Annual Report 2021-22

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Captain: Mr. Damian Maguire B.Surv. IS NSW

Vice-President: Mr. Mark Bradbury Assoc. Dip. B.Admin (Mktg), GAICD

Hon. Treasurer: Mr. David Blackshaw B.Ec, FCPA

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COMMITTEES

Planning: Mark Bradbury (Chairperson)

President: Mr. Michael Rowan B.Ec, MBA, CPA

Delegate to Golf NSW: Mrs. Sue Fabian

PENNANT HILLS GOLF CLUB LIMITED ABN 12 000 037 856

Course & Playing: Damian Maguire (Chairperson)

Women’s Committee: Judy Trickett (President), Anne Eldridge (Captain), Janet Shand (Secretary), Sally Gooley (Competition Manager), Nicki Howlett (Competition Manager), Karen Patterson (Competition Manager), Lynne Bastock, Simone Lester, Lilly Moore, & Susie Wales

Life Member: Mr. Tony Gresham & Mr. Kendal Binns

Membership: Sue Fabian (Chairperson)

Reciprocal:House:

Lesley Roberts (Chairperson) David Thorn (Chairperson)

Finance: David Blackshaw (Chairperson)

Directors: Mrs. Sue Fabian BA Dip Ed GAICD, Mr. Graeme Martin GAICD, Mr. Andrew McDonald FINSIA FM Dip, Cert IV Dip, Mrs. Lesley Roberts & Mr David Thorn.

Auditor: BDH Audit and Assurance Pty Ltd

General Manager: Mr. Barnaby Sumner

OFFICE BEARERS

The passing of Members is noted elsewhere in this report and where it highlights the remarkable fact that John Heffernan, Gwen Symons, Gordon Winch, Dot Lawson and Geoff Travis, were Members of our Club for more than 50 years. Longevity of membership is a well-established cultural norm of our Club, long may it

As I have previously pointed out, subscription income is the number of members multiplied by the subscription amount, price times volume. If volume rises the price can be stabilised, but if volume falls the price needs to rise to maintain service levels. Active recruiting therefore has a strong element of self-interest.

For the second consecutive year we faced unusual challenges. In the first half there was continuation of a raft of public health orders and in the second half, an unseasonal and intermittent deluge of rain. Our Treasurer makes mention of both Covid related restrictions and the unfortunate course closures in his report. Regrettably our hopes for a “normal” year may well be unfounded as meteorological forecasts indicate an above average rainfall for most of the east of Australia over the spring. We have managed this before and we will manage it again, remaining confident that we will continue to enjoy the unwavering support of Members. The Board is indebted for that support over the difficult times of 2021/22.

It is proper to make special mention of the Board Committees and acknowledge the leadership of the Chair of each Committee. The work of the

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We welcomed 138 new Members to our Club during the year which after the passing of some and resignations of others was a net increase of 51. In perspective the resignation rate of just on 6% is the lowest for a number of years, it includes a number of juniors who find other things to do, employment transfers, retirements that include moving away from Sydney, in some cases incapacity and a small number who choose not to continue with golf. Healthy membership numbers and continued growth is good news however it does rely on Members making their friends and colleagues aware of the benefits of our Club.

The surplus attributable to Members of $620k is an outstanding result given the uncontrollable limitations of trading due to Covid and to rain. However, it must be noted that this included settlement of the long running litigious matter of some $300k and so reminds us not to be complacent and that continued focus and attention to margins and fees is essential. That we were able to reduce the bank loan to zero and record cash assets of $308k at balance day underscores the financial health of our Club and the Boards prudent control of resources. It also highlights the efficient administration of activity by Management. An appropriate line of credit remains in place to service liquidity as cash runs down in anticipation of subscription revenue in April of 2023.

I would also like to acknowledge the work of our retiring Course Superintendent, Richard Kirkby (Pictured) who we farewelled at a memorable dinner on 4 May where Darcy Cluff delivered a humorous toast to Richard covering his 28 years of service at Pennant Hills. Richard responded in his customary humble manner. He was accompanied by his partner Michelle, daughter Stella and extended members of his family Jim and Jen Maxwell as well as Geoff and Glenndid Kirkby. A number of current Members of the Course Team and others who had worked with Richard over the years were also able to attend. On behalf of the Club, I was able to present Richard with an Omega Seamaster watch.

Whilecontinue.theCovid pandemic and recent weather events have inconvenienced Members and interrupted the flow and rhythm of our Club they have also had a significant effect on our staff. Younger employees who work part time rely on the income and when hours are reduced, so is their pay. Those who work on our course were also inconvenienced not directly in their take home pay but in the big wet, some were asked to take holidays because there was little they could do due to the weather. We are privileged to have a dedicated staff who serve enthusiastically with Members interests at heart. I pay special tribute to the leadership of our General Manager Barnaby Sumner and his direct reports Craig Usher, Liam Ash, Neil Rolfe, Peter Barter and Kristen Ramirez.

PRESIDENT'S REPORT

The Membership Committee is chaired by Sue Fabian and as she points out in her report, membership of our Club is the highest it has been for 5 years. Much is due to active strategies in the Get Started and Try Before You Join programs as well as stable membership categories that are rationally priced and offer members a degree of choice as they manage their time in golf. The inaugural Emeritus Lunch was a resounding success. The Voice of the Member survey and the focus groups of younger Members are initiatives that provide valuable feedback to the Committee and to the Board in developing strategies to maximise the membership and member experience.

Captain, Damian Maguire has had a demanding first year in his role and as Chair of the Course and Playing Committee. He welcomed Liam Ash as successor to Richard Kirkby and set about working with Liam on a review of equipment, complement of staff and assessment of immediate course development priorities. The rain events necessitated on again/off again course closures, decisions to not allow carts on some days and the rescheduling of a number of important competitions on our golfing calendar. That we were able to get through most of it can be attributed to his leadership and ability to work with Liam and with our Director of Golf, Neil Rolfe. Both have provided Damian with textbook support. Some events were postponed to the 2022/23 year and were held as we were completing this report. Unusually then, the next annual report covering the 2022/2023 Centenary Celebrations will also include recognition of this year’s event winners in the Masters Pennants, Presidents Cup and Captains Cup as well as the same competitions in the Centenary Year.

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Ourin.

The Voice of the Member survey mentioned both the number and quality of reciprocal Clubs and on reflection, the Board realised that it was a feature of Club life that had not, in more recent years, received the attention it deserved. In response, a Reciprocal Committee chaired by David Thorn was formed. The

Mark Bradbury has led the Planning Committee which has made remarkable progress over the course of this year. His committee drove the Voice of the Member survey that underpinned the Strategic Plan that was presented to members in the final quarter of the year. The Committee also has developed processes to measure and monitor progress on each of the strategic streams which are outlined in their report. The monitoring process is an invaluable tool to maintain focus and discipline for the Board in its stewardship of our TheClub.House

Damian’s leadership as Captain is one thing to applaud, but his contribution to the development of the course master plan is an outstanding piece of work for which I must make special mention. He has provided our consultants with survey work and advice that under other circumstances may have been at a great expense to the Club. Damian is a member of a small project sub-committee reporting to the Board that comprises me, Liam Ash, Neil Rolf and Barnaby Sumner. He carried the conversation by Zoom and by email with our consultants. The Board confidently expects to have a concept design ready to discuss with a small member-based review group in September. This will be followed by a presentation to Members toward the end of this calendar year, a commitment that we made in last year’s annual report to Members.

Board is supported by policies and practices developed by the sub-committees, this is where the hours are spent and where the credit is due.

Committee is chaired by Lesley Roberts and while we all have suffered the uncertainty of being on or off the course or complying with public health orders, her Committee has responded positively to the consequential challenges of maintaining a profitable and interesting social event calendar. Lesley mentions the decision made during the year to bring the History Group under the umbrella of the House Committee. A smart move, long overdue as it now provides a voice to the Board for the volunteers who manage and care for this extraordinary asset of Pennant Hills Golf Club. The Centenary Committee led by Jenny Harvey has put in place a program of events and celebrations for 2023. This is on the web site.

It is a condition that new Members must attend the Member Induction Evening before their membership is activated. These nights allow me as Chairman to welcome new Members, they give the Captain and the Director of Golf the opportunity to outline course behaviour and etiquette and the evening also provides the Chair of the Membership Committee to explain how the Club is governed and what is expected of Members. The evening closes with dinner for new Members with an invitation for their proposers and seconders to join

Sound financial outcomes do not just happen, they are planned and managed. The Finance Committee is chaired by our Treasurer David Blackshaw who enjoys the capable advice and productive support of the Clubs Finance and Administration Manager, Craig Usher. David’s report provides informed commentary on our accounts and I commend it to you.

It is a special pleasure to read Judy Trickett’s report of the achievements of the women Members of our Club. Judy thanks the Board for support ensuring the women belong to a vibrant and prosperous Club. I think it might be the other way round. That we have a vibrant and prosperous Club is due to the generous and enthusiastic participation of the women of Pennant Hills Golf Club.

In closing and on behalf of your Board, we look forward to the celebrations of our Centenary Year and the joys it will bring. The party promises to be exciting, both on and off the course.

Committee included David Blackshaw and Damian Maguire as well as Club members Derek Downes, Michael Day and Russell Main. They quickly agreed to be guided by the aphorism that ‘”you are known by the company you keep” and set about refreshing existing relationships as well as seeking new ones. A number of reciprocal visits are planned for the coming year.

Michael Rowan President

Late in the year Andrew Richards (Pictured), our former Club Champion and the previous NSW Amateur Golf Champion transitioned to the professional ranks. A successful fund-raising program led by Ray Dearlove with the support of the House Committee enabled the presentation of a cheque of $57,000 to Andrew to soften the impact of the early and traditionally lean years of being a professional golfer. We wish Andrew well and thank Members who took part in the appeal.

The Foundation met a number of times during the year and the Trustees have focused primarily on preparing plans for a Golf Academy on the site of the old Professional Shop. You will see in Ross Jackson’s report that the design is complete and that a working model of the facility with a “fly through” has been commissioned. Architect and consultant fees incurred in the process have been provided by members of the Foundation. The Club has allocated a small amount to production of the model but does not plan to financially assist construction, which is the responsibility of the Foundation. Club resources in the coming three to four years are earmarked for completion of the Course Master Plan. The support of members of the Foundation is greatly appreciated; a list of members who have joined this year is included in this report.

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Ella Scott Hamish Murray Course Alicia Sparks Adhitya Nair Taylor Arnold Nicholas Sparks Jessica Noh

Benjamin Peroulis Kristen Ramirez Peter Barter Brian Ridge Samuel Stevenson

Xavier Trevaskis Madeline Davey Mark AimeeRaffertyWard

I’d like to start by passing on my sincere thanks to all at Pennant Hills Golf Club. It has been a difficult year to traverse but we were able to do so on the back of tremendous support from you the Members along with the hard work of our dedicated Team Members.

Rachel Bailey

Kim Truijens Jack Lester Jared Dries Craig Usher Brooke Losco Finley Lawler

Throughout these times we have needed to pivot and I was delighted to see how Members embraced all our initiatives and remained patient as we worked hard on finding games for those who were displaced due to restrictions and more recently with course closures and cart restrictions.

Everyone is extremely grateful for these opportunities with more to follow in the coming year.

Thank you to everyone for continuing to support our great Club.

Michael Hedger

Jodi-Ann Sparks

GENERAL MANAGERS REPORT

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Despite the various challenges of last year, the team haven’t been idle and have undertaken several courses hosted by the Australian Institute to Management, see table below:

Liam Ash Oliver Struik Andrew Potter Christopher Barakat Nicole Tanner Andrew Richards Glen Bell Breanna Thornton Ryan Richards

William Grigg

Andre Morozov Adham Mikhael Kitchen

Maia Burgess Keith Smith Dalton Jones Kathryn Devitt Liahm Williams Daniel Mion Ashton Gulick

Administration Food & Beverage Golf Shop

Alexander Bullas Harry Vale Neil Rolfe Stephen Deane Tyler Wyatt Jessica Sherry Zachary Hayward Sylvana Argall James Skuodas

We also have a great team who do so many things and I ask that you join me in thanking each of them for everything that they have done these past 12 months. Those listed were with the Club as of 30 June 2022.

Lockdown was a challenge for everyone to overcome and just when we thought there was light at the end of the tunnel the heavens opened up and provided extreme rainfall that brought with it a fresh set of issues.

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We are also very lucky to have volunteer groups who give their time so freely. We thank you all for everything you have done and continue to do for the Club.

A staff survey has been completed these past two years and I was very happy to receive a report that indicated the Club is a classed as a “High Performing Business”. This is a strong result and an endorsement of the quality and contribution of the people who work at our Club.

A busy 12 months lies ahead as we look to celebrate the past 100 years and continue to ensure that our Club is ready for the next century.

This past year the Club also put in place a Staff Christmas Fund and on behalf of all Team Members we’d like to thank the generosity and spirit shown by our Members.

Barnaby Sumner General Manager

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Total expenditure increased from $5.313 million to $5.431 million or 2.2% year on year. Within that expenditure, course expenses increased by 14% over the previous year. The course team is now fully staffed and expenditure on course maintenance materials has increased significantly which has led to an improvement in course presentation when play was possible. The purchase of new machinery has also resulted in reduced expenditure on repairs and maintenance. Targeted expenditure control focusing on reduced clubhouse and professional shop labour requirements during course closures has helped, but where money needed to be spent in other areas, such as staff training and development, it was based on a need’s basis. It is worth noting that interest charges were down to $40k compared to the previous year’s charge of $67k and insurance costs continue to increase well ahead of inflation.

Revenue from Golf and Professional Shop Trading was $1.505 million compared with $1.803 million in the previous year. The downturn was primarily due to reduced golf activity of members and corporate guests from a lack of access to the course, adversely impacting competition fees, green fees, and cart hire. After deducting cost of sales, employment, the ‘Outlander’ benefits program, and other expenses there was a surplus of $183k compared to $425k for the previous year.

Bar and Catering

Summary

TREASURER’S REPORT

Demand for membership continued to be very strong across the year resulting in revenue of $3.382 million, an increase of $288k or 9% on the previous year. Entrance fee income increased to $109k from $97k the previous year. Improved member retention and new member recruitment programs have underwritten the overall financial results which sets the Club up well for the future.

‘Happy Hours’ and other member events achieved the aim of keeping members engaged with the Club but impacted margins negatively. There was a $282k deficit compared to $86k surplus for the previous year.

Revenue was down by 32% over the previous year, coming in at $1.266 million. Member and corporate activity were well down due to course closures. External function income has also not returned to prepandemic levels, but every effort is being made to address the issues and attract new business.

In the course of the year Net Assets (Total Assets – Total Liabilities) have increased by $621k to $6.850 million.

In the year ended 30 June 2022 the Club recorded a surplus attributable to members of $619,892 compared to a surplus in the previous year of $792,304. The surpluses include government subsidies of $398,430 and $396,086 respectively together with a $300,000 legal settlement in the reporting year. The Club’s Earnings Before Interest Tax Depreciation and Amortisation (EBITDA), or roughly speaking our cash surplus, was $1,305,427 compared to the previous year’s $1,462,598. A good result under the circumstances.

Revenue from Golf and Professional Shop Services

Balance Sheet

Expenditure

During the year, the Club has also been able to invest in solar panels, which will pay for themselves in around four years, and save on future power bills. In the ground’s maintenance area, we have purchased; two fairway mowers that do the job in half the time with half the fuel; a rough cutting mower; and four walk behind greens mowers which have proved to be invaluable in keeping the greens in top condition during the big wet. This was all achieved from operational cash flow.

The past financial year has presented many challenges to the Club. We commenced the year with around ten (10) weeks of COVID lockdown restrictions that severely curtailed operations. Mother Nature then intervened with numerous rain events that led to the full closure of the course on more than 60 days. From February through to May the Club basically operated at breakeven levels. In June, the skies cleared long enough for us to record the largest monthly surplus of the year, so given better weather conditions the final results could have been exceptional. It was a case of what could have been.

Revenue from Member Subscriptions

Even though trading conditions were less than conducive, the Club has been able to reduce the bank loan from $600k at the commencement of the financial year to Nil as at 30 June 2022. During the next financial year, the Club will need to draw down on its loan facility to meet operational cash flow needs.

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Course Development Fund

The Course Development Fund accumulated $92k through the year with funds being expended on the bunker refurbishment program and course redevelopment costs. All funds as at 30 June 2022 had been allocated.

Conclusion

As we enter the Club’s Centenary Year, we should celebrate and reflect on the legacy of what has been achieved over the past one hundred years. This will provide a good starting point to invest in several crucial major capital projects that will help to secure the Club’s future. There is still much planning and Member consultation to be undertaken and there will be some disruption and inconvenience during the process, but the results will be more than worth it. In the words of Past President and Patron EJ Hyde – ‘Don’t stop, further progress is necessary!’

In what has been another extremely challenging year for the Club, I would like to thank Barnaby Sumner, Craig Usher and the whole PHGC team for their tireless contribution and devotion to member service. Many of our staff have been adversely affected by the uncertainties they have had to deal with over the past year, especially from a professional, financial and mental health perspective. Craig has also recently undergone major heart surgery, so we wish him a full and speedy recovery. I also wish to thank the Members of the Finance Committee for their wise and considered input and support throughout the year.

Finally, I thank the Members of our great Club for your continued input, support and patronage. Without you we have nothing.

David Blackshaw FCPA Honorary Treasurer

From lockdowns to long lunches, from playing in pairs and back to fours, the ease in COVID pandemic restrictions appeared to alleviate the stresses in our lives and we found some normality in our golfing routine.

So, hopefully, as we approach the warmer months, the course will dry out and our team can get back to caring for our magnificent golf course.

Concept plans for the reconstruction of tees, greens and green surrounds are with the Board for review and will be ready for Member viewing in the next month or so. Whilst our two designers have provided sound input from the layout and engineering requirements, both Neil Rolfe and Liam Ash have also provided valuable ideas for the layout. I would like to thank the working group and the entire Board for their time and effort in bringing this concept together.

In the Professional Shop, Neil and his team have also felt the frustration of having to stand down casual staff and keep full timers busy with lessons. We have seen the departure of two valuable team members in Liam Sheils and Andrew Potter. Andrew had the unenvious task of reshuffling events time and time again but did so with much patience and we will miss his skills and diligence. Jared Dries has also chosen to

Pictured: Past and Present Captain’s (Back Row) Chris Pragnell, Damian Maguire, Rob Stevenson (Front Row) Chris Allen, Darcy Cluff and Tony Gresham

CAPTAIN’S REPORT

However, their immediate challenge is to help each other get through this unprecedented “rain bomb”. As I write this report (at the end of July) there have been 70 plus days that we have not been able to gain access to the course since mid-February due to the unplayable conditions. In what can only be described as a “baptism of flooding” for Liam, the focus has been the protection of the course along with safety of golfers. Whilst the staff have had trouble getting the heavy machinery to various parts of the course not all their time has been lost. With the help of our volunteer gardening group, they have been clearing and rejuvenating a lot of our areas and some of the vistas thru the creek are looking spectacular.

We heralded a changing of the guard in our maintenance shed as we welcomed our new Course Superintendent Liam Ash to the helm. He has brought a new level of enthusiasm to the team and is making some astute decisions in staffing and machinery purchases for the improvement of the course. His team is extremely excited by the prospect of course renovation works and are an integral part in the decision-making process to date.

In this regard I would like to give special thanks to the help of Greg Winters and his many volunteers for giving their time to help with the beautification of the course.

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The golf course.

The trials of various forms of bent grasses have given some interesting results with the once preferred A1/A4 (similar to the surface that Avondale have adopted) which was trialed on the carpark chipper not performing well with our recycled water. However, the Pure Distinction (Killara, Kingswood Peninsula amongst others) which has been on our 3rd green for some time, has shown good growth even under the extreme conditions and on an old sub-base.

When we have managed to get on to the course, we have been able to run a few of our regular championships and trophy events:

The Foursomes Championship seems to be lacking in numbers as the years go on but there are still a dozen diehards who keep testing their friendships. Murray Fogarty and yours truly managed to withstand a comeback from Dave Bailey and Gabe Ormaechea to take the trophy.

C Grade. Mark Cain def Young Park 3/2

A Grade. Jared Dries def Steve Oitmaa 2/1 (Pictured below)

The Marks Cup final was contested between Andrew Lam and son Riley against Dave Coulton & Rob MacDonald with the Lam’s prevailing 5/4. Thanks to all those who contested this stopstart season and hopefully we can have a much smoother event next year.

B Grade. Mark Oppy def Riley Lam on 19th hole

pursue a different career but will still be leading our Major Pennant team on the course. However, when one door closes another one opens for others to create their own opportunities. Jessica Noh (from Ryde Parramatta) and Steve Vail (from Lynwood) have joined Neil and Rachael Bailey and are keen to help us enjoy our golf to the fullest. And just when she thought she had enough to do Kristen Ramirez has expanded her role to assist with Golf Operations to add to her Hospitality duties.

Onto the golf.

The Pennant Hills Cup (Vardon event) was played on Sunday, 19 June and Pennant Hills own Andrew Lam posted a magnificent 3 under par round of 68 of which none of the young guns could chase down. A very proud moment for Andrew to have his name etched alongside some famous amateurs.

Golf Premier League has been rescheduled several times, but we have reached the finals series.

A Res. Harry Maguire def Charlie Johnson 3/1

Congratulations to all competitors in these Major trophy events. You can always look proudly at the Honour Boards for many years to come.

The Captains’ Cup was won by Nick Rodwell who defeated Conor Mansfield. Welcome back to the course Nick after a number of years away.

Mixed Foursomes was played on Sunday, 26 June with Peter and Jessica Sherry coming from behind to become the first Father-daughter combination to win since last year. Peter and Judy Trickett have kindly taken on the presentation role from the Gresham’s. The Club extends much gratitude to Tony and Wendy for everything they have done for the Club over a very long period of time.

The Club Championships (2021):

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The Junior Championships were recently contested between Hamish Murray, in his ‘summer vacation’ period from college in the US, who defeated Ryan Richards 2-1 in a high-quality match. Both players (when in the country) are members of our Major Pennant Team.

in the group watching each other’s shot only one person assisting to look for a lost ball there is only 3 minutes for search time allowed there is only 40 seconds permitted to execute your shot or putt “ready golf” concept should be applied from tee through to the green review your golf swing routine/practice swings Try to reduce to one practice swing at ‘address’

Major Pennants turned out to be another battle to survive in Division 2. Having been forced to undergo a two-match home and away relegation series against Dunheved. All points were equal after 2 weeks and 14 matches. Each team had to choose one player to play a playoff hole at PHGC. We chose none other than Andy Richards who outlasted his opponent on the second effort on the 18th supported by home supporters covered by umbrellas amidst constant rain. It was a fitting moment for Andy as he begins his career in the professional ranks. Greg Winters managed the best in the Club for the third year and Jared Dries, Andy, Michael and Ryan Richards, Grant Naylor, Steve Oitmaa, David Bailey, Gabe Ormaechea, James Skuodas, Charlie Johnson all did you proud with their efforts.

Junior Pennants was not contested due to Covid.

Pack Cup was not contested due to Covid.

All endeavours in the last few months have been to just get people back on the course. Now that we are back and those scars of ‘absence’ are receding, we must remember our principles of golf etiquette to avoid slow play, especially in the winter months. Admittedly, running 4 balls, finding lost balls and preferred lies with the heavy ground added to slow play issues. Generally, however, it appears that the break may have resulted in a lack of urgency to achieve a round time of 4:20mins. This is not difficult to achieve and can be assisted

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Pack Plate managed to complete 3 of the designated 4 rounds before the season was abandoned due to rain. Darcy Cluff managed the team with David Edwards, Graham Dawson, Andrew Mowat, Kell Furguson, Peter Handle, Greg Winters, Greg Wilson, Hugh Gerdes, Ross Howarth, Ray Miles and John Eldridge all putting in fine efforts helping the team to 2 wins from 3 matches. Avondale controversially claimed victory having managed 3 wins from 3 matches.

Pictured (L to R): Paul Gammie, Chris Pragnell, Mal Cutler & Andrew McDonald

Encourage Shield was not contested.

Senior Championship (2021) saw David Blackshaw display great form throughout the series and defeated Geoff Richards (sire to numerous handy golfers) 2-1.

Now, it is never enjoyable to have to keep harping on a couple of topics we would all like solved being “Slow Play” and “Course Care”.

Slow Play.

Erik Apperley Shield was not contested.

allby:players

Course Care.

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Other clubs have already instigated “refresher” videos of how to look after the course and their fellow members. We are developing our own videos but may bring them in with a different strategy in due course.

Lastly, I would like to thank the Course and Playing Committee of David Blackshaw, Sue Fabian, Anne Eldridge, Barnaby Sumner, Liam Ash, Neil Rolfe and Michael Rowan for their support in my first year as Captain and Chair of this Committee.

No Pennant Hills Member is above these practices. Our Course Team prepare the course for us and it is up to each and every one of us to uphold these principles and values of maintaining the course and looking after ‘your mates’.

All players taking to the course, have a duty of care to look after ‘your’ golf course. All players must: carry a sand bucket and replace their divots (plus any others you may observe) with sand to level approx. 1cm below the level of the grass. This helps promote regrowth and avoids damage to the mower blades repair your pitch marks on greens (plus any others you see) by using the appropriate tool and bringing the grass back to the surface not the subsurface mud. Your PGA Professional or fellow golfers can teach you the correct technique rake bunkers after being in one. You must rake footmarks and divots from your shot smoothly. Avoid leaving ‘moguls’ in the sand which can make it more difficult for the next player. Place the rake back in the bunker by placing it softly into the sand at least a metre from the edge of the bunker and pushing the handle away from you. This technique creates the least amount of interference to the sand surface when replacing the rake

Damian Maguire ChairCaptainCourse & Playing Committee

Not only has COVID-19 presented ongoing challenges, but an excess of water has effectively disrupted golf and Club life for all of us. Adapting to ever-changing circumstances has become the norm for the staff and they do a magnificent job of servicing Nembers and guests in the face of many obstacles.

The Centenary Committee under the guidance of the House Committee, is chaired by Jenny Harvey and has been working feverishly on the social and golf programs for 2023 to ensure that our Centenary Year is one to remember. Members will have received a flyer detailing the major events so that diary dates are noted. We have no doubt that Members will embrace the celebrations, commencing with the official launch on 26 February and will support the many exciting events that have been planned.

HOUSE REPORT

It has been another challenging year in the life of our Club, but one that we have weathered better than many others due to a dedicated workforce and supportive Members.

A decision to bring the History group under the umbrella of the House Committee underlines the importance of maintaining and recording our history. Particular thanks are due to Ann Crisp and John Wall who devote many hours each week to the curation of our records. Bruce Jones has also spent countless hours digitising records and creating presentations on many interesting aspects of the Club and deserves our gratitude for his valuable contribution. Bruce believes we may have the most comprehensive history of any golf club in Australia, which speaks volumes for all those who have devoted their labours, past and present, to achieve this outcome.

Take, for example, Jazz on the Green. Come the scheduled date in March it was apparent the grass was too waterlogged to take the crowd and the threat of more rain was ever present. So, at the eleventh hour, the evening turned into “Sunday Night Jazz” in the Clubhouse. Mood lighting was created with candles, antipasto platters were distributed and patrons enjoyed a great night of jazz music delivered by The Graduates.

Members enjoying Seafood Christmas Party

We are all aware of the spectacular view of our course from the Clubhouse. The House Committee is currently working to incorporate a golfing theme within the Clubhouse to reflect what lies beyond. While this remains a work in progress, members can view stunning black and white photographs of the course at the Function entrance and in the boardroom.

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In addition to Sunday Night Jazz, the House Committee has been actively involved in promoting other events such as Sport’s Night, Trivia Night and the Club Annual Dinner, which together with the Men’s and Women’s Annual Dinners and Seafood Alfresco have contributed to a busy social calendar.

The Catering team has continued to develop new seasonal bar menus, freshly made sandwiches and an expanded wine list. Wednesday night Bistros have been well supported and based on their popularity regular Friday night a la carte dining has now been introduced. We thank Peter Barter and the Kitchen Brigade for the quality and standard of the service they provide to the Club.

Throughout the year, the pizza oven has been operating every Wednesday, Friday and Sunday and has proved very popular with Members and their families.

Lesley Roberts

Special thanks are due to Barnaby Sumner and Kristen Ramirez who have worked tirelessly to maintain standards and improve offerings for Members.

HouseChairpersonCommittee

Inaugural Emeritus Luncheon

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The Member experience enjoyed in the Clubhouse is in large part due to the various role-appropriate training programs which our friendly and member-focused Clubhouse staff have undertaken during the year, enhancing their workplace skills for the benefit of themselves and ultimately, the Members.

My thanks to fellow Committee members, Graeme Martin, David Thorn, Judy Trickett and Andrew McDonald for their ongoing support and efforts throughout the year.

The Membership Committee continues to focus on four core strategic goals:

It is a privilege to present this Report on behalf of the Membership Committee, whose members are David Blackshaw, Mark Bradbury, Graeme Martin, Lesley Roberts and Sue Fabian (Chair). I thank the Committee for their work and dedication to the welfare of Pennant Hills Golf Club and its Members over the past year. I also thank Barnaby Sumner, Kim Truijens and Craig Usher for their excellent contribution and support of the Committee. Kim, as the first contact for those considering Membership of Pennant Hills Golf Club, is outstanding in the warmth of her approach and her understanding of the opportunities, conditions and process involved in becoming a Member. Craig keeps us up to date with vital Membership category numbers and financial information. Barnaby’s untiring work in promoting Membership opportunities and importantly his comprehensive screening of candidates and provision to them of immediate information about the Club, has produced excellent results in the past year: a comprehensive welcome and engagement of all candidates. He and the staff are to be congratulated. The work of the Women’s Committee is acknowledged for its diligent and effective programmes in welcoming new Members.

MEMBERSHIP REPORT

• Optimising the satisfaction of Members and their potential access to the golf course and Competition play while at the same time paying careful attention to ensuring that Member numbers are at a level which provides necessary income for the Club and minimises the impact on Member subscriptions

Gordon Winch won the Captain’s Cup and the B Grade Championship during his 59 years as a member. An eloquent speaker and a renowned English Professor and author, he regularly entertained the many who valued his company. His wife Diana was a longstanding popular member. Gordon enriched us with his wit, generosity and collegiality.

Dorothea (Dot) Lawson was a member for 66 years and was married to Ted who was also a popular member. She served on the Women’s Committee for three years, was an accomplished golfer who won many competitions and recorded a hole-in-one in 1995. Dot was an enthusiastic bridge player and very keen gardener.

• The development and implementation of strategies to understand the needs and expectations of Members in order to support and increase the satisfaction and enjoyment of all Members.

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VALE

John Heffernan was a member of our Club for 62 years, having joined with twin brother Bob in 1959. His contributions were enormous, most notably being a Vice-President and a Board member for 15 years. He was a prolific volunteer in many areas of Club life and was an enthusiastic worker at worthy events like exservice’s and ASX charity days. John’s golfing achievements were many. He was almost a scratch golfer by today’s standards; he played in the Major Pennants team; he won both the President’s Cup (then the Ken Oakes Memorial) and the Captain’s Cup. He recorded a hole-in-one in 1991. With brother Bob he won the Drum Cup, an achievement that they both proudly savoured. He made a rich contribution to our Club for the entire duration of his membership and left happy memories with so many of his Club friends.

We remember with affection the following Members who have passed away in the last year. We acknowledge with gratitude their contribution to PHGC. These Members are part of the history and tradition of PHGC. We cherish the memories of their contributions and friendship.

Gwen Symons was the daughter of our second Club Professional, George Howard, who also carried the responsibility of caretaker. As a young girl she lived on the premises and could truly be viewed as a product of this Club, its land and the beginnings of our wonderful culture. During her very long life and membership, which began in 1962, she was a committee member 1980-1984, and Treasurer for three of those years and won two ex-servicewomen’s trophies, along with the Wisteria Salver in 1979.

Geoffrey Travis was a successful accountant who, along with brother Barry, followed his parents into our Club and joined in 1948. He was a member for 73 years. He won a Gold Button in 1980 and scored an ace in 1987, but his greatest contribution was in his fellowship. He regularly entertained his wide circle of friends with his enthusiasm and sense of humour. His standing was such that he was one of only three people who have twice given the toast to the Club. His collegial presence was his greatest strength and perhaps the most important legacy he left us.

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Our membership numbers have rebounded to levels not seen since 2017. Pleasingly and due to careful balancing, this has not adversely affected member access to the course. We continue to review the mix of membership categories monthly; however, we remain alert to the less than satisfactory number of new women members and will continue to focus keenly on turning around the slow decline.

The New Member induction evenings have continued to serve as an effective way of introducing new Members and informing them about the PHGC community and its many opportunities. At the induction

A significant new initiative has been the establishment of focus group sessions with younger members which have given them an enhanced voice and provided the Committee with an understanding of what that cohort needs to assist in growing our youth and younger adult base. Several successful “Young Blood” social and golf events, targeting new Members under the age of 40, have been conducted this past year. Each event has attracted around 60 participants who have consistently reported high levels of enjoyment

• Inducting, welcoming, engaging, supporting, encouraging and retaining new Members and as a consequence producing committed long-term members

-meeting:thechair of the Membership Committee delivers a comprehensive presentation covering important aspects of the Club’s governance, finances, website, communications and culture - the President gives a warm official welcome - the Captain and Director of Golf cover essential golf, local rules and etiquette matters - the President of the Women’s Committee highlights the enthusiastic women’s membership - An excellent welcome dinner follows each meeting, including other Board and Women’s Committee members who have complemented all the above and assisted in introducing new Members to the outstanding cuisine, staff and service.

We continue to utilise and where necessary enhance, Try Before You Join, Get Started and Get Started Plus programmes which have been excellent vehicles to not only enrich the offering for potential new Members but also to enable us to get to know them, encourage them and ease them into regular involvement, both golf and social.

The Get Started programmes continue to provide an excellent pathway, particularly for women, to achieve familiarity with golf and our Club. This is proving critically important as we focus on growing our number of women golfers. “Give Golf A Go” sessions have been scheduled for the warmer months to cater for women who are contemplating golf and membership.

This year, 82 Members chose not to renew. Not only was this a comparatively small number, but the bulk of these were Members who were no longer able to commit to regular golf and few were leaving because of dissatisfaction with our Club. Importantly we are delighted to report that 138 new and reinstated Members were welcomed, a net result of a positive increase of 51 Members after allowing for 5 deceased Members with active membership.

The Voice of the Member Survey has created a new channel for Members to communicate with the Board and management. Matters relevant to the role of the Membership Committee have been noted and actioned where appropriate.

We continue to be encouraged by the positive responses to the new Emeritus category and it has been most satisfying to record the appreciation of the Members in that category as they enjoy their new level of access. Importantly this category enables long term contributors, who no longer play golf, to have a continuing relationship with our great Club.

The Membership Committee can report the following highlights from the year just completed.

• Exploring ways in which Members are retained throughout their golfing and post-golfing careers and improving programmes and services to deliver the highest level of participation and retention

Several Policies have been developed and approved by the Board including: - Member Reinstatement - enabling a reasonable transition back into the Club for former Members who wish to return - Safety of Children and Young People - ensuring we are compliant with child protection regulatory -provisionsRespectful Relationships - ensuring compliance with regulatory provisions on bullying and harassment

Full Playing Member 289 2 268 2

Category Male Female Male Female

Full Playing Member 26 to 30 Yrs 24 4 24 3

Absentee Member 137 34 133 24

Flexible Member 86 8 70 10

Full Playing Life Member 2 0 1 0

As at 30 June 2021

Full Playing Member 21 to 25 Yrs 27 0 19 1

Full Playing Member 31 to 40 Yrs 27 0 23 1

6 Day Member Senior 23 20 21 22

Full Playing Member U21 Yrs 63 17 57 16

Country Member 19 4 24 5

Honorary Member 1 0 1 0

Full Playing Member Senior 58 0 59 0

6 Day Member 31 to 40 Yrs 1 1 1 0

Full Playing Member Over 80 Yrs 12 0 12 0

Sue Fabian MembershipChairperson

Emeritus Member 18 5 12 5

6 Day Member Over 80 Yrs 12 13 7 10

As at 30 June 2022

- Touring Professional - establishing fair terms for attendance by any member who turns professional and holds playing dates on a golf tour - The Committee has also paid attention to many policies requiring review during the course of the year, including Family Discounts, TBYJ, Get Started and Get Started Plus

Full Playing Member Special 1 0 4 0

House Member 43 42 46 46

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Limited Playing Member 77 30 83 21

Staff Member 6 1 4 1 982 315 932 314

6 Day Member 56 134 63 147

MEMBERSHIP CATEGORY STATISTICS

We held Member and Staff briefing sessions in May so that we could share the finalised plan with you. In addition, the Plan was posted to our website so that those unable to attend the face-to-face sessions could review the Plan and make comment. We had many positive and supportive comments regarding the direction that has been undertaken, as well as some very helpful input about other areas that need further

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Iconsideration.wanttospecifically

There have been ongoing discussions with NorthConnex regarding seeking access to their water to deliver our “Create Water Security” initiative, and we look forward to having some news about this in the next few months. This initiative will ensure continuity of water supply independent of mains water for irrigation and will enable the preservation of our course and gardens into the future.

Sue Fabian and Lesley Roberts lead the Membership and Member Experience initiative. Whilst COVID has provided a boon to most golf club membership numbers, much work has been done to create an environment where prospective Members want to join and remain at Pennant Hills Golf Club, both in the on-course and off-course experience. This has resulted in a strong pipeline of new Members, and lower than normal attrition. Of course, it is critical that we remain conscious of the need to preserve the quality of access to tee times for our existing Members, and this is reviewed monthly.

We are fortunate to have the founder of one of Australia’s pre-eminent market survey companies, Mark Sundquist, as one of our members. With his skillful and generous assistance, we conducted a comprehensive survey of Member’s views late in 2021. Almost 40% of our members responded reflecting the passion that you have toward making our Club a better place. The key areas that you indicated needed our attention were course improvements, practice facilities, general course condition and presentation, the cost of playing golf and the range of membership options that are offered. We have ensured that these areas of focus are either key elements of our finalised Strategic Plan or remain priority agenda items of the Board Committee responsible for them. We will again seek your input in Q4 of 2022 so that we can measure your satisfaction regarding the progress that has been made. This feedback will also serve as an important tool to modify any parts of the Plan that require adjustment.

Damian Maguire, our Captain, is leading the “Build and Deliver the Course Master Plan” initiative. We are excited that we will be able to share the concept for the Course Master Plan with you in the second half of this year. This plan will significantly improve the quality of greens, green surrounds and bunkers, as well as address the out-of-bounds risks, resulting in better playability and reputation amongst current and future Members.

David Blackshaw has worked with Barnaby Sumner and Craig Usher to deliver the “Preserve Financial Stability” initiative. The have ensured our investment decisions are targeted to the areas of greatest need and timed so that we manage our finances in a conservative and prudent way. We have also seen significant levels of capital investment, ranging from the solar panel installation to new fairway, rough and greens mowers. These investments in course maintenance equipment also contribute to achieving the “general course condition and presentation” improvements that were highlighted in the Member survey.

Our “Invest for Growth” initiative is targeted around working with the Pennant Hills Golf Club Foundation to direct their fundraising efforts towards projects that will grow our Club into the future. We are excited that work around the Training Academy has progressed, and we are close to the submission of a development application and sharing the detailed design concepts with you.

thank Michael Rowan for his ongoing wise council, as well as the leaders of each of the strategic initiatives for their support and commitment to the planning process and the terrific work they have done:

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PLANNING COMMITTEE REPORT

Significant progress has been made over the past 12 months around our Strategic Plan. As foreshadowed in last year’s report, we developed a draft Strategic Plan that addressed some of the key opportunities we have at Pennant Hills Golf Club. We noted that an important feature of a Plan was the inclusion of input from you, our Members, as well as our Staff prior to the Plan being finalised.

A milestone of the Planning Committee this year has been the transparency we have achieved through making our plan public. We believe this is critically important and has been welcomed by Members and Staff alike as we continue our journey together towards being:

Andrew McDonald has led the “Strengthen Corporate Governance” initiative that has seen the implementation of a range of programs around performance management, workplace health and safety, risk, and crisis management as well as other important process and policy enhancements.

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“A Leading Sydney Private Members Golf Club”.

Mark Bradbury PlanningChairpersonCommittee

David Thorn ReciprocalChairman Committee

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Our existing reciprocal clubs are listed on the website and the Reciprocal Committee comprising Board and invited Members as well as Management, have been actively engaged on ways in which that existing list can be enhanced.

RECIPROCAL COMMITTEE REPORT

My sincere thanks to the Board Members, invited Members and Management for their continued support of the Reciprocal Committee’s activities throughout the year.

With 2023, our Centenary Year, rapidly approaching, we hope to capitalise on more reciprocal club opportunities, all of which are designed to enhance the PHGC Member experience.

Off the back of a successful visit to Canberra in April where a group of 40 PHGC members enjoyed playing at reciprocal clubs Royal Canberra and Federal, the Reciprocal Committee and Management are now planning a return visit to Canberra in April 2023 as well as a tour to Tasmania in September 2023. More than 50 PHGC members have confirmed their attendance on these tours in our Centenary year to existing reciprocal clubs as well as some other great courses which are on the Reciprocal Committee’s radar. The opportunity to play at the world-renowned Barnbougle Dunes / Lost Farm Golf Links has also been a major

One of the key takeaways from our inaugural “Voice of the Member” Survey in 2021 was the need to increase the number and quality of reciprocal club relationships available to Members. The impact of the Covid-19 pandemic on overseas travel has meant that Australians would be more likely to travel domestically than internationally. Having additional reciprocal club relationships has, therefore, become a focus area of the Board and the formal establishment of a Reciprocal Committee was undertaken this year for the first time.

exciting initiatives are being explored by the Reciprocal Committee including time swap arrangements during daylight savings period of 2022/23 with our Pack Cup Clubs (Pymble, Avondale, Concord and Killara) and more reciprocal club discussions in Queensland, South Australia and Western Australia are to be investigated.

Canberra Tour Group April 2022

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PHGC has had long-standing reciprocal relationships with many clubs’ interstate, intrastate and internationally and our Members have availed themselves of these reciprocal opportunities, in some cases, for decades. Some reciprocal relationships have been lost for a variety of reasons while others have flourished with regular trips by PHGC members to those clubs. Likewise, we have enjoyed hosting reciprocal club members on our fairways and in our clubhouse.

Through a great effort by the Women's Captain and a good deal of rescheduling and extending the 2021 season, we were able to ensure most of our major trophies were played.

All activities for 2021- 2022 are detailed in the Women’s Annual Report. Women’s Committee for 2021 - 2022

Our thanks are extended to the Board and all those in the Club’s administrative areas for their diligence, support and timely actions, which have ensured continuation of the Club to which we are fortunate to belong. Although the government imposed Covid restrictions altered how we conducted some activities during the latter half of 2021, during 2022 it has been the incessant and record-breaking rains which have impacted the course, and members’ access to it.

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In the Northern District Pennant Competition, we competed in the following pennants: Silver Salver, Silver II Salver, Bronze I Pennant, Bronze II Shield and Bronze III Salver. Sadly, the Silver Salver, Silver II Salver and Bronze II Shield were all impacted by bad weather with the result being their seasons were abandoned. Many thanks to Mary-Jo Usher, Simone Lester and Bev Nettle for taking on the role of Field Captain in the “abandoned” pennant seasons.

Secretary: Janet Shand Competition Manager: Sally Gooley / Nicki Howlett / Karen Patterson General Committee: Susie Wales Lynne Bastock Lilly SimoneMooreLester

We continue to live through unprecedented times, with the continued impact of the Covid pandemic and now record-breaking weather, specifically rainfall, which has denied us all our usual levels of access to the great past-time which we enjoy. Thankfully, the oversight and management by the Club Board and Club administrative personnel has enabled PHGC to largely maintain normal operations and continue to provide access to the course, Pro-Shop and café.

The Women’s Championship Finals Day, the premier day in our golfing calendar, was held on the 2nd of December. We welcomed Bev Archer, a former Captain with multiple golfing accomplishments, to the role of official starter for 2021. We would like to sincerely thank our referees: Sue Fabian, Chris Allen, Peter Abraham, Jeanette Wright and Joan Eyles, for giving up their time to officiate on this special day. The players were well supported by a large convoy of spectators and at the conclusion of the matches, we all enjoyed a (late), afternoon high-tea on the terrace to celebrate our champions.

Captain: Annie Eldridge

President: Judy Trickett

Congratulations to our Bronze III team who retained the Salver that we won in 2021. Our 2022 Bronze III Salver team was led by Field Captain, Sally Gooley and Vice-Captain, Joy Bull. The rest of the champion team were Jan Barber, Ann Elsley, Belinda Milroy, Maggie Rowe and Dianne Simpson.

This year our Golf NSW 2022 Women’s Grade team consisted of: Desi Herden, Monique Herman de Groot, Anne Eldridge, Susie Wales, Leonie Shaw, Nicki Howlett, Mary-Jo Usher, Amanda Tucker and Cheryl Jones. After a promising start to the season, our introduction to Division 2 was hampered by extreme weather conditions and we were only able to play 3 games this season. Due to the heavy and persistent rainfall, and course closures the Grade season was abandoned.

Our Bronze I team consisting of: Margie Dearlove, Field Captain, Lynne Bastock, Ann de Carvalho, Stephanie Flynn, Jenny Harvey, Robin Hosking, De Howarth and Marcia Suviste, finished in a very commendable 3rd place.

The Pennant Hills Cup and Bronze Salver were not held in 2021 due to Covid restrictions. Our Club, Bronze I and Bronze II Foursomes events were rescheduled from August to November 2021.

WOMEN’S MEMBERS’ REPORT

The support and encouragement the Grade and Pennants teams receive from Rachel Bailey is always appreciated. Rachel’s training sessions prior to the team’s first match of the season are always well attended and we feel very fortunate to be receiving her expert advice.

The ever-popular Interclub competitions with Avondale, Oatlands and Castle Hill are always a fierce contest. Our Interclub with Avondale in 2021 was cancelled due to COVID19, and both 2022 interclub matches against Oatlands and Castle Hill have been postponed to later in the year, due to weatherrelated course closures.

As well as the major golfing trophy events which are held each year, the Women’s Committee run a number of competitions to encourage participation and enjoyment, inclusive of all membership categories. These include the High Tee Classic, Mystery Day, St Patricks Day, Beanie Day, Visitors Day, our Annual Fundraising Day and the Christmas 3 Ball. Without exception these days are well supported and highly anticipated by the membership. Unfortunately, some of these events were unable to be held in 2021, due to the government-imposed restrictions. In 2022 the Women's Committee have conducted the High Tee, St Patrick’s Day, and Blue Scarf Day (fundraising for Beyond Blue); and the ‘Non-Mystery’ Day to Elanora Golf Club.

Our Sunday Women’s Pennant team are midway through their season at the time of this report. Many thanks to Tanya Whitmarsh, Field Captain, for her assistance and dedication to this team.

Sadly 2021 saw the end of the Lexus of Parramatta Cup. The final contest for 2021 was played at Riverside Oaks in January 2022, with teams from Pennant Hills, Oatlands and Castle Hill competing for the coveted trophy. The top 15 qualifiers from Pennant Hills competed and were successful in winning the trophy.

Sadly, due to Covid lockdown continuations, we were unable to hold our two-day Greens Renovation trip in 2021. Our 2022 Greens Renovations Day-trip, scheduled for March was postponed to June. A big thank you to committee member Susie Wales for her work in organising and rescheduling this very successful day. All 68 participants enjoyed the beautiful Elanora golf course on a very chilly winter day, and the delicious lunch which followed was also well appreciated, with a lot of positive feedback received by the

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The Golf NSW Ambrose Event in 2022 was won by Clare Fraser and Cheryl Jones. This team will progress to the regional finals with Naseem Chopra and Anne Eldridge, our 2021 champions (the 2021 regional final was postponed).

The High Tee continues to grow. The mix of golf, a delicious high tea and the fun fashion parade ensures this popular event ids well supported by both our own members and regular visitors from both city and regional golf clubs.

Thecommittee.generosity of the PHGC women is always on display on our fundraising days. In 2022 our Blue Scarf Day was in support of Beyond Blue. A total of just over $1600 was raised on this day, and Beyond Blue have sent a letter of appreciation to all women members who contributed. A blue survivor ball was in play

Pictured: Jill Goodall, Simone Lester, Belinda Milroy, Susie Wales

Bronze I Foursomes 2021: Robin Hosking & Coral Lawrence

Committee have greatly appreciated the efforts of Andrew Potter, or former Operations Manager, for his support and guidance in all matters relating to the women’s golf program. We wish Andrew the best of luck with his next career challenge.

Pictured (L to R): Marg Myles, Chrissie Grier, Lyn Mooney,

During the report timeframe we have had three women join our club as six day or full playing members, eight flexible members, six under 21yrs and five house memberships have been signed up.

Major Trophy Winners for 2021-22

Bronze II Champion 2021: Rosie Artlett

Pennant Hills Bronze Salver 2021: Not played

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Foursomes Championship 2021: Monique Herman de Groot & Carole Whitehouse

Bronze II Foursomes 2021: Sue McMurchie & Susan Nicholas

Pennant Hills Cup 2021: Not played

on this day. The reward for returning the blue ball to the bar was a glass of champagne for each team

Themember.Women’s

At Pennant Hills we are so fortunate to have quality coaching services available at our club. Many thanks to our teaching professionals: Neil Rolfe, Rachel Bailey and Liam Shiels. We wish Liam good luck in his move to another club. We welcome ProfessionalAssistantJessica Noh to Pennant Hills, and had the opportunity to introduce Jessica to the Women members at the recent Visitors Day luncheon.

has again been overseeing the Get Started, Get Started Plus and Get Golfing programs to attract new members to our club. These programs have all been impacted by Covid in 2021 and the unprecedented weather patterns of 2022. Neil Rolfe maintains his enthusiasm for these programs, and is supported by the women’s committee and other women member volunteers in providing the program participants with additional oncourse time. This ‘value-add service’ is an opportunity to welcome and support these new members through walking 9 holes with them, providing golf etiquette and tips, and promoting the many ‘extras’ the club has on offer.

Club Champion 2021: Monique Herman de Groot

Bronze I Champion 2021: Robin Hosking

President’s Cup 2022: Lyn Toohey

Four Ball Knockout 2022: Ann Elsley and Janet Shand Singles Knockout 2022: Maggie Rowe

To the pro shop team, led by Neil Rolfe, many thanks for continually supporting the women’s program. Thank you also to Jared Dries and good luck with your move into a different Neilfield.Rolfe

to the Women's Committee and all of the ladies who give of their time and skills to beautify our locker room area with flowers. These talented women provide lovely floral arrangements for those special club days when it is so important for our club to look its best.

The archive/history team of Ann Crisp and John Wall have continued their important work in recording and curating the critical records relating to the events and people of Pennant Hills Golf Club. Ann and John have been joined in 2022 by Joan Eyles, who will continue to assist in this work group. The historical information which this team has gathered and maintained - regarding the last ninety-nine years - is greatly valued and will prove an important resource for the Club’s Centenary celebrations. Thank you also to Bruce Jones for digitising all of the history group records for posterity.

Captain’s Cup 2022: Rescheduled due to weather events

Bridge is an important social activity for many of our members particularly those who are no longer out on the course. The ladies have been very patient with regard to lengthy suspension of their competition for much of last year, but they are now back with a vengeance. Organisers of the Tuesday Ladies Bridge Group -Sue Rogge and Carolyn Brereton –perform a greatly appreciated service, and report larger participant numbers than ever before. Thank you also to Sally Tribe and Marian Kench, who organise the monthly Friday Bridge gatherings. Kay Brunner does a great job of organising the bridge Interclub competition, which involves liaison with other clubs and formation of teams from Pennant Hills, never an easy

Thanktask.you

Adrienne Gorme continues to do a wonderful job maintaining our library in the women’s locker room, which has now been expanded to include jigsaw puzzles.

The club’s social events during these challenging times have been very ably coordinated by Kristen Ramirez. Although on-course access and events have been limited due to the weather, we’ve enjoyed happy hour, pizza offerings, the Bistro 232, degustation wine evenings, and more recently Friday night dining, all of which have been well supported by members.

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Our thanks to Joan Eyles and Lyn Stanton for looking after the weekly Pilates session at the club. It is a popular activity on Tuesday mornings.

Pictured (L to R): Kerrie Workman, Chrissie Grier, Glenn Workman, Margaret Rich

The Women's Veterans Delegates - Anne Hellman and Joan Tooke - are very capably managing our Veteran members and their associated competitions. The women veterans appreciate their regular entertaining communication regarding the leaderboard and events. Thank you to both Anne and Joan for your work on behalf of the women veteran members.

The Women’s Annual Christmas Dinner is always a great evening which showcases the close friendships and camaraderie which exist amongst the women members of Pennant Hills. In 2021, with Covid restrictions in place throughout long periods of the year, a real challenge was presented regarding the entertainment options for our annual dinner. Rosemary Artlett rose to the challenge and did a fabulous job of providing all in attendance with an opportunity to relax, let off some steam and express themselves via song -through her organisation of a very successful Karaoke night. Who knew we had so many talented vocalists amongst our membership and staff?

In 2022 the Annual Dinner will again take place in November, with a much-anticipated return to our traditional Concert based entertainment format, which this year is being organised by Marg Miles, Chrissie Greer and Lyn Mooney. I know these ladies have already put in a lot of time planning the event, and I’m certain it is truly appreciated by all our members.

Finally,them.amassive

thank you to all of the Pennant Hills women members for the support they have given their committee throughout (another) challenging year.

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On behalf of the women members, I would like to thank all members of the club’s board for their hard work over the past twelve months. We certainly appreciate the commitment of the board members to ensuring we have a prosperous and vibrant club.

The club’s General Manager, Barnaby Sumner, has continued to oversee the smooth operations of the club. We thank him for his work and the enthusiasm he brings to all matters related to the ‘bottom line’. We would also like to thank Craig Usher, Kim Truijens and Jodi Sparks for their work. Many members would be unaware of the amount of support the administration personnel provide to the women’s committee, and how much this enhances our club experience. The Food and Beverage staff, led by Peter Barter have continued to surpass expectations with both their product and service, which have been appreciated by the many members who have attended events. Additionally, Peter and his staff continue to provide us all with much needed and exceptional value ‘take-home’ meal options which have proven very popular. Kristen Ramirez, Hospitality Manager, has continued to offer valuable assistance to the Women's Committee in planning menus and coordinating scheduled events. Kristen makes our life much easier as a result of her ‘can-do’ attitude and willingness to help.

In what have been particularly trying times due to the weather, our new Course Superintendent, Liam Ash, and all the horticultural and greens staff have done an outstanding job with the ongoing care of the course and gardens. In the recent past, Board member Lesley Roberts has organised a team of women volunteers to assist the course staff with the upkeep of the gardens. The weekly efforts of the Friday morning gardening group were interrupted by Covid in 2021 and the wet weather in 2022 has also precluded the resumption of regular gardening. However, new and old volunteers are always welcomed.

An enormous thank you to the Women’s Committee for all of your work throughout the year, and the ongoing support you provide to the female members of our wonderful club. Despite the many challenges imposed by the Covid pandemic and the diabolical weather in 2022, the committee have continued to organise - and repeatedly re-organise - the quality events and competitions our members look forward to and expect. Our Captain, Anne Eldridge, dedicates an enormous amount of time to the organisation of timesheets and competitions, and always endeavours to accommodate all member requests. In addition, Anne acted as the Grade team manager this year. Janet Shand, our very competent and diligent secretary, has continued to monitor the many details which are required in the organisation of the multitude of events organised by the committee, and ensures all important tasks are undertaken in a timely manner. Sally Gooley has worked tirelessly to train her replacement, Nicki Howlett, to ensure there was a seamless transition in the management of the Women's competitions and results when she stepped down from her committee role during the year, after 5.5 years of dedicated service. Sally’s vast knowledge of club culture and procedures, along with her willingness to lend a hand will be greatly missed by those of us who remain on committee. Karen Patterson and Susie Wales have done a wonderful job in helping out wherever and whenever assistance is needed, recording all important occasions and posting these on the website for everyone to enjoy. Sally Gooley, Nicki Howlett, Karen Patterson, Susie Wales and Lilly Moore have put in a great effort in organising our very successful Pennants Teams in 2021 and offering general support in committee work. Due to unexpected health and family issues during 2022, Lilly Moore and Nicki Howlett have also taken temporary ‘leave of absence’ from their committee work. Lynne Bastock and more recently Simone Lester have very kindly stepped in to assist the Women's Committee with ongoing workloads, and for this I truly thank

Judy Women’sTrickettPresident

1. The Foundation membership increased by 47%, with now more than 116 members. This is now a significant portion of the general Club membership and shows that many want to commit to growth of assets and the development of different activities to broaden the appeal of our Club to current and new members. Please feel free to join us if you have not already

During this year:

3. Kendal Binns Junior Fund

1. Second Memorial Gates

PENNANT HILLS GOLF CLUB FOUNDATION REPORT

Our charter, like other Foundations of Clubs globally, is to meticulously research and plan for the future of our Club, specifically looking at the long and medium term, and what assets, infrastructure and activities need to be offered to service Members. This is a different brief to your Operational Board, which looks specifically at matters requiring attention now and is charged with the redevelopment of our current assets, such as the golf course.

b) construction of gates to access the greenskeepers area

2. The Foundation received a large increase in both donations and membership contributions, with a number of members donating significant sums of money in excess of $10,000 last year alone. Some members have taken the initiative to donate monthly (e.g, $100 per month charged to your house account) – which is a smart and generous way to provide the Foundation with much needed funds

Whilst this program is managed entirely by Ed Truscott and his team, it fits under the Foundation in terms of compliance. I am pleased to report that the Kendal Binns Junior Fund is running well and being well managed by its own committee.

It has been a very successful and exciting year for your Foundation. There was no change to the Board of Trustees, who are - Ross Jackson (Chair), Peter Abraham, Mark Golding, Ray Dearlove, Craig Stubbs, Lyall McLachlan, with Michael Rowan and Lesley Roberts as Nominees of the Board as well as Mark Bradbury an ex officio member and as Chair of the Board Planning Committee.

Ross Jackson Chairman

2. Golf Academy (GA)

Plans are being finalised and a combined D/A will be lodged with Council to allow construction. More news will no doubt follow from your Board.

We are excited to announce that plans have been completed and approved by both the Foundation Board and the Operational Board. It is envisaged that a package of visuals will be displayed before the end of the year in the clubhouse to fully explain the contents of the GA and the location and enormous benefits to Members. This package will include a three-dimensional model, large renderings and a digital “fly through”. Thank you to all members who have written to me with questions and ideas.

c) a signage wall on Pennant Hills Road

Projects under the management of the Foundation are:

Pennant Hills Golf Club Ltd ABN 12 000 037 856 26

During the year, this project was transferred to the Operational Board, to be included in a bigger project list that includes:a)refurbishment of the main gates

Following this report is the Foundation’s Income and Expenditure and Balance Sheet for the year ended 30 June 2022 and a separate report from the Kendal Binns Junior Fund.

Revenue

Government Development Grant 55,000Total Revenue 155,085 57,852

Cash at Bank 141,655 77,711

In accordance with the Foundation Deed of Trust we have included below the Foundation’s audited Statement of Income and Expenditure and Balance Sheet.

Expenses

Foundation monies expended (122,485) (22,477)

CurrentASSETSAssets

Trade and Other Payables 26,344Total current liabilities 26,344 -

Total Expenses (122,485) (22,477)

FOUNDATION FUNDS

Total Current Assets 141,655 77,711

Direct Donations received 35,166 27,294 Donation Grants received from Australian Sports Foundation 64,919 30,558

STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 $ $

BALANCE SHEET AS AT 30 JUNE 2022 2022 2021 $ $

Pennant Hills Golf Club Ltd ABN 12 000 037 856 27

Net Surplus for the Year 32,600 35,375

CurrentLIABILITIESLiabilities

Pennant Hills Golf Club Foundation

Net Contribution for the Year 37,600 52,375

Foundation Income and Expenditure and Balance Sheet

Transfer in from Ex Services memorial gates reserves 5,000 17,000

Total Liabilities 26,344NET ASSETS 115,311 77,711

As at 30 June 2022 $19,762 (2021: $14,333) donations remained with the Australian Sports Foundation (ASF). These donations will be recognised when the ASF grant the funds to the Pennant Hills Golf Club Foundation.

Pennant Hills Golf Club Foundation Reserve 115,311 77,711

Total Assets 141,655 77,711

For a breakdown of the Foundation funds by project refer to Note 13 in the Pennant Hills Golf Club Financial WeStatements.wouldalso like to welcome the following new Foundation Members who joined in the last 12 months:

MargieGarryDavidRobertBramstonBushPeterCookCunneenJoeD'andretiMichaelDayDeadmanDearloveRobertDunnMurrayFogartyGeoffFrostPaulGammiePeterHandelBobHeffernanTimHolfertRossHowarth

Pennant Hills Golf Club Ltd ABN 12 000 037 856 28

Total Foundation Funds 115,311 77,711

Mark Bradbury

Robert

StephenAndrewDamianIanAndrewKearnsLamKevinLesterVicLuptonMacqueenMaguireMcdonaldToniMclachlanRayMilesSandraMurphyPesaventoAlunRobertsKeithSmithAmandaStubbsSurenSurendraDavidThornRossWheatley

Adam Bramston

Thomas Jackson Paul

Geoff Bourke



AtScholarships.thebeginning

Our major fund raising takes place on a weekend in September and the highlight is an Ambrose golf event on Sunday. Many of the scholarship players are involved and the emphasis is on fun. There is a dinner after the game where prizes are given out and the winners of the raffle are announced.



At the end of the Club’s financial year the KBJF had $27.1k in the bank and the Fund has budgeted approx. $21.0k for ongoing support for our young players. There are currently 24 on scholarship and with the continued good work of Rachel and the teaching team, we are hoping to reach 50.

Matthew Nathan



Pennant Hills Golf Club Ltd ABN 12 000 037 856 29

James Dailly

The Kendal Binns Junior Fund wishes to salute Kendal who will be 100 in March next year. Kendal continues to attend our functions and bring smiles to the faces of all who attend.

Wenxin Wang

Finally, the Fund would like to thank Graeme Martin, Rhonda Parkinson, Hugh Gerdes, Rob Cornish Rachel Bailey, Neil Rolfe, Barnaby Sumner, Craig Usher, Kim Trujian and Jodie Sparks along with all the donors past and present.

KENDAL BINNS JUNIOR FUND REPORT

1. You have to play well enough that you chose golf over the many sports available

At the elite level Andy Richards, a scholarship holder since 2016, has recently turned professional and Olivia Kerr along with Hamish Murray have just finished their first years at Universities in the U.S. on golf

The KBJF continues its work developing lifelong members of Pennant Hills by supporting individual young members who show both the ability to be good golfers and good people.

of the financial, we hold a dinner to welcome new scholarship players and review the achievements of our ongoing players. This year it was attended by 75 members.

Brian Wu

Agatha Hui





Our efforts are based on 2 premises:

Is it working? In 2020 seven of our young golfers won the Metropolitan of Sydney Encourage Shield and in the state competition finished 3rd. They are all still members of Pennant Hills being:

Riley Lam

Ed Truscott KendalChairpersonBinns Foundation

Alfred Wang



2. You must have enough friends that you decide to use sport time with them playing golf. We haven’t got there with girls yet, but we are trying. In 2013 there were 11 girls in the junior program and none had a handicap. Today there are 31 in the program and 8 of those have handicaps and are on a scholarship from the KBJF.



The A Grade, B Grade, C Grade and Scratch trophy winners were Tim Fairbairn, Robert Bramston, Mark Canto and David Bailey respectively. Mark is an employee of the Club and needed to take off his apron from behind the bar to come forward to receive his trophy. Tim Fairbairn will no doubt recall his win having hit a hole-in-one on the 4th green.

We again enjoyed the generous sponsorship of Diageo, a global leader in beverage alcohol with an outstanding collection of brands across a wide range of spirits and beers. Diageo provided prizes and sustenance in the form of the iconic Johnnie Walker Black Label whisky and the “living sprit” - Bundaberg rum. The Committee is most grateful to Diageo. We also acknowledge Woolworths at Beecroft who provided the bread free of charge and Bunnings who provided their wide brimmed and trilby version of straw hats to our volunteers.

The Remembrance Trophy; known by some as the Lucknow Trophy is a magnificent trophy and has its own interesting history and military connection. The trophy donated by the Waterson family and presented by Terry Waterson was won by John Keenan.

The winning 4 Ball Team with a score of 54 was Mathew Reid, Mike Reid, Brendan Jordan and Conor Mansfield who received trophies provided by Legacy. The winning Ex-Services team with a score of 49 included Bryce Corderoy, Peter Cook, Ross Howarth and Geoff Burke who also received trophies provided by TheLegacy.“pot”of $627 on the 14th was won by Mark Heffernan.

Ex-Service member Brain Hamilton read the Ode and we were fortunate to again enjoy Andrew Hansch, a bugler and member of the Navy Band playing the Last Post and Reveille prior to the presentation of trophies. This was a moving ceremony that reminded us all of the sacrifice of war and why the day is an important part of the PHGC calendar.

Pennant Hills Golf Club Ltd ABN 12 000 037 856 30

Report on Remembrance Trophy and Ex-Services Golf Day 2021

As a result of the day our Club has been able to forward a cheque to Legacy for $4,300 which includes direct donations from Ex-Service Members of $300. Additionally, the Committee was able to allocate a further $5,000 to the Second Memorial Gates Fund increasing the balance to $40,000 comprising profits from Ex-Service Golf Days of $22,000 and direct donations of Ex-Service Members of $18,000.

A large group of volunteers drawn mainly from the Friday Long Lunch group provided a breakfast of sausage and onions washed down with a nip of Johnnie walker as well as the half way sustenance of Bully Beef and Damper Rolls, taken of course with the traditional gunfire brew of Bundaberg Rum and Coffee. Our thanks to Emeritus member Michael Williams who coordinated this enthusiastic team, the players certainly were grateful of their efforts.

The main raffle prize was a mixed dozen of Glandore wines donated by Peter McBeath and won by Ross ChrisHowarth.Howlett, Michael Fitzgerald, Kevin Pike and Pebbles Punia acted as bookmakers for the day tempting punters with enticing odds to land their ball in the inner circle, outer circle, on the green or over the creek. As usual, a major part of the money raised on the day came from this source providing $3,345. Legacy volunteers led by Julie Bowden assisted at the 18th green with nearest to the pin duties and the issue of raffle tickets. Young Park won the playing lesson with Neil Rolfe landing his ball 95cm from the pin.

EX-SERVICE SECTION REPORT

The 95th ex-services day and Remembrance Day golf competition was held on Saturday, 13 November after Covid health orders were eased allowing a field of 209 to take part. This included five members of our armed forces by invitation.

Bruce Lumsden, on behalf of the family of the late Geoff Lumsden donated the Ex-Services Trophy won by Michael Rowan who described this as his “third” win outlining the amusing circumstances of the first two. The 96th year of competition for the Ex-Services Trophy will be held on Saturday, 12 November in 2022.

To make this day a success there are a number of challenging and administrative arrangements that need to be capably carried out, we are grateful to Andrew and staff in the Professional Shop, Craig and Kim in the Office, as well as Kristen for her support and direction with the catering.

Michael Rowan Ex–ServiceChairpersonCommittee

Pennant Hills Golf Club Ltd ABN 12 000 037 856 31

L. Roberts Retired 2020

M. Bradbury Planning (Chairperson), Finance, Membership D. Blackshaw Finance (Chairperson), Membership, Planning, Reciprocal D. Thorn House, Finance & Planning, Reciprocal (Chairperson)

COMPANY SECRETARY

SHORT-TERM OBJECTIVES

S. Fabian Retired 2019

Year elected ResignationsAppointmentsand

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

S. Fabian Membership (Chairperson), Course & Playing, G.M. Martin House, Membership, Course & Playing L. Roberts House (Chairperson), Membership

D. Thorn Management Consultant 2021

M.J. Rowan Retired Banker 2019



Member engagement through club house activities

G.M. Martin Director 2019

The golfing community demand for membership of the Company

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

Occupation

C.J. Pragnell Course & Playing, Planning & Finance

D. Maguire Course & Playing (Chairperson), Planning, Reciprocal

The quality of the golf course

DIRECTORS

The directors present their report together with the financial report of Pennant Hills Golf Club Limited (“the Company”) for the year ended 30 June 2022 and the auditor’s report thereon.

Directors Names Sub Committee Responsibilities

D. Blackshaw Finance Manager 2020

M.J. Rowan As President is an ex-officio member of all Committees

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 members of the Company. These activities provided the foundation for the achievement of the short- and long-term objectives of the ThereCompany.have been no significant changes in the nature of these activities during the year.

A. McDonald Mortgage & Asset Finance Broker 2020

NamesDirectors

C.J. Pragnell Retired 2018 Resigned 24 October 2021

D. Maguire Registered Surveyor 2020

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

DIRECTORS’ REPORT

Barnaby Sumner holds the position of Company Secretary and General Manager of Pennant Hills Golf Club. Barnaby has been Company Secretary and General Manager since March 2019 after joining the Club from Oatlands Golf Club where he held the position of General Manager. His previous management experience includes senior management roles with Elanora Country Club & Concord Golf Club along with roles with Australian hotel companies Mirvac and Gazebo and internationally with the Fairhaven Hotel Group (U.K.)

PRINCIPAL ACTIVITIES



Pennant Hills Golf Club Ltd ABN 12 000 037 856 32

M. Bradbury Retired 2020

A. McDonald House, Finance









meetings

Strengthen the financial sustainability of the Company

STRATEGIES TO ACHIEVE OBJECTIVES

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



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



o

Development of a capital funding plan for the golf course and physical plant required to support the objectives

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

Continue to operate as a private golf club

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

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

Names MaximumPossibleAttendances MeetingsAttendedActually M.J. Rowan 12 11 M. Bradbury 12 12 D. Maguire 12 12 D. Blackshaw 12 11 S. Fabian 12 12 G.M. Martin 12 12 A. McDonald 12 11 C.J. Pragnell 4 4 L. Roberts 12 11 D. Thorn 8 8

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.

LONG-TERM OBJECTIVES

MEASUREMENT OF PERFORMANCE

directors’ meetings and number





Implementation of operational efficiency programs to reduce fixed operating expense levels

Member satisfaction and participation in club activities

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

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

o

Pennant Hills Golf Club Ltd ABN 12 000 037 856 33 

o



DIRECTORS’ MEETINGS



Directors



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

The Company has the following long-term objectives:

Expenses by Function Bar and Catering Expenses (972,296) (1,047,626) Pro Shop Expenses (437,391) (435,998) Golf Services Expenses (250,156) (273,647) Course Expenses (2,072,222) (1,790,963) House Expenses (649,801) (642,128) Administration Expenses (1,049,662) (1,122,501) (5,431,528) (5,312,863)

Revenue

Cost of Rendering Services 3 (111,335) (158,631)

Transfer from/(to) Memorial Gates Reserve (5,000) (1,500)

Other Comprehensive Income for the Year - -

Legal Settlement 2 300,000Total Revenue 7,127,761 7,434,160

Pennant Hills Golf Club Ltd ABN 12 000 037 856 39

Note 2022 2021 $ $

Transfer from/(to) Pennant Hills Golf Club Foundation Reserve (32,600) (35,375)

Sales Revenue 2 1,878,789 2,487,926 Subscriptions, Entrance Fees, Golf Services and Other 2 4,550,542 4,550,148 Government Grants 2 398,430 396,086

Total Comprehensive Income for the Year Attributable to Members 619,892 792,304

Pennant Hills Golf Club Foundation Donations Received 155,085 57,852 Foundation Monies Expended (122,485) (22,477)

Cost of Goods and Services

Member Benefits 3 (103,398) (76,050) (1,226,044) (1,411,509)

Net Surplus for the Year 621,483 854,422

Transfer from/(to) Course Development Reserve 36,009 (25,243)

Surplus/ (Deficiency) from Pennant Hills Golf Club Foundation 13 32,600 35,375

Other Income 2 118,694 109,259

Cost of Sales 3 (1,011,311) (1,176,828)

Surplus Attributable to Members 619,892 792,304

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022

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

Surplus before Income Tax 588,883 819,047 Income Tax Expense -Surplus after Income Tax 588,883 819,047

Total Costs and Expenses (6,657,572) (6,724,372)

Total current liabilities 3,976,656 4,038,711

Non-Current Assets

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

Provisions 9 162,686 152,959

$

Total Members’ Funds 6,850,054 6,228,571

Trade and Other Payables 8 784,990 1,011,322

2022

Total Non-Current Assets 10,296,428 10,431,145

CurrentASSETSAssets

Property, Plant and Equipment 7 10,296,428 10,431,145

Note 2022 2021 $

Total Liabilities 5,008,114 5,691,067

Deferred Income 10 107,706 102,232

Borrowings 11 57,644 76,023

Total Assets 11,858,168 11,919,638

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE

Long-Term Provisions 9 29,622 23,902

Retained Earnings 6,734,743 6,114,851

Pennant Hills Golf Club Foundation Reserve 13 115,311 77,711

Inventories 5 202,464 213,621 Other Assets 6 202,257 166,029

Memorial Gates Reserve -Course Development Reserve - 36,009

Non-current liabilities

MEMBERS’ FUNDS

Cash and Cash Equivalents 15(a) 307,765 250,244 Trade and Other Receivables 4 849,254 858,599

Pennant Hills Golf Club Ltd ABN 12 000 037 856 40

Other Current Liabilities 12 2,863,630 2,696,175

Long Term Deferred Income 10 976,253 945,227

Total Current Assets 1,561,740 1,488,493

NET ASSETS 6,850,054 6,228,571

CurrentLIABILITIESLiabilities

Borrowings 11 25,583 683,227

Total Non-Current Liabilities 1,031,458 1,652,356

Accumulated FoundationPennantHillsGC

Surplus Attributable to Members 792,304 - - - 792,304 Surplus from Pennant Hills GC Foundation Donations 35,375 - - - 35,375

MemorialGates DevelopmentCourse MembeTotalrs’ Funds Reserve Reserve Reserve Funds $ $ $ $ $

Transfer to Pennant Hills GC Foundation Reserve (35,375) 35,375 - -Donations to Memorial Gates 1,500 - - - 1,500

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE

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

Balance at 1 July 2020 5,322,547 25,336 15,500 10,766 5,374,149

Pennant Hills Golf Club Ltd ABN 12 000 037 856 41

Transfer to Memorial Gates Reserve (1,500) - 1,500 -Transfer to Pennant Hills GC Foundation Reserve - 17,000 (17,000) -Utilisation of DevelopmentCourseReserve 25,243 - - - 25,243

Transfer from Course Development Fund (25,243) - - 25,243Balance at 30 June 2021 6,114,851 77,711 - 36,009 6,228,571

2022

Surplus Attributable to Members 619,892 - - - 619,892 Surplus from Pennant Hills GC Foundation Donations 32,600 - - - 32,600 Transfer to Pennant Hills GC Foundation Reserve (32,600) 32,600 - -Donations to Memorial Gates 5,000 - - - 5,000

Transfer to Memorial Gates Reserve (5,000) - 5,000 -Transfer to Pennant Hills GC Foundation Reserve - 5,000 (5,000) -Utilisation of DevelopmentCourseFund (36,009) - - - (36,009) Transfer from Course Development Reserve 36,009 - - (36,009)Balance at 30 June 2022 6,734,743 115,311 - - 6,850,054

Net cash used in investing activities (490,188) (403,240)

Receipts from members / customers 8,138,631 8,202,480 Payments to suppliers and employees (6,872,970) (6,319,416)

Cash flows from investing activities

Net increase / (decrease) in cash held 57,521 26,884 Cash at beginning of the financial year 250,244 223,360 Cash at the end of the financial year 15(a) 307,765 250,244

Note 2022 2021 $ $

Repayment of Bank Loans (600,000) (1,300,000) Repayment of Equipment Finance (21,209) (24,961) Repayment of Equipment Leases (54,814) (51,630)

Net cash generated from /(used in) financing activities (676,023) (1,376,591)

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

Pennant Hills Golf Club Ltd ABN 12 000 037 856 42

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2022

Cash flows from operating activities

Proceeds from sale of property, plant & equipment 21,078Payment for property, plant and equipment (511,266) (403,240)

Cash flows from financing activities

Interest Received - 1 Net cash generated from operating activities 15(b) 1,223,732 1,806,715

Interest Paid (41,929) (76,350)

(c) Property, Plant and Equipment

Pennant Hills Golf Club Ltd ABN 12 000 037 856 43

(b) Inventories

(a) Income Tax

Basis of Preparation

Accounting Policies

30 JUNE 2022

Nature of Operations

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.

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

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

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

As at 30 June 2022 the company has a net current liability position of $2,414,916 (2021: $2,550,218) primarily due to the large balance of subscriptions paid in advance. The subscriptions paid in advance for the 2023 year are not refundable and will be recognised as revenue over the 2023 financial year. The company has access to a bank facility of $2.95 Million (2021: $2.95 Million) which it can draw down on when cash flow requires it. The facility will expire in July 2025. More details on this facility are included in Note 11 to these financial statements. Based on these factors the directors are of the opinion that the company will be able to pay its debts when they fall due.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED

The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards – Tier 2 Simplified Disclosures, 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 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.

Net Current Liability Position

(i) Recognition and measurement

The financial report was authorised for issue on the 31st August 2022 by the board of directors.

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

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.

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

(e) Impairment of Assets

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

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.

(c) Property, Plant and Equipment (continued)

(ii) Subsequent Costs

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.

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.

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.

The estimated useful lives for the current and comparative periods are as follows: Buildings 40 years Plant and equipment 3 - 20 years

(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 accounted for in accordance with AASB16 – Leases. At inception the present value of the leased asset is capitalised as an asset to be depreciated over the term of the lease. A corresponding lease liability is recorded and shown in Note 11 Borrowings. As lease payments are made the periodic principal reduction is charged to the lease liability and a charge for interest is expensed in the period in which the payment is incurred.

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

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

Pennant Hills Golf Club Ltd ABN 12 000 037 856 44 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Short-term Employee Benefits

Pennant Hills Golf Club Ltd ABN 12 000 037 856 45

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.

(g) Provisions, Contingent Liabilities and Contingent Assets

(h) Revenue and Other Income

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.

(e) Impairment of Assets (continued)

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.

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.

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.

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.

NOTES STATEMENTS

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.

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.

TO THE FINANCIAL

Other long-term Employee Benefits

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.

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenues are recognised at fair value of the consideration received.

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

(f) Employee Benefits

FOR THE YEAR ENDED 30 JUNE 2022

(m) Comparative Figures

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.

(i) Borrowing Costs

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

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.

30 JUNE 2022

(k) Subscriptions in Advance

PHGC Foundation donations and contributions made are credited to the PHGC Foundation in the year in which they are made.

(j) Goods and Services Tax

(n)

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

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.

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 ENDED

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

YEAR

The liability for deferred income relating to unutilised amounts of telecommunications tower rental received on the condition that specified conditions are fulfilled. Where the amount received is in respect of rental which 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.

Pennant Hills Golf Club Ltd ABN 12 000 037 856 46

(h) Revenue and Other Income (continued)

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

The Subscriptions in advance balance in Note 12 consists of 2023 membership subscriptions received prior to 30 June.

Deferred income relating to entrance or joining fees paid by new members are recorded as deferred income and shown in Note 10. Entrance fees are released to income over 10 years which is the deemed average period of membership. If a member leaves within the 10-year period the balance of joining fees deferred is released and shown as entrance fee income in the year of departure.

(l) Deferred Income

Critical Accounting Estimates and Judgments

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

(r) Transition to Australian Accounting Standards – Tier 2 Simplified Disclosures

The Company has elected not to present comparative information in the notes to these financial statements where comparable information was not disclosed in the company's most recent previous general purpose financial statements.

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.

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 Loansexpenses.andreceivables

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.

Government grants received from State and Federal governments comprising COVID-19 stimulus measures of Payroll Tax relief, Cash Boost, Jobkeeper, Jobsaver and BAC and CAC Apprentice funding are recorded as grant income when received or receivable. Expenses related to these grants are shown in expenses by function.

Classification and measurement of financial assets

AASB 1060 General Purpose Financial Statements - Simplified Disclosures For-Profit and Not-forProfit Tier 2 Entities became effective from 1 July 2021. The application of the standard does not materially affect the presentation or disclosures in the financial statements.

TO THE

(p) Financial Instruments

NOTES FINANCIAL STATEMENTS

Financialcosts.

Pennant Hills Golf Club Ltd ABN 12 000 037 856 47

(o) Government Grants

Classification and measurement of financial liabilities

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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.

FOR THE YEAR ENDED 30 JUNE 2022

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

The Company previously prepared general purpose financial statements under Tier 2 - Reduced Disclosure Requirements. There were no transition adjustments other than a few disclosure changes on the adoption of Australian Accounting Standards – Tier 2 Simplified Disclosures.

Competition Fees & Member Playing Fees 363,443 413,824 Visitor & Corporate Fees 190,698 307,070 554,141 720,894

Unredeemed levy Vouchers 8,394 10,059 153,909 154,997

Bar, Catering & Function Services

Telecommunications Tower Rent 36,800 48,412

Federal & State JobSaver/Jobkeeper Relief –COVID 19 Stimulus 286,030 300,000

Federal BAC Apprentice Funding – COVID 19 Stimulus 78,003 46,086 398,430 396,086

Other Operating Income

TOTAL SERVICE REVENUE & OTHER INCOME 4,550,542 4,550,148

Pro Shop Services

Locker Rentals 4,003 3,983

Legal Settlement 300,000300,000 -

ENDED 30

Pro Shop Sales 612,718 632,377

SERVICE REVENUE & OTHER INCOME

TOTAL REVENUE & OTHER INCOME 7,127,761 7,434,160

Pennant Hills Golf Club Ltd ABN 12 000 037 856 48

Federal Cash Boost Relief – COVID 19 Stimulus - 50,000

Legal Settlements

2022 2022 2021 $ $

Pro Shop Lessons and Equipment Storage, Hire and Repairs 214,213 234,145 338,341 449,548

Room and Equipment Hire & Other Function Income 15,535 21,371

NSW Payroll Tax Relief – COVID 19 Stimulus 34,397 -

Interest Received - 1 Finance Fees Received 39,760 51,395 Other Income 2,652 2,841 3,484,613 3,199,355

NOTE 2: REVENUE & OTHER INCOME

Bar Sales 661,861 974,930 Catering Sales 604,210 880,619 1,266,071 1,855,549

Members’ Subscriptions & Affiliation Fees 3,442,201 3,145,118

SALES REVENUE

House Services

Government Grants

Hire of Carts 124,128 215,403

Golf Services

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR JUNE

TOTAL SALES REVENUE 1,878,789 2,487,926

Non-Operating Income

Entrance Fees 108,715 96,526

Total Depreciation and Amortisation 645,983 602,949

Member Benefits

- Taxation Services Provided by Related Practice of Auditor 2,097 1,300

Member Outlander Benefits 52,607Golf Services Visitor Passes & Business Golf 50,791 76,050 103,398 76,050

$ $

Remuneration of the Auditor for:

Depreciation of: Building 265,215 261,741 Plant, Equipment & Course Irrigation System 380,768 341,208

Impairment of Assets

Cost of Rendering Services Pro Shop

Write Down in Clubhouse Assets - -

Cart Running and Hire Costs 21,698 42,820

Gain on Disposal of Property, Plant and Equipment 21,078Members’ Contributions to Course Development Fund 92,616 107,759 Ex-Serviceman’s Donation to Memorial Gates Fund 5,000 1,500 118,694 109,259

NOTES

- Auditing the Accounts 20,895 19,900

Other Income

Bar 298,313 391,895 Catering 293,478 351,732 591,791 743,627 Pro Shop 419,520 433,201 1,011,311 1,176,828

Cost of Sales

NOTE 3: INCLUDED IN DETERMINING SURPLUS FOR THE YEAR

Interest Paid & Payable Bank Loans 32,511 56,038 Equipment Finance 7,041 11,307 39,552 67,345

Pennant Hills Golf Club Ltd ABN 12 000 037 856 49

Repair and Service Costs & Teaching Commission 89,637 115,811 111,335 158,631

TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021

NOTE 2: REVENUE & OTHER INCOME (continued)

FINANCIAL

Trade Receivables 849,674 859,019

Finished Goods – at Cost 202,464 213,621

TO

Provision for Impairment of Receivables (420) (420) 849,254 858,599

NOTE 5: INVENTORIES

YEAR ENDED 30 JUNE 2022

1-Jul-20 30-Jun-21 $ $ $ $ Trade Receivables 8,024 3,064 (10,668) 420

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 ReceivablesOpeningBalance

Prepayments 149,158 124,267 Government Grants Receivable 53,099 41,762 202,257 166,029

Opening Balance Charge forYearthe WrittenAmountsOff Closing Balance

Pennant Hills Golf Club Ltd ABN 12 000 037 856 50

Charge forYearthe WrittenAmountsOff

NOTE 4: TRADE AND OTHER RECEIVABLES $ $

NOTES THE STATEMENTS FOR THE 2022 2021

Closing Balance

NOTE 6: OTHER ASSETS

1-Jul-21 30-Jun-22 $ $ $ $ Trade Receivables 420 - - 420 2022 2021 $ $

Pennant Hills Golf Club Ltd ABN 12 000 037 856 51

Carrying Amount at 30 June 2021 9,500 7,664,932 2,559,879 196,834 10,431,145

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 members and is therefore core property.

The Valuer General land value at 1/7/19 was $4.94 million. There has not been an updated valuation issued as at the date of this report.

Balance at 1 July 2020 9,500 7,926,673 2,687,878 6,803 10,630,854

Disposals at Cost - - 215,378 - 215,378 Disposals Accumulated Depreciation - - (215,378) - (215,378)

Carrying Amount at 30 June 2022 9,500 7,469,767 2,776,484 40,677 10,296,428

Plant Equipmentand Capital Work in Progress Total

Additions at Cost - 70,050 400,539 40,677 511,266

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

NOTES STATEMENTS

Disposals - - - -Transfers - - 6,803 (6,803)Depreciation Expense - (261,741) (341,208) - (602,949)

$ $ $ $ $

Included within the carrying amount of Plant & Equipment is $43,245 (2021: $64,192) of financed equipment and $32,085 (2021: $82,771) of capitalised operating leases. Refer to Note 17 for further details of operating leases and financed equipment.

FOR THE YEAR ENDED 30 JUNE 2022

NOTE 7: CORE PROPERTY, PLANT & FreeholdEQUIPMENTLandBuildings

TO THE FINANCIAL

Additions at Cost - - 206,407 196,834 403,240

Transfers - - 196,834 (196,834)Depreciation Expense - (265,215) (380,768) - (645,983)

Deferred Income – Entrance Fees 384,630 316,804 976,253 945,227

Employee Benefits – Annual Leave 134,674 110,679

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 2022 2022 2021 $ $

NOTE 8: TRADE AND OTHER PAYABLES

Employee Benefits – Long Service Leave 28,012 42,280 162,686 152,959

Trade Payables 207,761 439,317 Sundry Payables and Accrued Expenses 577,229 572,005 Trade and Other Payables 784,990 1,011,322

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).

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. Entrance fees received are deferred and released over 10 years. In the event of a member resigning within the 10 years the balance of a member’s entrance fee not previously recognised is released.

CurrentPROVISIONSShortTermEmployee Benefits

30

Current

Deferred Income – Entrance Fees 70,906 65,432 107,706 102,232

Non-Current

Employee Benefits - Long Service Leave 29,622 23,902

LonNon-CurrentgTermEmployee Benefits

NOTE 10: DEFERRED INCOME 2022 2021 $ $

Deferred Income – Communications Tower 36,800 36,800

Pennant Hills Golf Club Ltd ABN 12 000 037 856 52

Deferred Income – Communications Tower 591,623 628,423

NOTE 9:

2022 2021 $ $

CurrentBORROWINGS

NOTE 12: OTHER LIABILITIES 2022 2021

Current $ $

has previously entered into four Commercial Loans for the purchase of course equipment. The term of each of these arrangements is five years and expire between November 2023 and June 2024.

Non-Current Bank Loan - 600,000 Commercial Loan - Equipment 24,499 46,848 Leases - Equipment 1,084 36,379 25,583 683,227

Subscriptions in Advance 2,564,159 2,434,218 Food and Beverage Levy in Advance 235,490 191,400 Functions in Advance 28,630 33,209

Commercial Loan - Equipment 22,350 21,209 Leases – Equipment 35,294 54,814 57,644 76,023

In the current year the Company’s NAB borrowing facility of $2.95 Million was renegotiated. The facility will reduce to $2.35 Million in April 2023, $1.75 Million in April 2024 and $1.15 Million in April 2025. The facility expires in July

Pennant Hills Golf Club Ltd ABN 12 000 037 856 53 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 11:

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

Facilities

The Company has operating leases for carts and office printers being recorded as lease borrowings.

The Company’s equipment financier holds a security interest over the equipment purchased for the duration of the financing agreement.

Security

Unredeemed Vouchers 12,113 9,199 Other 23,238 28,149 2,863,630 2,696,175

The2025.Company

Fund Gates Facility General Foundation

TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Transfer from Memorial Gates reserve - 17,000 - - 17,000 Donations and ASF grants received 22,617 3,437 22,649 9,150 57,853 Foundation funds expended (19,134) - - (2,503) (21,637)

NOTE 13: PENNANT HILLS GOLF CLUB FOUNDATION RESERVE

Memorial TeachinIndoorg

Pennant Hills Golf Club Ltd ABN 12 000 037 856 54

GST Recoveries/(payments) 744 (162) (1,651) 228 (841)

NOTE 14: RELATED PARTIES

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.

Transfer from Memorial Gates reserve - 5,000 - - 5,000 Donations and ASF grants received 12,299 26,634 57,552 3,600 100,085 Government development grant 55,000 55,000 Foundation funds expended (15,813) - (100,160) (6,769) (122,742) GST Recoveries/(payments) 1,085 (816) (627) 615 257

KendalBinnsJunior

$ $ $ $ $

Balance at 30 June 2021 29,563 20,275 20,998 6,875 77,711

Balance at 30 June 2022 27,134 51,093 32,763 4,321 115,311

Post- EmploymentBenefit

The Pennant Hills Golf Club Foundation is a fund operating under a deed of trust and administered by nominated trustees in accordance with the deed. The fund raises income by way of gift, donation, legacy, bequest or otherwise. The fund currently has three specific projects registered with the Australian Sports Foundation to receive donations for the development of promising junior members, the build of the second entry memorial gates and the build of an indoor teaching facility. The Club has established a “Pennant Hills Golf Club Foundation Reserve” whereby the monies raised by way of donations from members and contributions from Club activities are held specifically for the foundation. The foundation funds are solely for the benefit of the nominated projects where specifically identified for the project purpose or where not identified as general funding for purposes identified by the trustees. Unspent monies at the close of the financial year being the opening position for the year plus the contributions and less expenditure are represented in the Pennant Hills 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 of contributions of $32,600 (2021: $35,375) together with the balance of the Memorial Gates Reserve were transferred into the reserve.

NOTES

(a)

Short-TermBenefits Total $ $ $ - 646,499 615,241 621,745

2021 Total Compensation 646,499

PHGCTotal

Balance at 1 July 2020 25,336 - - - 25,336

2022 Total Compensation

6,504

TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Increase/(Decrease) in Accounts Payable (226,332) 166,423 Increase/(Decrease) in Other Liabilities 167,455 257,126

Amortisation of Entrance Fees Received in Advance 73,300 68,020

Change in Assets and Liabilities

Cash Flow from Operations 1,223,732 1,806,715

During the year the Company incurred expenses related to future course development from a firm over which one of the directors exercises significant influence. The amount billed for this service amounted to $9,652 (2021: $9,000), based on normal market rates and was fully paid as of the reporting date. Apart from transactions related to activities as members which include golf, golf services and food and beverage operations the company has incurred no other material transactions with related parties.

Net Cash Provided by Operating Activities before Change in Assets & Liabilities 1,298,335 1,493,240

(Increase)/Decrease in Receivables 9,345 (150,457) (Increase)/Decrease in Inventories 11,157 (61,808) (Increase)/Decrease in Other Assets (36,228) 102,191

Cash Assets 307,765 250,244

b) Reconciliation of Cash Flow from Operations .

NOTE 15: NOTES TO THE STATEMENT OF CASH FLOWS

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 2022 2021 $ $

Pennant Hills Golf Club Ltd ABN 12 000 037 856 55

(b) Transactions with Related Parties

Net Surplus for the Year 621,483 854,422

a) Reconciliation of Cash

NOTES

NOTE 14: RELATED PARTIES (Continued)

Add/(Less) Non-Cash Items: Depreciation 645,983 602,949 Provision for Employee Benefits 15,447 4,649

Add/(Less) Items Classified as Investing/ Financing Activities: Profit on Sale of Non-Current Assets (21,078) -

. with Net Surplus for the Year

Amortisation of Tower Rental Income Received in Advance (36,800) (36,800)

Pennant Hills Golf Club Ltd ABN 12 000 037 856 56

YEAR ENDED 30 JUNE 2022

Fair Value Estimation

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.

(i) 784,990 784,990 1,011,322 1,011,322 Borrowings

Footnote Net CarryingValue NetValueFair Net CarryingValue NetValueFair

(i) 83,227 83,227 759,250 759,250

Total Financial Liabilities 868,217 868,217 1,770,572 1,770,572

Borrowings includes $Nil million drawn against a current $2.95 million bank facility. The current drawings interest period applies until 22 July 2022. Interest will be reset at the time of the next drawdown for a period of between 30 and 180 days at the discretion of the Company.

The Company borrowings includes the principal amounts outstanding on leases of golf carts and office copier printers which were taken over a period of 5 years and will expire in February 2023 and October 2023. The carrying value of the leases does not include future financing costs and as such carrying value is equivalent to fair value.

Trade and Other Payables

Borrowings also includes commercial loan equipment finance for six items of course equipment. Equipment loan finance is taken over a period of five years. The carrying value of equipment finance does not include future financing costs and as such carrying value is equivalent to fair value.

NOTES THE FINANCIAL STATEMENTS FOR THE

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.

(i) 849,254 849,254 858,599 858,599

Total Financial Assets 1,157,019 1,157,019 1,108,843 1,108,843

TO

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.

2022 2021

Cash and Cash Equivalents

$ $ $ $

Financial Assets

Net Fair Values

(i) 307,765 307,765 250,244 250,244 Trade and Other Receivables

Financial Liabilities

NOTE 16: FAIR VALUE MEASUREMENT

Payable – Minimum Repayments $ $

Minimum Lease Payment Due $ $

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

The equipment lease commitments comprising golf cart and photocopier leases are non-cancellable operating leases with lease terms of five years.

The present value of operating leases is booked as an asset and a corresponding liability raised for the outstanding principal. Lease payments are charged to the liability as a reduction in principal and interest is charged to interest expense. During the current year $3,980 (2021: $7,167) was charged to interest cost and $54,814 (2021: $51,630) allocated to reduce principal for operating leases.

NOTE 17: CAPITAL AND LEASING COMMITMENTS

Pennant Hills Golf Club Ltd ABN 12 000 037 856 57

Within 1 Year 36,121 58,795 1 to 5 years 1,095 37,217 37,216 96,012

Less: Future Finance Costs 2,944 6,004 46,849 68,057

Equipment Finance Commitments 2022 2021

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.

Less: Future Finance Costs 838 4,819 36,378 91,193

The Company’s future minimum operating lease payments are as follows: 2022 2021

Lease finance commitments are shown in Borrowings (Note 11) as current borrowings of $35,294 (2021: $54,814) and non-current borrowings of $1,084 (2021: $36,379).

Within 1 Year 24,270 24,269 1 to 5 years 25,523 49,792 49,793 74,061

Equipment finance commitments are shown in Borrowings (Note 11) as current borrowings of $22,350 (2021: $21,209) and non-current borrowings of $24,499 (2021: $46,848).

Operating Lease Commitments

NOTE 18: SEGMENT REPORTING

The registered office and principal place of the Company is: Copeland Road, Beecroft NSW 2119

NOTE 22: EVENTS AFTER THE BALANCE SHEET DATE

30 JUNE 2022

At 30 June 2022 the company has no material commitments which will be paid in the 2022 year.

The financial report was authorised for issue on 31st day of August 2022 by the Board of Directors.

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 2022 there were 1,297 members.

NOTE 21: COMMITMENTS

NOTES TO THE STATEMENTS FOR THE YEAR ENDED

Pennant Hills Golf Club Ltd ABN 12 000 037 856 58

NOTE 20: CONTINGENT LIABILITIES

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

NOTE 19: COMPANY DETAILS

NOTE 23: REPORTING REQUIREMENTS - REGISTERED CLUBS ACT 1976

FINANCIAL

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.

There are no contingent liabilities that have been incurred by the Company in relation to 2022 or 2021.

Cost of Goods and Services (530,855) (591,832)

Less:Salaries and on costs (370,543) (370,724)

Pennant Hills Golf Club Ltd ABN 12 000 037 856 60

SUBSCRIPTIONS AND OTHER OPERATING INCOME $

Margin % 44.2% 45.3%

Affiliation Fees 60,461 51,655

Other direct expenses and depreciation (66,848) (65,274)

Subscriptions 3,381,740 3,093,463

Margin % 53.3% 59.9%

Gross Margin 420,204 490,093

Gain on Disposal of Property, Plant & Equipment 21,078Surplus 3,505,691 3,199,355

Less:Salaries and On Costs (871,525) (945,448)

PRO SHOP TRADING STATEMENT

Equipment & Merchandise Sales 612,718 632,377 Cart Hire Revenue 124,128 215,403 Services Revenue 214,213 234,145

Pro Shop Expenses (437,391) (435,998) Surplus / (Deficit) (17,187) 54,095

Interest Received - 1 Finance Fees Received 39,760 51,395 Other Income 2,652 2,841

BAR AND CATERING TRADING STATEMENT

Cost of Goods Sold (591,791) (743,627)

Room and equipment hire and other function revenue 15,535 21,371 Surplus / (Deficit) (282,481) 85,667

Sales 1,266,071 1,855,549

Gross Margin 674,280 1,111,922

Pro Shop Income 951,059 1,081,925

Other Direct Expenses (100,771) (102,178) Bar & Catering Expenses (972,296) (1,047,626)

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE

Cost of Goods Sold – Equipment & Merchandise (419,520) (433,201) Cart Hire Running Costs (21,698) (42,820) Services Costs Including Teaching Commissions (89,637) (115,811)

20222022 2021

Visitors Fees 113,639 158,111 Golf Services Income 554,141 720,894

Cost of Services (103,398) (76,050)

Pennant Hills Golf Club Ltd ABN 12 000 037 856 61

Course maintenance materials (216,560) (183,275)

Salaries and on costs (85,872) (94,592)

NSWGA and WGNSW affiliation fees (59,012) (55,331)

Staff training, catering and uniform costs (37,553) (21,411)

Other course expenses (128,361) (143,370) (1,677,827) (1,470,555)

Talent development - -

Corporate Green Fees 77,059 148,959

Operating Costs (134,425) (127,399)

Surplus 200,587 371,197

GOLF SERVICES

Water reclamation plant

COURSE

Fuel and energy costs (61,243) (41,068)

Expenses (250,156) (273,647)

Total Course Expenses (1,943,597) (1,708,447)

Member Green Fees 61,264 61,898

Member Competition Fees 302,179 351,926

Equipment repairs and maintenance (99,810) (140,118)

20222022 2021

Salaries and on costs (1,026,662) (854,936)

Improvement projects (36,584) (20,416) (1,714,411) (1,490,971)

Water usage (8,758) (8,940)

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE

Trophies and prize vouchers (55,442) (71,076)

Depreciation (94,761) (90,077) (229,186) (217,476)

Representative players expenses (19,181) (25,148)

Depreciation (98,880) (77,437)

Membership Induction Expenses (16,561) (14,704)

Member Benefits – Visitor Passes, Business Golf & Outlander (103,398) (76,050)

Fixture book, bag tags and score cards (14,088) (12,796)

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE

OPERATING SURPLUS / (DEFICIENCY) FOR THE YEAR (232,447) 241,221

Telecommunications Tower Rent 36,800 48,412

Cleaning and laundry costs (105,094) (105,719)

Computer expenses (70,408) (81,160)

Finance Costs (56,063) (62,905)

Interest Paid (39,552) (67,345)

Printing and stationery (15,567) (23,977) Marketing and advertising (9,262) (12,457)

Salaries & on costs (559,424) (565,529)

Salaries and on costs - -

Other house costs (4,226) (4,937)

Postage and telephone (12,699) (16,746)

NON-OPERATING REVENUE AND (EXPENSE)

Entrance Fees 108,715 96,526

Depreciation (371,761) (359,820)

SURPLUS ATTRIBUTABLE TO MEMBERS 619,892 792,304

Building maintenance costs (132,062) (135,877)

20222022 2021

HOUSE & LOCKER ROOMS

Locker Fees 4,003 3,983

Forfeited F&B Levies 8,394 10,059

Catering entertainment and social costs (36,658) (35,775)

Depreciation of office equipment (31,657) (26,929)

Total Income 4,003 3,983

Insurance (123,886) (103,435)

Legal Settlement 300,000Government Grants 398,430 396,086

Net House Expenses (645,798) (638,145)

Pennant Hills Golf Club Ltd ABN 12 000 037 856 62

Total Expenses (649,801) (642,128)

Audit and accounting fees (22,992) (21,200)

Other expenses (108,152) (140,818) Administration Expenses (1,049,662) (1,122,501)

Total Non-Operating Revenue and (Expense) 852,339 551,083

ADMINISTRATION

Pennant Hills Golf Club Ltd ABN 12 000 037 856 63

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