeal of the Club and our refreshed membership categories. It also reflects the efforts of existing members to introduce their family and friends to the Club and the hard work undertaken by our Membership and Marketing Committees. Our focus on attracting new lady members helped contribute to the total of 10 new ladies that joined the Club during the 2017/2018 year.

Revenue trends and daily field sizes continue to be monitored by the Board and given current trends there is a growing possibility that some categories of membership may be closed to new members during the course of the 2018/2019 year.

Recruitment and retention requires continuous effort. Our particular targets to fill our category gaps continue to be 6 Day Ladies and 7 Day & Flexible under 40’s and we continue to focus on membership value in these areas.

Sadly, during this membership year these members passed away; Tony Barraket, Val Bradley, Malcolm Colless, Jean Dye, Les Emerson, Tim Griffin, Jim Hunt, Pat Jones, June Martin, Russell McPhedran, Gwen Murdoch, Don Newman, John Oakley, Gary O’Neill, John Phillips, Frank Sweeney and Garry Webb. We honour them in our memories and offer our condolences to their family and friends.

The engagement of ClubLINKS for external marketing support has helped raise the quality of the Club’s marketing materials and has helped the Club explore the benefits of social media in a structured fashion. I am pleased to confirm we have resigned ClubLINKS for a further twelve months.

I would like to thank the Membership & Marketing Committee Members for the continued support, innovative thinking and good humour they bring to the tasks at hand.

There are many people who contribute to the sustainability of our membership. Your committees this year comprised Allan Watson, Amanda Stubbs, Andrew Jones, Susie Nicholas, Robin Taylor and myself. It has been a pleasure to work with such clever and innovative individuals.

To the many others who have helped and especially to those of you who have introduced your family, friends or colleagues. Thank you.

Peter Henry Chairperson, Membership and Marketing

MEMBERSHIP CATEGORY STATISTICS

LADY MEMBERS’ REPORT

All activities for 2017-18 are detailed in the Ladies Annual Report.

Ladies Committee for 2017-18

President:

Captain:

Susan Nicholas

Sally Moffatt

Secretary: Sandra Murphy

Competition Manager: Lyn Stanton

General Committee: Joy Bull

Sally Gooley

Jenny Harvey

Lesley Roberts

This last year has presented many challenges to Pennant Hills Golf Club as the renovations got underway. Nevertheless our golfing and event programs have continued with little modification.

Over the last twelve months we have welcomed four new lady members, Vicki Leavers, Caitlin Skillicorn, Belinda Milroy and Nesrin Akdogan, to Pennant Hills. They have their handicaps and have joined the competition field. I know they are experiencing the range of emotions a round of golf can generate.

To complement the major trophy events on the ladies’ golf calendar we have continued to run a number of other events which focus on enjoyment and participation. These include St Patrick’s Day, Visitors’ Day, the Cancer Charity Day and the High Tee Classic. At our Cancer Charity Day we raised a record amount for Rare Cancers Australia due to the generosity of the members.

Rachel Bailey’s Junior Development Program remains popular with an average of thirty-five participants each term and a waiting list. Some of the younger ones on the program have been winners in the Tyro Events conducted by Jack Newton Junior Golf. Nicki Howlett is very involved with this program and we thank her for her contribution as well as the other members who have taken the juniors out on to the course on Sundays.

Our second Mystery Day trip was held in September while the greens at Pennant Hills were being renovated. More than fifty ladies took part. Only one was able to correctly guess our destination of Macquarie Links before we got there. Following the success of the first two Mystery Day trips it would appear this event is a fixture in our calendar

For the autumn greens renovation trip eighty-two ladies travelled to Crowne Plaza in the Hunter Valley for two days of challenging golf and socialising. The tone was set for a very happy two days at the welcome function hosted by the ladies committee. After a deluge on the first night the weather cleared and we were able to take on the course and the kangaroos.

In June fourteen ladies travelled to Perth with Rachel Bailey for four days of golf. They played The Cut, Joondalup, The Vines and The Links at Kennedy Bay. Rachel spent time with each player giving useful tips which was appreciated. From all reports, including incriminating footage, it was a very enjoyable trip.

The Ladies Championships Finals Day was held on Thursday 14th June in 2017. Many ladies were able to play golf as well as watch the matches despite the cold and windy conditions. The ladies then enjoyed a high tea and a glass of bubbles while the presentations were made.

We continue to provide our members with the opportunity to compete in interclub Pennant competitions at all handicap levels, participating in six Friday and two Sunday competitions. Rachel Bailey conducted an on-course clinic for each team before their season started. This was very well received by the players.

Our fabulous Grade team of Deb Bennett, Liz Van Hooven, Hannah Sneath, Nicki Howlett, Olivia Kerr, Belinda Crane and Mimi Elina played in Division 1 this year enjoying the challenge of many highly rated Sydney courses. They finished a commendable 4th which ensured they stay in Division 1 in 2019. Our Bronze 1 team had a very successful year finishing in 1st place. Congratulations to the following ladies who showed determination throughout the season – Marg Rich, Coral Lawrence, Amanda Tucker, Margie

Dearlove, Cheryl Hayres, Joan Eyles, Lyn Stanton, Marcia Suviste, Ann De Carvalho and Bev Nettle. Our other Pennant teams had mixed results with some finishing as high as second.

Two interclub days were enjoyed by all who participated. We travelled to Castle Hill this year and unfortunately handed the trophy back to them. We hosted the Oatlands Interclub this year but having local knowledge was not good enough as the trophy rem ained in their hands. Later this year we will play the Avondale Interclub on their home ground.

The Pro Shop under the leadership of Geoff Black continues to provide a valuable service to the ladies and it is much appreciated. We are pleased Keith Smith is there every Monday and Thursday under all conditions to send us on our way with some kind words. To Lauren, Liam and the other trainees thank you for all you do. Andrew, who is currently on leave, has also been a great help to the ladies setting up competitions and in the development of the Fixtures Book. Of course enormous thanks to Geoff and Rachel for their teaching, interest and encouragement.

Once again we have been fortunate to have Moya Shepherd give her time to impart her knowledge of the rules of golf to many lady members. Moya ran on-course rules sessions to groups of 10-15 ladies. This format proved very beneficial as a hands-on approach meant greater understanding of some difficult golf rules. We would like to thank her for continuing to support the lady members in this way. We would also like to thank Moya and Chris Allen for being the referees of our major knock-out competitions.

The Social Committee has had a busy and successful twelve months. The annual Melbourne Cup event was revitalised in 2017 and was very well received by all who attended. This was followed by the Children’s Christmas Party and the Seafood Alfresco. Club Saturday was held in May and was well supported as were the Trivia Night and Christmas in July. Debbie Am os handed over the reins of the vibrant Social Committee to Ann Elsley in 2018 and we thank all the members of that team for the work they do. Another initiative which has been well received on our social calendar is the monthly Golf and Graze evenings. Members have enjoyed 9 holes of golf before sitting down to a self-carve roast dinner.

Robin Hosking and Clare Fraser have continued to represent the ladies on the Clubhouse Committee chaired by Ross Howarth. The proposed renovations are keeping them very busy. The time and contribution they give is appreciated.

The theatrical talents of Trish Johnson and Lisa Hamer were on display again with the production of “Go West” which followed our annual Christmas Dinner. As per usual the evening did not disappoint as many of our lady members revealed their talents on the stage. The time and effort given by all involved, especially Trish and Lisa, is greatly appreciated. We look forward to seeing what they will come up with next.

The Tuesday Ladies Bridge Group coordinated by Sue Rogge and Carolyn Brereton is always well attended. There is a strong camaraderie amongst the ladies who play regularly and any one is welcome to join them. Thank you to Kay Temple and Leanne Goodall who organise the monthly Friday Bridge Day which is not just for the ladies and to Kay Brunner for organising our bridge interclubs. Bridge is an important social activity for many of our members particularly those who may no longer be out on the course. Most days you come to the club you will find a group playing.

Margie Fairfax and Joan Rutherford have done a wonderful job coordinating the flower roster. The efforts of the ladies on this roster are appreciated by us all when we come to the locker room. Thanks to Joan Eyles and Lyn Stanton for looking after the Tuesday Pilates session at the club. The numbers are good but more are always welcome. Thank you too to Lyn Isles and Adrienne Gorme for managing our popular library. Adrienne’s librarian training has made it easier to find a good read as the books are arranged alphabetically.

Ann Crisp, Ron Harper, John Wall and Bruce Jones have had a challenging year as their bolthole near the squash courts was decommissioned when the clubhouse renovations started. They now share the ladies committee’s office. The committee is happy as this has resulted in an upgrade of their technology. The History team have continued their work and the goal of a digital record of photographs of the major trophy winners has almost been achieved. They are now storing much of the club memorabilia in their own homes until they have a permanent space. Their commitment is appreciated.

Kerrie Graham and Hilary Flynn have taken on the roles of Veterans Delegate and Assistant this year. Their regular emails about Veterans’ Matters have been well received by the members. Thank you to both ladies for their work.

The beautiful gardens around the course continue to give us great pleasure as we play golf. Our horticulturalist, Rod Fletcher, does a wonderful job. Many lady members have adopted a garden assisting Rod by keeping the weeds at bay. Thank you to these ladies for their efforts: Anne de Carvalho, Naseem Chopra, Margie Dearlove, Clare Fraser, Lucie Gabb, Lyn Goodsir, Judith Grant, Chrissie Grier, Cheryl Hayres, Gail Holsgrove, Robin Hosking, Lyn Isles, Chris Kevin, Annie McDonald, Susie Nicholas, Alison O’Sullivan, Rhonda Parkinson, Lesley Roberts, Maggie Rowe, Helen Sugden and Pauline Sunderland.

Major Trophy winners for 2017 and 2018:

Club Champion 2017: Liz Van Hooven

Bronze 1 Champion 2017: Sue Hannon

Bronze 11 Champion 2017: Ann Elsley

Pennant Hills Cup 2017: Kelsey Bennett (St Michaels)

Pennant Hills Bronze Salver 2017: Myoung Kang (Twin Creeks)

Presidents Cup 2018: Anne Eldridge

Captains Cup 2018: Beverley Archer

Singles Knockout 2018: Naseem Chopra

Four Ball Knockout 2018: Carolyn Brereton and Rhonda Parkinson

Foursomes Champions 2018:

Bronze 1 Foursomes 2018:

Bronze 11 Foursomes 2018:

This year we were saddened to learn of the deaths of Pat Jones who had been both Captain and President, Val Bradley who had been Captain and June Martin. These ladies were dedicated members of the club and will be sorely missed.

On behalf of the lady members, I would like to thank the Board Members for their hard work over the past twelve months. The clubhouse renovations are underway and have produced more challenges than we could have ever anticipated. We do appreciate how the board has managed the issues endeavouring to put the members’ interests first.

I would also like to thank Robin Taylor, Craig Usher, Kim Truijens and Jodi Sparks for their work. Many members would be unaware of the amount of support they give the ladies and how much this enhances our club experience. The Food and Beverage team has been working under extremely difficult conditions over the last twelve months with the renovations. Nevertheless they have been able to produce delicious food and good service for the ladies’ functions throughout the year. We have received many compliments from visitors to the club and would like to thank the teams led by Peter O’Brien and Peter Barter.

Finally, to the Ladies Committee a huge thank you for the work they do. Their creativity and diligence has ensured the lady members continue to have well run competitions and enjoyable social experiences at Pennant Hills. Sally Moffatt, in her first year as Captain, has hit the ground running and the m embership appreciates her work as well as the fun she has engendered. Thank you to all the lady members for the support they give and their willingness to help as required. It makes my role much easier and a pleasure.

Susan Nicholas Ladies President

KENDAL BINNS FOUNDATION REPORT

It was another excellent year in the foundation’s mission to support the development of our junior members and encourage them to be lifelong members. The Foundation also remains committed to ensuring that its recipients conduct themselves in a manner that makes all members of Pennant Hills proud. Thus the Foundation conducted a Friday afternoon of chipping and putting contests followed by a barbeque, which included a code of conduct introduced and explained to our scholarship players.

The foundation again thanks:

• All the members who continue to donate to the Foundation

• Rachel Bailey for her development of the Sunday clinics

• Thornleigh Golf Centre

• The board of Pennant Hills and the office staff

• The Kendal Binns Junior Foundation welcomes Chris Allen as a trustee. It has already benefitted from his long and deep knowledgeable involvement in golf at all levels.

You will be pleased to know that the Foundation seems to be going too well. Much of this is due to the impressive work that Rachel Bailey is doing with her Sunday clinics. When Rachel started there were 11 occasional attendees. Now there are between 35 and 50 attending one of her 3 Sunday clinics. The Kendal Binns Junior Foundation supports these young pla yers by helping to subsidise their practice at Thornleigh Golf Centre as soon as Rachel believes that they will benefit.

It is expected a number of these Sunday clinic participants will advance to the stage of earning scholarships from the Kendal Binns Junior Foundation.

Juniors currently on scholarship are: Matt Davidson, Andrew Richards, Jared Dries, James Skoudas, Hamish Murray, Olivia Kerr, Izzy Barker, Tom Davey, Ryan Richards, Adhitya Nair, and Stephanie Shuttleworth.

FINANCES:

Thanks to the continued donations from our members we were able offer scholarships to 11 Pennant Hills Juniors, plus support a number of Sunday clinic members, and still remain with $21688.46 in the bank as of 2 July, 2018. This compares with $15315.48 at a similar time last year. The 2017 balance did not include over $5000 in donations still held by the Australian Sports Federation.

It must be noted that the Foundation has not yet paid the annual subscriptions for our juniors on scholarship for 2018/2019, so we have budgeted an outlay of approximately $10000 in 2018/2019 for annual subscriptions and golf related activities, while receiving $7000 in donations in 2017/2018. While the number of donors to the Foundation in 2017/2018 was 32 and is up from 29 the previous financial year, we need to increase the number of donors as we have reached a time when our yearly donations are less than our yearly overheads.

Obviously you can make a one off donation or like one of our members organize a monthly donation on $25, or more. Clearly we would do the paper work for you.

Finally, the trustees of the KBJF continue to be: Ed Truscott, Amanda Stubbs, Nicki Howlett, and Graeme Martin with the addition of Chris Allen. They welcome any opportunity to discuss what is happening in the Foundation.

Ed Truscott Chairperson, Kendal Binns Foundation

EX-SERVICE SECTION REPORT

Ex-Services Day raises $4000 for Legacy and $1000 to the PHGC Memorial Entrance Fund

Our 2017 ex-services day held on Sat 12th August was a great success. A field of 195 generous golfers took part and we have been able to make a donation to Legacy of $4000 which includes direct donations of $910 made by some of our ex-service members. The main access to PHGC club is through the Returned Servicemen’s Memorial Entrance. This was opened 61 years ago in 1956. The ex -service committee has been conscious that at some point, major repair, refurbishment or replacement might be necessary to preserve this important part of our heritage. This year we were able to add a further $1000 to the Memorial Gates Fund bringing it to $13,500.

The overall profit was down by about $1000 on 2016 due to less pre sales of raffle tickets and increased cost of raffle prizes. In the past we have enjoyed donations of Scotch and premium wine to provide as prizes for the raffle, this year we were forced to purchase 3 of the 5 prizes. The raffle was won by Ross Howarth. The pre sales were down mainly because we were unable to get a selling campaign going in the lead up to the event.

The half way sustenance of Bully Beef and Damper Rolls, washed down with the traditional gunfire breakfast of Rum and Coffee was again appreciated by many and is said to have improved the second nine for a number of players; especially the double nippers. The Friday Long Lunchers led by Michael Williams took over the servery duties at half way and have agreed to do the same next year. This is a terrific response by this group and their support is valued.

A major part of the funds raised come from the persuasive powers of Michael Fitzgerald and Mark Cordony who were running a book on the accuracy of players hitting on to the 18th tee. They raised a record $2750 and without offending anyone, remarkable. Terry Gilchrist and John Anderson handed over to Michael and Mark after a number of years in this role and we will remain grateful of their support and schooling of their successors. Legacy volunteers led by Allan Meaker assisted at the 18th.

Brian Hamilton read the Ode from Laurence Binyon’s 1914 poem and also recited verses from a poem provided by Les Emerson.

The Remembrance Trophy donated by the Waterson family was presented by Terry to Stan Goodacre who scored 40 points after celebrating his 89th birthday on the previous Friday night. The Ex-Servicemen’s trophy donated by the Lumsden Family was won for a second time by Lyall McLachlan with a score of 37. We had a number of current armed services guests with us on the day. The members of the winning ex services 4 ball team with a score of 50 was won by Lee Mordey, Andrew Mowat, Greg Perrett and Paul McCowage. The A Grade, B Grade, C Grade and Scratch trophy winners were Bradley Gibb, Tom Roberts, Murray Wood and Andrew Richards respectively.

The Remembrance Trophy is a magnificent trophy and has its own interesting history and military connection whereas the Ex Services Trophy is one that has evolved through three different competitions.

The AIF Cup was first competed for in 1926 and ran to 1977. WWII returning members elected to conduct their own event in 1946 and held this up to 1989 when The World War Cup ceased and was replaced with the Ex services Trophy in 1990. The AIF Cup was sitting on the shelf and was later modified to become the Ex Services Trophy in 2001.

There are a number of demanding and administrative arrangements that need to be capably carried out to make this day a success and we are grateful to Geoff Black and the pro shop team, Craig Usher and Kim Truijens in the office, as well as our resourceful and ever cheerful bar staff.

Michael Rowan, Peter McBeath, Brian Hamilton & Peter Sprowles

Ex Services Committee

Michael Rowan

Chairperson, Ex–Service Committee

DIRECTORS’ REPORT

The directors present their report together with the financial report of Pennant Hills Golf Club Limited (“the Company”) for the year ended 30 June 2018 and the auditor’s report thereon.

Directors

The Directors of the Company at any time during or since the end of the financial year are: Information on Directors

Directors Names

Occupation Year elected

C. Allen Retired 2016

J A Buchanan Company Director 2008

Resignations and Appointments

V. De Carvalho Medical Practitioner 2013 Resigned 16/10/17

A. M. Goodrick Property Lawyer 2016

P D Henry Business Consultant 2014

R W Howarth General Manager - Media 2010

A. G. Jones Retired 2017 Appointed 16/10/17

D P Stanton Architect 2015

A L Stubbs Company Director 2011

A J Watson Chartered Accountant 2011

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Directors Names Sub Committee Responsibilities

C Allen Business & Strategy (Chairperson), Course, Playing & Match, Clubhouse

J A Buchanan Playing & Match (Chairperson) and Course (Chairperson)

A. M. Goodrick Playing & Match, Membership & Marketing, Clubhouse, Business & Strategy

P. D. Henry Membership & Marketing (Chairperson), Clubhouse Experience, R. W. Howarth Clubhouse (Chairperson).

A. G. Jones

Business & Strategy, Membership & Marketing

D. P. Stanton Clubhouse, Clubhouse Experience, Business & Strategy

A. L. Stubbs Clubhouse Experience (Chairperson), Membership & Marketing.

A. J. Watson As President is an ex-officio member of all Committees

Company Secretary

Dr Robin Taylor, holds the position of Company Secretary and General Manager of Pennant Hills Golf Club. Dr Taylor has been Company Secretary and General Manager for five years after joining the Club from Centennial Park Trust where he held the position of Manager Sport and Recreation. His previous management experience includes senior management roles with Sydney Airports Corporation and NRMA Motoring and Services.

Principal activities

The principal activities of the Company during the financial year were the administration and operation of a golf course and a licensed social club for m embers of the Company.

These activities provided the foundation for the achievement of the short and long term objectives of the Company.

There have been no significant changes in the nature of these activities during the year.

Short-term objectives

The Company’s short-term objectives are to enhance:

• The quality of the golf course

• Member facilities including the club house

• The golfing community demand for membership of the Company.

• Member satisfaction and participation in club activities.

Long-term objectives

The Company has the following long-term objectives:

• Continue to operate as a private golf club.

• Provide for members and their families and friends an environment where everyone can: feel welcome and safe; enjoy camaraderie; and belong

• Strengthen the financial sustainability of the Company

Strategies to achieve Objectives

The Company is pursuing the following strategies to achieve its objectives:

• Review of core member services to identify and deliver services that foster member camaraderie and satisfaction and make the club attractive to new members

• Strengthening of sales and marketing focus to deliver additional revenue that has minimum impact on existing member activities.

• Refining membership categories to assist existing member retention and recruitment of new members

• Implementation of operational efficiency programs to reduce fixed operating expense levels.

• Implementation of programs to ensure efficient use of the Company’s physical assets

• Development of a capital funding plan for the club house improvement and physical plant required to support the objectives.

• Implementation and refinement of the master plan for the ongoing development of the course

• Review of the club’s governance and management structures to support the objectives.

Measurement of Performance

Management provides the Board with monthly operational reports for the Company activities which include the key performance indicators of financial results against budgeted outcomes, details of course maintenance and improvements activities, outline of member playing and social activities and changes in membership numbers and categories.

Directors’ meetings

The number of directors’ meetings and number of meetings attended by each of the directors of the company during the financial year are:

Membership & contribution in winding up

The Company is incorporated under the Corporations Act 2001 and is a company limited by guarantee and without a share capital.

Statement of Comprehensive Income

The accompanying Notes form part of these Financial Statements and should be read in conjunction herewith.

Balance Sheet

4,973,043

Statement of Changes in Equity

For the year ended 30 June 2018

accompanying Notes form

5,035,482

Cash Flow Statement

For the year ended 30 June 2018

The accompanying Notes form part of this Statement and should be read in conjunction herewith.

Notes to the financial statements

For the year ended 30 June 2018

The financial report is for Pennant Hills Golf Club Limited as an individual company, incorporated and domiciled in Australia. Pennant Hills Golf Club Limited is a company limited by guarantee.

Note 1: Statement of significant accounting policies

Nature of operations

Pennant Hills Golf Club’s principal activity was to provide golf facilities to members.

Basis of preparation

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements, Australian Accounting Interpretations, the Corporation Act 2001 and the Registered Clubs Amendment Act 2006. Pennant Hills Golf Club Limited is a not-for-profit entity for the purpose of preparing financial statements.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated.

The financial report has been prepared using the measurement bases specified by the Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are described in the accounting policies below.

The financial report was authorised for issue on the 27th August 2018 by the board of directors.

Accounting policies

(a) Income tax

No provision for income tax has been raised as the Company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997

(b) Inventories

Inventories are measured and carried at the lower of cost and current replacement cost.

(c) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of selfconstructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Cost also may include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Notes to the financial statements

For the year ended 30 June 2018

Note 1: Statement of significant accounting policies (continued)

(c) Property, plant and equipment (continued)

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within other income in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings.

(ii)

Subsequent costs

The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

(iii) Depreciation

Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value.

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not depreciated.

The estimated useful lives for the current and comparative periods are as follows:

Buildings 40 years

Plant and equipment 3 - 20 years

Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

(d) Leases

Where the Company is a lessee lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.

(e) Impairment of assets

At each reporting date, the Company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such 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 estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Notes to the financial statements

For the year ended 30 June 2018

Note 1: Statement of significant accounting policies (continued)

(f) Employee benefits

Short-term

employee benefits

Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled.

Other long-term employee benefits

The Company’s liabilities for long service leave are included in other long term benefits as they are not expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. They are measured at the present value of the expected future payments to be made to employees.

The expected future payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the timing of the estimated future cash outflows. Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur.

The Company presents employee benefit obligations as current liabilities in the statement of financial position if the Company does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting period, irrespective of when the actual settlement is expected to take place.

(g) Provisions, contingent liabilities and contingent assets

Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.

Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related provision.

No liability is recognised if an outflow of economic resources as a result of present obligation is not probable. Such situations are disclosed as contingent liabilities, unless the outflow of resources is remote in which case no liability is recognised.

(h) Revenue and other income

Revenues are recognised at fair value of the consideration received.

Revenue from sales of goods comprises revenue earned from the provision of food and beverage facilities, and the sale of golf equipment. Revenue is recognised when the goods are provided.

Revenue from rendering services comprises revenue services to Members and other patrons of the Company

Notes to the financial statements For the year ended 30 June 2018

Note 1: Statement of significant accounting policies (continued)

(h) Revenue and other income (continued)

Revenue from rental income relating to the telecommunications tower lease is recorded on a straight line basis over the term of the lease.

Kendal Binns fund donations and contributions made are credited to the Kendal Binns fund in the year in which they are made

All revenue is stated net of the amount of goods and services tax (GST).

(i) Borrowing costs

Borrowing costs other than those that relate to the acquisition of qualifying assets are recognised in income in the period in which they are incurred.

(j) Goods and services tax

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST). Receivables and payables in the balance sheet are shown inclusive of GST.

Cash flows are presented in the Cash Flow Statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

(k) Subscriptions in advance

The Subscriptions in advance balance in Note 12 consists of 2019 membership subscriptions received prior to 30 June.

(l) Deferred income

The liability for deferred income is the unutilised amounts of telecommunications tower rental received on the condition that specified conditions are fulfilled. Where the amount received is in respect of rental is to be provided over a period that exceeds twelve (12) months after the reporting date, the liability is discounted and presented as non-current.

(m) Comparative figures

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

(n) Critical accounting estimates and judgments

The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company.

The Company assesses impairment at each reporting date by evaluating conditions specific to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are assessed using value-in-use calculations which incorporate various key assumptions.

Notes to the financial statements

For the year ended 30 June 2018

Note 1: Statement of significant accounting policies (continued)

(n) Critical accounting estimates and judgments (continued)

During the prior reporting period, the Company changed the discount rate used in measuring its other long term employee benefits (annual leave and long service leave) from the Australian government bond rate to the high quality corporate bond rate. This change was necessitated by developments in the Australian business environment that confirmed there is a sufficiently observable, deep and liquid market in high quality Australian corporate bonds to satisfy the requirements in AASB 119 Employee Benefits. The Company has concluded that this change is a change in accounting estimates in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.

(o) Financial instruments

Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument, and are initially measured at fair value adjusted by transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the financial asset expire, or when the financial asset and all subsequent risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged cancelled or expires.

Classification and measurement of financial assets

For the purposes of subsequent measurement financial assets of the Company are classified as loans and receivables. All financial assets are subject to review for impairment at least at each reporting date to determine if there is objective evidence that a financial asset is impaired. All income and expenses relating to financial assets that are recognised in profit and loss are presented within finance costs or finance income except for impairment of trade receivables which is presented within other expenses.

Loans and receivables are non-derivative financial assets with fixed or determinable payments. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect is immaterial. The Company’s trade and other receivables fall into this category of financial instruments.

Classification and measurement of financial liabilities

The Company’s financial liabilities include trade and other payables.

Financial liabilities are measured subsequently at amortised cost using the effective interest method. All interest related charges, and if applicable, changes in an instruments fair value that are reported in profit and loss are included within finance costs or finance income.

(p) New and revised standards that are effective for these financial statements

A number of new and revised standards became effective for the first time to annual periods beginning on or after 1 July 2017. Information on the more significant standard(s) is presented below.

AASB 2016-1 Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses

AASB 2016-1 amends AASB 112 Income Taxes to clarify how to account for deferred tax assets related to debt instruments measured at fair value, particularly where changes in the market interest rate decrease the fair value of a debt instrument below cost.

Notes to the financial statements

For the year ended 30 June 2018

Note 1: Statement of significant accounting policies (continued)

(p) New and revised standards that are effective for these financial statements (continued)

AASB 2016-1 is applicable to annual reporting periods beginning on or after 1 January 2017.

AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 107

AASB 2016-2 amends AASB 107 Statement of Cash Flows to require entities preparing financial statements in accordance with Tier 1 reporting requirements to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes.

AASB 2016-2 is applicable to annual reporting periods beginning on or after 1 January 2017.

AASB 2016-4 Amendments to Australian Accounting Standards – Recoverable Amount of Non-Cash-Generating Specialised Assets of Not-for-Profit Entities

This Standard amends AASB 136 Impairment of Assets to:

• remove references to depreciated replacement cost as a measure of value in use for notfor-profit entities; and

• clarify that the recoverable amount of primarily non-cash-generating assets of not-for-profit entities, which are typically specialised in nature and held for continuing use of their service capacity, is expected to be materially the same as fair value determined under AASB 13 Fair Value Measurement, with the consequence that:

AASB 136 does not apply to such assets that are regularly revalued to fair value under the revaluation model in AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets; and

AASB 136 applies to such assets accounted for under the cost model in AASB 116 and AASB 138

AASB 2016-4 is applicable to annual reporting periods beginning on or after 1 January 2017.

The adoption of these standards has not had a material impact on the company.

Notes to the financial statements

For the year ended 30 June 2018

Note 2: Revenues / expenses from ordinary activities

Notes to the financial statements

Note 2: Revenues / expenses from ordinary activities (continued)

the year ended 30 June 2018

Notes to the financial statements For

Note 3: Auditor’s remuneration $ $

Note 4: Trade and other receivables

Current trade receivables are non-interest bearing. A provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in the other expenses item.

(ii) Provision for impairment of receivables

Note 5: Inventories

Notes to the financial statements

For the year ended 30 June 2018

Note 6: Other

Note 7: Core property, plant & equipment

In accordance with Section 41J of the Registered Clubs Amendment Act 2006 the Directors have determined that all freehold land and buildings held by the Club forms part of the Club’s premises and the facilities provided by the Club are for the use of its m embers and is therefore core property.

The Valuer General land value at 1/7/16 was $5.5 million

Refer to Note 11 for details of security over property, plant and equipment.

Notes to the financial statements

For the year ended 30 June 2018

Note 8: Financial liabilities at amortised cost

Note 9: Provisions

A provision has been recognised for employee benefits relating to long service leave for employees. In calculating the present value of future cash flows of long service leave, the probability of long service leave being taken is based upon historical data. The measurement and recognition criteria for employee benefits have been included in Note 1 (f)

Note 10: Deferred income

In the 2015 financial year the Company leased the telecommunications tower site for 25 years. Rental for the 25 years has been received up front In determining the correct treatment for the transaction the Company has taken a view that the monies received are in the nature of a receipt of future rental income. Consistent with the Company’s treatment of other deferred income received in advance the amount received is being released to revenue on a straight line basis over the full term of the lease period. Deferred income received which will not be released in the next year is treated as long term deferred income.

Notes to the financial statements

Note 11: Borrowings Security

The Company’s primary banker holds registered first mortgages and floating charges over the assets.and uncalled capital of the Company

Note

12: Other liabilities

Note 13: Kendal Binns junior foundation reserve

The Company has established a foundation for the development of promising junior members. The monies raised by way of donations from members and contributions from Club activities are held specifically for the foundation. The foundation is administered by a committee comprising four members of the Company. The foundation funds are solely for the benefit of nominated junior members and are not available for the general operations of the Company. Unspent monies at the close of the financial year being the opening position for the year plus the contributions and less expenditure on junior members for the year are represented in the Kendal Binns foundation reserve in the Members funds. The underlying cash is held in a separate bank account and recorded in Cash and cash equivalents. During the year net proceeds / (utilisation) of contributions of $6,673 (2017: ($10,144)) were transferred into / (from) the reserve.

Notes to the financial statements

For the year ended 30 June 2018

Note 14: Related parties

(a) Key management personnel

Key management personnel of the Company are those persons having authority and responsibility for planning, directing and controlling activities of the Club.

(b) Transactions with related parties

The company incurred no transactions with related parties.

Notes to the financial statements

Note 15: Notes to the statement of cash flows

a) Reconciliation of cash

For the purposes of the statement of cash flows, 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

b) Reconciliation of cash flow from operations . . with profit after income tax Profit/(loss) after income tax

Add/(less) items classified as investing/ financing activities:

Add/(less) non-cash items:

Change in assets and liabilities (Increase)/decrease in receivables (2,650) (11,746) (Increase)/decrease in inventories 7,560 (1,858) (Increase)/decrease in other assets (42,008) 14,954 Increase/(decrease) in accounts payable (15,402) (125,694)

Notes to the financial statements

For the year ended 30 June 2018

Note 16: Fair value measurement

Net fair values

Fair value estimation

The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying values as presented in the balance sheet. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgment and the assumptions have been detailed below.

The fair values disclosed in the above table have been determined based on the following methodologies: (i) Cash and cash equivalents, trade and other receivables and trade and other payables are short-term instruments in nature whose carrying value is equivalent to fair value. Trade and other payables exclude amounts provided for relating to annual leave and deferred income which is not considered a financial instrument.

Note 17: Leases

Operating leases as lessee

The Company’s future minimum operating lease payments are as follows:

Lease expense during the year amounted to $67,636 (2017: $65,364) representing minimum lease payments. The equipment lease commitments comprising golf cart and photocopier leases are non-cancellable operating leases with lease terms of between four and five years.

Notes to the financial statements

For the year ended 30 June 2018

Note 18: Segment reporting

The Company operates predominantly in the hospitality, sporting and entertainment industry.

The Company’s operations and customers are located predominantly in Sydney, New South Wales. The Company provides golfing facilities, food, beverage and other entertainment facilities to Members and guests.

Note 19: Company details

The Company is incorporated and domiciled in Australia as a company limited by guarantee. In accordance with the Constitution of the Company, every Member of the Company undertakes to contribute an amount limited to $2.00 per Member in the event of the winding up of the Company during the time that they are a Member or within one year thereafter. At 30 June 2018 there were 1,558 members.

The registered office and principal place of the Company is:

Copeland Road, Beecroft NSW 2119

Note

20: Contingent liabilities

There are no contingent liabilities that have been incurred by the Company in relation to 2018 or 2017

Note 21: Commitments

At 30 June 2018 the club was committed to ongoing costs related to the clubhouse construction of $4,951,000 which will be incurred and paid in the 2019 financial year.

Note 22: Clubhouse Upgrade Project

During the financial year the Club established a foundation project through the Australian Sports Foundation (ASF) for donations by members. During the year ended 30 June 2018 $16,370 was donated to this project through payments to the ASF. These funds, net of ASF fees, will be forwarded to the Club during the next financial year.

Note 23: Events after the balance sheet date

There have been no significant events since the end of the financial year up to the date of this report.

The financial report was authorised for issue on 27th day of August 2018 by the Board of Directors.

Note 24: Reporting requirements - Registered Clubs Act 1976

The Club maintains a register in accordance with the Registered Clubs Act 1976. This register is available for members to view on appointment at the front office.

Summarised Income Statement

For the year ended 30 June 2018

Summarised Income Statement

For the year ended 30 June 2018

Summarised Income Statement

For the year ended 30 June 2018

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