PHGC Annual Report Issuu FINAL by www.pennanthillsgolfclub.com.au

Pennant Hills Golf Club Limited

A N N U A L R E P O R T 2 0 22 / 2 0 2 3 ABN 12 000 037 856

PENNANT HILLS GOLF CLUB LIMITED ABN 12 000 037 856 OFFICE BEARERS President:

Mr. Michael Rowan B.Ec, MBA, CPA

Vice-President:

Mrs. Sue Fabian BA Dip Ed GAICD

Captain:

Mr. Damian Maguire B.Surv. IS NSW

Hon. Treasurer:

Mr. David Blackshaw B.Ec, FCPA

Directors:

Mr. Mark Bradbury Assoc. Dip. B.Admin (Mktg), GAICD, Mr. Derek Downes, Mr. Graeme Martin GAICD, Mrs. Lesley Roberts & Mr David Thorn B.Bus GAICD.

COMMITTEES Finance:

David Blackshaw (Chairperson)

Planning:

Mark Bradbury (Chairperson)

Course & Playing:

Damian Maguire (Chairperson)

Membership:

Sue Fabian (Chairperson)

House:

Lesley Roberts (Chairperson)

Reciprocal:

David Thorn (Chairperson)

Women’s Committee:

Susie Wales (President), Anne Eldridge (Captain), Lilly Moore (Secretary), Simone Lester (Competition Manager), Lynne Bastock Marian Jones, Belinda Milroy & Glenda McKie

Life Member:

Mr. Tony Gresham

Delegate to Golf NSW:

Mrs. Sue Fabian

Auditor:

BDH Audit and Assurance Pty Ltd

General Manager:

Mr. Barnaby Sumner

Pennant Hills Golf Club Ltd ABN 12 000 037 856

TABLE OF CONTENTS President’s Report

General Manager’s Report

NSW Amateur Report

Centenary Report

Treasurer’s Report

Captain’s Report

House Report

Membership Report

Planning Committee Report

Reciprocal Committee Report

Women’s Members’ Report

Pennant Hills Golf Club Foundation Report

Kendal Binns Junior Fund Report

Ex-Service Section Report

Directors’ Report

Auditor’s Independence Declaration

Independent Audit Report

Directors’ Declaration

Statement Of Comprehensive Income for the year ended 30 June 2023

Statement Of Financial Position as at 30 June 2023

Statement Of Changes in Equity for the year ended 30 June 2023

Cash Flow Statement for the year ended 30 June 2023

Notes to the Financial Statements for the year ended 30 June 2023

Compilation Report

Summarised Trading Account for the year ended 30 June 2023

Pennant Hills Golf Club Ltd ABN 12 000 037 856

PRESIDENT'S REPORT I have heard it said that life is about timing and to belong to our Club enjoying the time of our Centenary year gives considerable weight to that simple adage. The opening ceremony provided an excellent platform of anticipation and enjoyment. The “Centenary Clock” records the milestone near the first tee, interestingly it is close to the sundial that is also a commemorative mark of life and time at our great Club. We were disappointed that Her Excellency the Honourable Margaret Beazley AC KC Governor of New South Wales had suffered a minor health issue preventing her from joining us on Sunday, 26 February at the opening ceremony. Then pleased to receive a letter confirming her determination to reschedule the unveiling of the plaque that had been cast to mark our Centenary. This was done at lunch with the Board and past office bearers of the Club on Sunday, 16 April. The Governor provided an entertaining address relating family linkage to Governor Hassal who originally granted the land we stand on but assuring us she was not here to reclaim it. It was a year when Pennant Hills hosted the NSW Amateur Championships held in January over 36 holes. Your Club took the initiative to support the filming of the event that was live streamed causing several viewers to comment on the spectacular condition and variety of the holes on our course. The Centenary year will be remembered for many things, none more so than the spectacular gala ball, a black-tie event held on Saturday, 4 March. The House Committee report describes the night in more elegant detail and the many photos of the night provide a permanent record of a stunning event. To add a special gravitas to the Pennant Hills Cup in our Centenary year we issued an invitation to the Club Champions of our reciprocal clubs, from Australia, from New Zealand and from the UK. It was an incredible event held on Sunday, 2 April, regretfully marred by the meteorological beast that we have been fighting these last few years. The Club also arranged for the live streaming of this event that was watched with interest at our reciprocal clubs, friends of golf and among networks of competing players. The event is now rescheduled for Sunday, 26 November 2023. Other special events in this first part of the calendar year included the Heritage Long Lunch in March where we enjoyed the amazing recall of Darcy Cluff as he addressed Members on incidents and traditions of our Club. The “Medals Through the Ages” was an opportunity for Members in various age groups to compete for a special Centenary Medal. In all, 12 medals were awarded for competitions by women and men. The under 40’s “Youngbloods” appreciated their own event being golf and dinner in late March. This report captures the first half of the Centenary year, golf and social events that are timed for July through to December will be included in the 2023/24 Annual Report. We enjoyed, as our Treasurer says, a solid financial result, being a surplus of $38,724. Down on previous years that were buoyed by insurance settlements and government subsidies related to the pandemic but after the one-off costs incurred in celebrating our Centenary. We operate under a revolving line of credit at the bank, this was reduced in terms of arrangements by $600,000 during the year and our account stood in credit with cash balance of $705,596 on 30 June 2023. We welcomed 152 new Members to our Club during the year after the passing of some and resignations of others. This is a net increase of 64 including 29 new women. It is pleasing to see 24 Emeritus Members reflecting our view that when golf ends it does not mean the end of friendships forged over years of playing golf together. The trend of declining Membership in the few years leading up to 2019 has well and truly been reversed, the number of playing members is now above 1250 and with a waiting list currently being applied for admission to Full Playing Membership. It may be a repetitive mantra, but 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 relative price can be maintained, but if volume falls the price needs to rise to maintain service levels. In our accounts, and in the Statement of Comprehensive Income the aggregate of Subscriptions, Entrance Fees and Golf Services discloses revenue of $3.9m in 2019 growing to $5.1m in 2023. This underpins the financial and social stability of our Club. Active recruiting therefore has a strong element of self-interest. The report highlights the passing of Ian Blair, Tony Curry and Dick Webb, all past Presidents and faithful servants of our Club. The report also records the passing of our esteemed Life Member Kendal Binns. Kendal in his 99th year has made a remarkable contribution to our Club and to the Club Foundation. Pennant Hills Golf Club Ltd ABN 12 000 037 856

The Annual Report is an appropriate medium to pay special tribute to the leadership of our General Manager Barnaby Sumner and his direct reports Craig Usher our Accountant and Administration Head, Liam Ash our Course Superintendent, Neil Rolfe our Director of Golf, Peter Barter our extraordinary Chef along with Nicole Tanner and Bronwyn Steele who supervise the service of food and beverage. All have formed remarkable teams of people who help make our Membership a memorable and pleasant experience. Please record your thanks with a suitable contribution in November to the Staff Christmas Fund, they deserve it. 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 Board is supported by policies and practices developed by the SubCommittees, this is where the hours are spent and where the credit is due. On your behalf I thank Damian Maguire as Captain, David Blackshaw as Treasurer, Sue Fabian as Vice President and Chair of the Membership Committee, Mark Bradbury as Chair of Planning, David Thorn as Chair of Reciprocals and Lesley Roberts as Chair of House who has also worked diligently with both Jenny Harvey on the Centenary Committee and with Ann Crisp as a volunteer and leader of our remarkable History group. I also acknowledge the valuable contributions of Graeme Martin and Derek Downes to these Committees. Joan Eyles has provided our Club with what was described elsewhere as an elegant Centenary volume and no less than the fourth historical account to be published of the development of golf on the Pennant Hills course. It is an excursion through the 100 years of our history and highlights the events and people who have shaped our Club to what it is today. A copy has been provided to all Members and the book lists all Members of our Club at the time of entering our 100th year. As I remarked in the Foreword of the book “..We are fortunate to belong to a Club that celebrates its first 100 years with enthusiasm and pride” and we are indebted to Joan for this outstanding contribution to our Centenary celebrations. The Foundation met a number of times during the year and the Trustees were focused on finalising plans for the Golf Academy. You will see in Ross Jacksons report that the design is complete and that supplementary consulting reports are being commissioned to allow a development application to be submitted to Hornsby Council. It is a spectacular concept; the Club is grateful to the Foundation for this achievement and funding the project. Membership of the Foundation has grown to 126 over the course of the year. Interesting to see that many of our peer clubs are embarking on a similar strategy to build a Golf Academy. The Course Development Project was timed to commence in the Spring. Unfortunately, and as I advised in my recent update, the Visa of our architect was deferred by the Department of Home affairs causing a rethink to the timetable. This turned out to be more difficult than first thought, the chosen shaper and his team are booked at NSW Golf Club who are also renovating their greens under Tom Doak. The Technical Committee support Liam’s choice of the team and agree with his recommendation to defer the project for 6 months firstly to give time to sort out Phil’s Visa and secondly to secure the best support teams in shaping and building our new greens. Michael Rowan

President

Pennant Hills Golf Club Ltd ABN 12 000 037 856

GENERAL MANAGER’S REPORT I ended last year’s report by noting “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”. Despite a wet start to the financial year your Club has indeed been very busy on all fronts as we celebrated our Centenary and continued work on our course plan, titled “Project Refresh”, with the help of The Player Group. Our Centenary events are covered further in this report and I would like to start by passing on my sincere thanks to Jenny Harvey and the Centenary Committee for their hard work and dedication in ensuring this momentous occasion was celebrated in style. Feedback has been overwhelmingly positive; events have been enjoyed by a wide spectrum of Members and we have captured the moment for prosperity. The “Big Wet” affected activities in the early part of the financial year but pleasingly conditions abated and we were able to focus on delivering an outstanding Centenary year. We kicked off celebrations by hosting the NSW Amateur Championships in late January 2023, this was a tremendous event that was well received, see report below. From here we transitioned into a big opening week of Centenary events including a Launch, Long Lunch and Gala Dinner. Our Young Bloods found a moment to celebrate 100 years in style and we endured a very wet Centenary Open that has subsequently been moved to November 2023. All these events took a great deal of planning and in addition to the Centenary Committee your Team Members were pivotal in delivering these events. As I noted last year, we 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 2023.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

Your PHGC Team Members Administration Jodi-Ann Sparks Kim Truijens Craig Usher Jana Blackbourn Nicole Tanner Course Alex Bullas Ryan Di Blasio Benjamin Peroulis Brian Ridge Christopher Barakat Dalton Jones Glen Bell Jordan Wass Liam Ash Luke Marando Michael Hedger Ryan Suckling Stephen Deane Stevan Pieterse Taylor Arnold Xavier Trevaskis Zachary Hayward

Food & Beverage Breanna Thornton Bronwyn Steele Brooke Losco Cameron Thorn Ella Scott Jonathan Williams Joshua Arnold Luke Hargreaves Maia Burgess Mark Canto Mitchell Fletcher Monique Hunjan Nicholas Sparks Oliver Struik Olivia James Sebastian Terry Shayan Dolatshahi Skye MacRae Sylvana Argall Thomas Engsall Vikki Cleary William Grigg William Neilson Yasmine Barraket

Golf Shop Adhitya Nair Andrew Richards Douglas Smith Finley Lawler Georgia Main Jack Sherry James Skuodas Jessica Sherry Jessica Noh Neil Rolfe Rachel Bailey Ryan Richards Samuel Argall Steven Vail Kitchen Ethan Clarke Jiyath Perera Madeline Davey Maxim Roberts Paul Bacon Peter Barter Richard Tjung

There has been continued focus on developing the skills of our Team Members through our continued association with the Australian Institute of Management. The courses listed below were attended by a number of Team Members with the Club seeing significant benefits as these new skills are utilised at our Club, see table below. I must make special mention of one Team Member, Brian Ridge our Course Foreman. For those that are unaware Brian had some health issues these past 12 months and it is with great delight that we were able to welcome Brian back to full time work earlier this year. Brian has been with our Club now for 15 years and we were able to celebrate this milestone with a luncheon at the Clubhouse. The Staff Christmas Fund was again very well received and I’d like to pass on my thanks to the Members who continue to support this initiative. It plays a very big part in retaining and rewarding our Team Members. My sincere thanks to all Team Members for their support and efforts throughout the year and to the Members for attending and enjoying so many of the events that have taken place at our Club. Barnaby Sumner General Manager

Pennant Hills Golf Club Ltd ABN 12 000 037 856

Pennant Hills Golf Club Ltd ABN 12 000 037 856 Bullas Alex

Bronwyn

Steel

Usher Craig

Dalton

Jones

Daniel

Mion

Glen

Bell

Jessica

Noh

Sparks Jodi

Michael

Hedger

Rolfe Neil

Barter Peter

Rachel

Bailey

Suckling Ryan

Arnold Taylor

Frontline Leadership

Building High Performance Teams

Time Management

The Power Of Influence

Coaching for High Performance

Effective Comms.

7 Skills for Sales Success

Mate to Manager

AIM Risk Management

Resilience in Self

Data Handling and Analytics

Workplace Safety

Finance for NonFinance Managers

Mental Health in the Workplace

Training Courses 2022-23

NSW AMATEUR CHAMPIONSHIP REPORT

Our Centenary Year started with the Club hosting the NSW Amateur Championship, a competition that dates back to 1898 and is one of Australia’s oldest and most prestigious golf tournaments. The Championships are National and World Amateur Golf Ranking (WAGR) Events that this year attracted a stellar field. Played in conjunction, the NSW Medal and Women’s Strokeplay are played over 36 holes, with the leading 32 men and 16 women progressing to the elimination rounds for the NSW Amateur Championship. Matches in the NSW Amateur are conducted over 18 holes, with the final decided over 36-holes. Also incorporated into the 36-hole qualifying rounds is the Men’s NSW Champion of Club Champions Trophy. Played in conjunction with the Women’s Strokeplay Championship is the Leo Wray Bowl for the 36-hole nett winner, The Country Championship Cup and the Metropolitan Championship Cup. The honour roll of past Men’s NSW Amateur champions includes players who went on to take out State and National Open Championships and includes two Major Champions being Sir Michael Campbell (1992), and Jim Ferrier (1931,34, 37,& 38). Our very own A.Y. Gresham and A. Richards also have their names on the honour roll. Past Women’s NSW Amateur Champions include World Golf Hall of Fame member Karrie Webb, Threetime winner Nikki Campbell, and world-renowned opera singer Dame Joan Hammond. A significant highlight during the 1st day of competition was the outstanding round of Chris Fan (Avondale) who equaled the course record of 63 by stringing together 8 birdies in a row (10 th to 17th). This record now sits alongside Messrs Gresham and Nagle.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

The finals were live streamed to the world and we were delighted to receive wonderful feedback on our course presentation from those watching both home and abroad. The results of the finals are shown below, with the winners pictured above: Abel Eduard (Kingston Heath) def Harrison Crowe (St Michael’s) 3/1 Shyla Singh (Southport) def (Coolangatta & Tweed Heads) 4/3

Godiva

Kim

We must thank our entire team who worked above and beyond in some trying conditions to ensure the course was presented at the highest level and to our dedicated band of volunteers, see below: Alun Roberts Anne Eldridge Anne Goodrick Anne Amos Art Gracie Belinda Milroy Bruce Jones Bruce Lumsden Chris Gotham David Andrews David Mckie Fran Ritchie Glen Stanford Glenda Mckie Graham Dawson Ian Wilson Jackie Barratt

Jill Cooper Joan Eyles John Rogers Kay Lee Keith Thornton Kerrie Graham Lesley Roberts Lyn Stanton Joan Eyles John Rogers Kay Lee Keith Thornton Kerrie Graham Lesley Roberts Lyn Stanton Marlene Ratcliffe Michael Mills

Michael Carasso Paul Fabian Paul Goodrick Peggy Tweedie Penny Leigh Peter Cribb Phillip Looby Rob Cornish Robyn Noonan Ron Fellows Simone Lester Steve Walker Stuart Dickson Susie Wales Trent Brennan Vasco De Carvalho Jeffrey Graham

We must also thanks Peter Abraham, Chris Allen and Sue Fabian for refereeing!

Pennant Hills Golf Club Ltd ABN 12 000 037 856

CENTENARY REPORT Centenary Launch Day Our Centenary got off to a great start on Sunday, 26 February with 330 Members and Special Guests attending this event. It all started with the Centenary Speed Relay and after some words of wisdom from the respective Team Leaders the Captain and his team took to dismantling the President’s team to take home the trophy by over 5 minutes. Following this event, we headed to the 1st Tee and with the sun beating down on the gathering crowd shade was a premium with everyone seeking a touch of shelter prior to the Opening Ceremony taking place. At the stroke of 11.30am Sue Fabian welcomed everyone to the Club and called upon Club President, Michael Rowan, to deliver his speech. With the absence through illness of the NSW Governor the unveiling of the Centenary Plaque was handed over to Wendy and Scott Gresham who were representing Life Member, Tony Gresham. Following this Julian Leeser MP raised the Centenary Flag, unveiled the Centenary Clock plaque and delivered a wonderful speech about Club and Community. Our longest serving male and female members, being John Duckworth and Shirley Baker, took centre stage to cut the Centenary cake, pictured below. Following this we heard from Stuart Fraser, CEO Golf NSW who presented the Club with a Centenary Gift, Chair of Golf NSW Michael Medway who launched the fabulous Centenary Book and Philip Ruddock, Hornsby Mayor who delivered a toast to the Club.

When all was said and done our Official Party and Guests entered the Beecroft Room for a sit-down lunch with Members and Guests heading into the Bar to enjoy a sumptuous buffet and a little vino. It was a wonderful day and our thanks must go to the Centenary Committee, led by Jenny Harvey and to our team of dedicated staff who “aced” this event. Centenary Long Luncheon Over 150 Members & Guests attended the Club on Tuesday, 28 February to not only enjoy a Long Lunch but to also hear from long-time Member and former Club Captain, Darcy Cluff. The day started out with bubbles in the Founders Bar before guests moved into the room to enjoy a shared entree, a quick greeting from the President and the first of two (2) Centenary videos. Following Main Course, Michael Rowan introduced Darcy Cluff noting that Bruce Jones had provided 5 pages of notes on Darcy’s accomplishments. Not all were read out, but a great many points were covered.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

Darcy then delivered a magnificent address that kept everyone at the event enthralled. The speech covered many aspects of the Club and its history. Sprinkled throughout were a number of personal anecdotes including a recollection of his first game at Pennant Hills. Darcy noted that whilst it didn’t last the entire 18 holes, thanks to some rain, he learnt a lesson on the importance of hydration that a Member undertakes at the Clubhouse. Darcy, you have our sincere thanks for providing such a memorable speech! Centenary Gala BallOur Centenary Gala Ball took place on Saturday, 4 March with the Club’s birthday certainly being celebrated in style. The event kicked off with a walk along the red carpet before entering the “Garden Party”. Members and Guests were able to enjoy a glass of bubbles along with a fantastic selection of canapes prepared by Peter and the Kitchen Brigade. We were also entertained by a band from The McDonald College. Thankfully the weather played its part and it was a wonderful way to start the evening.

From the garden to the dining room and once everyone was settled Michael Rowan welcomed one and all to the event before handing over to our MC, Cameron Daddo. Cameron provided a quick welcome with the first of two Centenary History Videos being played, this was followed by the opening courses. Throughout the night a number of Members were asking about the “new Team Members” that were helping out in the Kitchen and on the floor. Little did they know that they were “undercover talent” who produced a Three Tenors style performance that was met with acclaim. The second video of the night was then shown and was followed by an address from Cameron Daddo. It was then time for dessert and as the team peeled back the event doors unveiling a selection of tasty treats our big band, being “Dancing in the Shadows of Motown”, struck up an inviting playlist that filled the dance floor. It was an amazing night and I would like to again thank the Centenary Committee for all their help in organising this event and to all our fantastic Team Members who went above and beyond. I think Sally Moffat’s note to me best sums up the Gala Ball: “I just want to thank and congratulate you on an amazing night. Everything was superb from the beginning of the night in the garden to inside with the bands. Food delicious and entertainment the best. Honestly, the best night we have ever had at PH. Well done to everyone involved.” Thanks to Sally and the host of Members who have let me know just how much fun they had at the Club.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

Centenary Open Well, not quite the Centenary Open we envisaged but with 55mm of rain falling in less than 24 hours it was always going to test our golf course. Play got underway a little later than planned and a number of Members were delighted that they could watch the event from the comfort of their own home thanks to the live streaming service. After some brief stoppages the Club made the difficult decision to cancel play, as the photo indicates, it was simply too wet to continue. This event will take place in November 2023 and we hope to welcome back players from our reciprocal clubs, all are eager to come back to the Club to compete for the Centenary Open title. Thanks The staging of the Centenary events has been a truly collaborative exercise which has required many months of planning. Recognition and thanks is due to: 

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The Centenary Committee comprising Jenny Harvey, Sally Moffatt, Lyn Toohey, Greg Winters, Board members Lesley Roberts, Michael Rowan and Graeme Martin and General Manager Barnaby Sumner, who have conceptualised and planned a diverse range of social and golfing events to appeal to the broad Club membership. To the Hospitality and Operations team including Nicole Tanner, Bronwyn Steele, Peter Barter and all the staff who have gone the extra mile to deliver outstanding levels of food and service. To the Professional Shop, in particular Neil Rolfe and Jessica Noh, who have sourced a great range of Centenary merchandise. To the History Group, namely Bruce Jones and Ann Crisp, whose dedication to preserving and digitising the Club’s archives have assisted Joan Eyles to write and illustrate the Centenary Book, a wonderful account of our first 100 years. To Liam and the grounds crew who have showcased the course in the best possible way. To many of the Members who have assisted with the various events outlined above, to name a few Paul Toohey (Centenary videos), Chris Allen (relay) Kelvin Gage (book production), Ross Howarth (raffle) and Peter Trickett (raffle presentation). To the office staff, Kim and Jodi, who always go out of their way to assist To all the Members who have supported the Centenary events, including all those who enthusiastically assembled for the 100-year photo, agreed to be featured in the Club videos, and everyone who has helped to make this year one to remember.

Jenny Harvey Chair of Centenary Committee

Pennant Hills Golf Club Ltd ABN 12 000 037 856

TREASURER’S REPORT Summary The past financial year has seen the Club largely return to pre-COVID trading, but it has still presented a number of challenges. The first quarter of the year was adversely affected by numerous rain events, which on top of an already high water table, caused the course to be closed for play on no fewer than 21 days with cart users being even worse affected. This obviously had an adverse impact on the Club’s finances. Once the rain stopped and the course had a chance to dry out, golfers made up for lost time. However, by year end competition fees, cart hire fees and course development levy income were all down on budgeted levels. The year was also an extremely special one for the Club in commemorating its Centenary. The Centenary Clock and commemorative plaques marking the occasion will be a lasting reminder to future generations of members. The Centenary Launch Day and luncheon, the Centenary Long Luncheon and the Centenary Ball were well supported and celebrated in true Pennant Hills style. On the golfing front, we were also honoured to host the Men’s and Women’s NSW Amateur Championship in January with the course looking immaculate. The Centenary Open was held in April and despite the best laid plans, torrential rain made the course unplayable, leading to a rescheduling of the event to November. Many other events, golf and social, are planned for the second half of 2023 which will close out a truly memorable Centenary year. In the year ended 30 June 2023 the Club recorded a surplus attributable to members of $38,724 compared to a surplus in the previous year of $619,892. The surpluses include government subsidies and grants of $91,491 and $398,430 respectively and a $300,000 legal settlement for the clubhouse asbestos claim in the previous reporting year. The Club’s Earnings Before Interest Tax Depreciation and Amortisation (EBITDA), or cash surplus, was $959,302 compared to the previous year’s $1,378,728. Given the one-off Centenary event costs, the financial results for the year were solid. Revenue from Member Subscriptions Subscription income increased by 7.3% to $3.692 million from the previous year. Member retention and recruitment strategies are having a positive impact on the Club’s overall financial position. Demand for membership continues to be very strong. A total of $288k in entrance fees was collected during the year, which was a $106k increase over the previous year, however due to accounting standards, only $114k was able to be recognised as income. Revenue from Golf and Professional Shop Services Revenue from Golf and Professional Shop Services was $1.908 million, an increase of $403k or 27%. Not unsurprising given the heavily rain affected 2021/22 year. Revenue from visitor fees and corporate golf were the big improvers, bouncing back after COVID impacted years. Golf cart income and retail sales both showing healthy increases. Purchases following equipment demonstration days and Centenary clothing and merchandise have proved very popular. Margins on retail sales were as budgeted with employment and other expenses being well controlled resulting in a strong financial result from the Pro Shop. High levels of personalised, professional service are always assured. Revenue from Bar and Catering After a slow start to the year, revenue from bar and catering revenue finished the year very strongly. Member activity was up by $374k or 35% on the previous year. Corporate and external functions improved by some $261k or 135% on 2021/22. Bar and catering margins were up on the previous year, 55.0% versus 53.3%, however food sale margins were significantly less than expected due to higher produce input costs and the decision to limit price increases to provide members with a better value food offering. Expenditure Total expenditure increased from $5.432 million to $6.313 million or a 16.2% increase. Course expenditure increased in total by 9.1% due mainly to higher fuel costs, repairs and maintenance to machinery and irrigation infrastructure and course materials. All have been adversely impacted by inflationary pressure and the requirements of conditioning the course for major events. The program of replacing old course machinery has also resulted in a 32.0% increase in course equipment depreciation. Bar and catering salaries and oncosts were significantly higher than the previous year as a consequence of higher sales and an increase in function activity. Under House expenses, catering entertainment and social costs were up by $35k on the previous year due mainly to Centenary celebrations. Significant building maintenance cost were also incurred to make sure the clubhouse was in good order for our Centenary year. Pennant Hills Golf Club Ltd ABN 12 000 037 856

Cleaning and laundry costs were up 31% due to the clubhouse being open for more days than the previous year and because of increased cleaning costs through wage inflation of our contractors. Administration costs included essential staff training and one-off Centenary expenditure which accounted for much of the increase of $264.9k from the previous year. Interest charges reflect the increase in rates of borrowed funds experienced during the year and insurance costs continue to rise despite actions to limit increases through risk mitigation and higher excesses. Balance Sheet Cash increased by $397.8k from the previous year, whilst inventory increased by $52.2k as a result of higher sales turnover in the Pro Shop. Property, Plant & Equipment assets increased by $261.0k after depreciation following the addition of new golf carts, six Gator course vehicles, a new tractor and surrounds mower, the 5th hole boundary fence, WRP and irrigation pump replacements, NorthConnex water project consultancy, kitchen equipment, clubhouse furniture, fixtures fittings and course redesign fees. Asset purchases totaled $953.2k for the year. Whilst the NAB loan facility was nil at the end of the financial year, the Club purchased 30 new golf carts through equipment leases resulting in an outstanding liability of $297.6k at year end. In line with the subscription fee increase, the subscriptions in advance liability increased by $344.9k over the previous year, whilst deferred income from entrance fees increased by $173.7k. Net Assets at year-end increased to $6.874 million from $6.850 the previous year. Conclusion Managing the Club’s finances is a real team effort. On a day to day basis, Barnaby Sumner and Craig Usher live and breathe the financial fortunes of the Club. My sincere thanks go to them and the whole Pennant Hills team for their commitment, professionalism and care. I would also like to acknowledge and thank the expertise and support I receive from the members of the Finance Committee which is truly appreciated and valued. And finally, to our members, thank you for your continued support and patronage. In our Centenary Year we should certainly take time to reflect and give thanks to those who came before us in creating what we value today. As the Club gets closer to commencing the crucial NorthConnex water project and course redesign, we are in a good financial position to undertake these major infrastructure projects. Many hours of planning have been invested and will continue to take place to ensure their success, but we will need to chart a conservative course to ensure the Club can continue to prosper in the future. David Blackshaw FCPA

Honorary Treasurer

Pennant Hills Golf Club Ltd ABN 12 000 037 856

CAPTAIN’S REPORT What a year it has been! Our Centenary year brought an air of excitement throughout the Membership. Much planning went into a lot of events and in relation to the course the weather settled in late 2022 to some form of normality allowing our Course Team more time to repair a lot of the damage to the soaked grounds. We were granted the hosting nights to the NSW Amateur in January (along with our neighbour Ryde Parramatta). Liam Ash and his team showed what they can produce with an immaculately prepared course in summer conditions that can stress the grasses, particularly on the greens. The course was showcased via live streaming and we couldn’t have asked for better marketing of our beautiful course. We held the “Centennary Pennant Hills Cup” in March where we invited Club Champions from our reciprocal clubs to participate in the weekend long event. Many thanks and praises were received from our guests. The event was again live streamed and brought similar acclaim from around the “world”. Sadly, the irony to the build-up was an un-forecasted rain bomb which eventually washed out the tournament. This event has been re-scheduled to later in the year (November). Of the many events organised, a Captains v Presidents “relay’ was staged. An event not held for 25 years. I’m glad to say that a carefully selected and well-prepared Captains’ team won the day. This was a great warm-up for the Centenary celebrations which followed. To Liam and his young team, I would like to pay special thanks on behalf of the Board for the level of skill, enthusiasm and effort they put into the course maintenance preparation. If something could go wrong this year it did. From power surges “blowing out” some parts of the sprinkler system to issues with the WRP and the loss of key staff (Brian Ridge) for an extended period of time, Liam led his team with “it is what it is” attitude and ensured the excellent presentation of our high maintenance golf course. To all Members, but especially our new friends who have joined in the past 12 months, we as a Board hope you are receiving much enjoyment from the course, clubhouse, and fellow Members. To Neil and his team in the Professional Shop, we thank you for the professionalism you show, the encouragement you give and more importantly the friendly nature in which you conduct yourselves. Everyone is proud that we have a staff team we can boast about to our neighbours. To Bronwyn and her extended team of “The 19th”, you always portray a happy demeanor and that is seen throughout the Clubhouse with the way Members and Guests are greeted and treated. The course redevelopment project It has been a lengthy process since receiving our concept drawings from Phil Jacobs of The Player Group. A reminder of the reasons for the need to undertake the projects is the overall health of the greens and our need to minimise the occurrence of balls leaving the golf course. A stark reminder of the current state of our greens was during the Centenary Cup where the greens not only became unplayable due to the poor drainage but also “bubbled” as air trapped beneath the playing surface began to bubble. The concept designs were initially “tested” by two review groups and we received some varied feedback to the proposals. Reducing par 5’s to par 4’s and vice versa has created further discussions. We had some delay with our Centenary celebrations but gathered feedback and presented more information to the wider Membership in June. Overall, there has been a lot of positive feedback as well as some constructive critique. We may need to do some more work regarding the out of bounds scenarios. We were hoping to turn soil on our temporary greens construction in November this year but a number of factors may see that push out for six months to meet the next growing season. While this is both an exciting and challenging project, our approach is to get this right the first time and do it only once! Course Care Our course staff repair and prepare the bunkers three (3) times a week. It is up to Members to maintain them throughout.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

Look after your mates PHGC has a standard and we need to maintain it. Course care should be second nature as it is YOUR course. Please note:  It is everyone’s responsibility to rake bunkers after they have been in one whether in competition or social play!  It is everyone’s responsibility to fill their divots with sand to a level just below the top of the grass whether in competition or social play!  It is everyone’s responsibility to repair pitch marks in the greens by bringing the grass back to the surface whether in competition or social play! We still intend to produce a video as a “refresher course” to remind us all how to rake bunkers, repair divots and fix pitch marks on greens. Speed of play Unfortunately, our “refresher” video on this never-ending problem is taking a little longer to produce (Pardon the pun!). There are numerous aspects of peoples play that contribute to slow play. The PGA Tour has something to answer for, I know, but the Professionals are playing for their lively hood. We are NOT! Being aware and accepting you might be a contributor is difficult to admit to or accept. No one wants to be the “Ogre” but we are all here for a good time so please respect that others enjoy a relatively quick round. 4hr15mins should be the maximum time for any group. Let’s work at this together. On the golf course - Winners of major events for 2022-23 The Club Championships (2022):

   

  



A Grade. A Res. B Grade. C Grade.

Ryan Richards def Harry Maguire 3/1 Andy Haigh def Max Rowston 6/5 Andrew Mills def Michael Day 5/4 Harry Williams def Matt Lomax 5/4.

The 2023 Junior Championships were recently contested between Ryan Richards who defeated Matthew Nathan in a high-quality match. The 2022 Marks Cup final was contested between Andrew and Riley Lam against Rober McDonald and David Coulton with the Lam’s prevailing 5/4. The 2022 Captains’ Cup was won by Peter Illingworth who defeated Uday Chopra 3/2. The 2022 President’s Cup was won by Michael Cahalane who defeated David Thorn 5/3. The 2023 Presidents Cup has been contested recently and this year’s champion is Scott McKnight who defeated Gabriele Ormachea 3/2. Senior Championship (2022) saw Dean Caletti display great form throughout the series and defeated Andrew Mowat 1up. 2023 Pennant Hills Centenary Cup (Vardon event) was washed out in March. It is re-scheduled for a date in November 2023. The Foursomes Championship still seems to be lacking in numbers as the years go on but there are still a dozen diehards who keep testing their friendships. Jared Dries and Matty Davidson outlasted the Richards brothers in Ryan and Michael to win by a narrow margin. 2023 Mixed Foursomes saw Peter and Jessica Sherry winning back-to-back events. I think Peter will admit that Jess’s putting was high quality and significant in their victory.

Congratulations to all competitors in these Major trophy events. You can always look proudly at the Honour Boards for many years to come. Our Team Events Golf Premier League 2022 was won by The Freedom Fighters and consisted of Peter Sherry, Scott Kennedy, Jarrod Loats, Andy Haig, Andrew Lam and Michael Thompson. Major Pennants turned out to be yet another battle to survive in Division 2. The team took on Manly in the do or die contest at Muirfield with the ever-reliable putting from David Bailey saving the day. Scott Bailey managed the best in the Club for his first year and Jared Dries, Matt Davidson, Michael and Ryan Richards, Grant Naylor, David Bailey, Gabe Ormaechea, Harry Maguire, Adi Nair and James Skuodas, all did you proud with their efforts on and off the course. Pennant Hills Golf Club Ltd ABN 12 000 037 856

2022 Pack Cup team had a rebuilding year. The standard of golf from our opponents is still high quality but the team competed admirably under the watchful eye of Graeme Martin. We are perfectly positioned for a comeback year in 2023 with a few members maturing into the 55-year bracket. Damian Maguire, David Blackshaw, Michael Oakley, David Edwards, Dean Caletti, Geoff Bourke, Neil Gordon, Tim Whitney and Rob Bush were the basis of the team this year. 2023 Pack Plate – Winners!! The Pennant Hills PACK Plate team had a wonderful 2023 season going through undefeated! It was an exceptionally exciting season with many close matches being decided on the 18th hole! Our final round contest at Killara against a strong Avondale team who were also undefeated was perhaps the most thrilling. With 6 matches completed, we were locked 3 - 3! In a brilliant exhibition of match play, both Steve Rowe and Graham Dawson won their matches on the 18th 1up giving Penno a win 5-3 and the 2023 PACK Plate trophy! The PACK Plate team for 2023 included Ray Miles, Mark Tough, Andrew Mowat, Graham Dawson, Peter Handel, Hugh Gerdes, Kell Ferguson, Steve Rowe, Greg Winters, Rob Stevenson, Steve Walker. Congratulations to Ray Miles playing No1 who went through the season undefeated. A fabulous effort. It certainly was a great team effort and we look forward to the 2024 season! Thanks To Hugh Gerdes for Managing the team.

Masters Pennant were successfully promoted to the top division after winning Div 2 in 2022 the new look team proved themselves very worthy of their spot in Div 1. The team went thru undefeated in the group rounds against Dunheved, Stonecutters Ridge and Liverpool, but most contests were closer than the scores suggested. We managed to win the tight games and that was due to the confidence gained from the season before and the good spirit the team has developed in the 8 years back in the competition. We had the win in the semi-final in our hands with 4 holes to play against Monash at Mona Vale but let is slip on the final holes. They know we are coming for that title though! Gabe Ormachea, David Bailey, Murray Fogarty, Paul Watts, Scott Kennedy, Andrew Munro, Rob Bush, David Blackshaw, Michael Oakley, David Edwards and Damian Maguire all flew the flag for Penno and a huge thanks to Kell Ferguson for managing the side once more. Junior Pennants 2022 consisted of some fine up and coming talent in our club. They played against NSW, North Ryde and the Ridge and came 2nd in their group behind NSW. Sadly, a washout prevented them from playing at NSW which would have been a great treat for the young squad. The team included Matthew Nathan, Riley Lam, Jessica Sherry, Brian Wu, Lucas Karatsiolis and Agatha Hui with special mention to Matthew Nathan for going through undefeated. Big thanks also to Peter Sherry for managing the team. Encourage Shield 2022 included some names to watch out for in the future. Wexin Wang, Jack Sherry, Leo Leitl, James Dailly, Alfred Wang, Lauren Fajou and Emma Fan all represented PHGC against Lynwood North Ryde and Penrith. The team managed a win against Lynwood but were defeated in their other two contests. Penrith were the division winners. Congratulations team on your effort and special thanks to Kirk Dailly for managing he team this year. Eric Apperley Shield 2022. Our Apperley side came up against some very strong opposition in their group, especially in Avondale and the Australian who boast numerous State junior amateurs, both male and female, in their squads. Although some defeats were by significant margins, the team certainly gained some valuable experience by playing against the best in the state. Hamish Murray led the team during a break from University in the US and Ryan Richards, Kian Blackshaw, Adi Nair, Charlie Johnston, James Squodas, Harry Maguire and Deserie Herden all played their best throughout the series. Thanks to Geoff Richards for looking after the team in 2022. I would like to thank my committee Sue Fabian, Anne Eldridge, David Blackshaw, Liam Ash, Michael Rowan, Neil Rolfe and to Rachel Bailey and Michael Hedger for the valuable input in helping to maintain the standards that our Members expect. Finally, I would like to thank the Board for their support of me undertaking this Captaincy Role in this my second year. Damian Maguire Captain Chair Course & Playing Committee Pennant Hills Golf Club Ltd ABN 12 000 037 856

HOUSE REPORT 2023 was always going to be a year to remember, being the year when Pennant Hills Golf Club celebrated its Centenary. This focus has dominated many of the on- and off-course events throughout the year, altering the normal event calendar for this momentous occasion. The Centenary Committee, under the guidance of the House Committee and chaired by Jenny Harvey, has spent months planning events in detail. It continues to work on the social and golf programs scheduled for the remainder of 2023 to ensure that our Centenary Year is special. February 26th dawned fine and warm for the first official function on the calendar, marking 100 years to the day that Pennant Hills Golf Club was incorporated. To put members in the mood, a golf speed relay by two teams of approximately 50 members each was conducted amid loud cheers and serious competitiveness. The relay replicated events that marked the Club’s 50th and 75th anniversaries and was a great hit with patrons, particularly those on the winning Captain’s Team!

Dignitaries attending the formal celebrations on the day included Julian Leeser (Federal Member for Berowra), Philip Ruddock (Mayor of Hornsby Shire), Stuart Fraser and Michael Medway (Golf NSW), and Wendy and Scott Gresham representing Life Member Tony Gresham. Governor of NSW, Margaret Beasley, patron of Golf NSW, was unable to attend due to illness, but subsequently visited the Club and performed her allocated duties. Plaques and a clock marking the anniversary were unveiled; a Centenary book compiled by Joan Eyles was launched; members were treated to lunch on the terrace, while official guests were entertained at a formal lunch in the Clubhouse. The gala event of the year was held on Saturday 4th March and it was a night worthy of superlatives. Those who attended were treated to a red-carpet welcome, stunning venue, fabulous entertainment, and top-class food and drink. Cameron Daddo struck just the right note as MC; the Three Tenors were hilarious and a roaring success; and Dancing in the Shadows of Motown were visually and audibly spectacular. It was truly a night to remember and our thanks must go to Jenny Harvey for her oversight of this event, and to all the staff who worked tirelessly throughout the day and night to make this such a memorable occasion. A Heritage Long Lunch was held on Tuesday 7th March, at which esteemed Member Darcy Cluff spoke to those assembled about his years of connection with Pennant Hills Golf Club – and how entertaining he was! This event was very well attended by many long-term Club Members. The Club also contested a golf competition titled “Medal through the Ages”. This allowed Members the opportunity to compete against friends of a similar age to win a specially struck Medal that commemorated this event. The event was very well received, especially from one winner, our thanks to Bev Archer who noted: Pennant Hills Golf Club Ltd ABN 12 000 037 856

“I would like to express my thanks to you and all the Centenary Committee for the opportunity to play for the Centenary medals. To play in this momentous event was a privilege and to actually win one of the medals was such a surprise and an honour. Even to be given the ball marker at check-in as a small memento for the day made it feel special. So, a very special thanks to the Committee for a memorable start to the Centenary year.” Throughout most of the year, the pizza oven has been a popular option for Wednesday, Friday, Saturday and Sunday dining. The Catering team continues to develop new seasonal bar menus, freshly made sandwiches, dining such as bistro a la carte and carvery options, offering fresh alternatives for our Members. We thank Peter Barter and the kitchen crew for the quality and standard of the service they provide to the Club. Considering we are alternately a coffee shop, lunch café, fine dining restaurant, pizza restaurant, event centre and wedding venue, the staff do a wonderful job juggling all the demands asked of them. Young Bloods events have been well attended and enjoyed during the year. The addition of pool tables to the mix has proved very popular. The History Group, currently staffed by Anne Crisp and Joan Eyles, has worked solidly to maintain and update the Club’s historical records. Of particular note is Joan’s marathon effort in producing the wellresearched Centenary book, which has been made available to all members. The family of Tony Gresham has entrusted his many trophies to the Club and these have been catalogued and safely stored by Joan and Anne. A cabinet in the Members’ Bar displays items of historical interest and contents are regularly rotated from the archives. Bruce Jones is tireless in his pursuit of historical facts connected to the course and in digitising the Club’s records. We owe all these folk a debt of gratitude for the valuable work they do voluntarily. The social calendar has been rounded out with events such as the children’s Christmas party, seafood extravaganza, Mother’s Day and Father’s Day lunches, wine night, Melbourne Cup lunch, Jazz on the Green - either already held or scheduled in the coming weeks. In response to feedback from the Voice of the Member Survey, the House Committee has overseen improvements to the club cleaning and storage service offered to Members. We also keep an eye on clubhouse cleaning, renovation and décor. Special thanks are due to Barnaby Sumner, Bronwyn Steel and Nicole Tanner who have worked tirelessly to maintain standards and improve offerings for members, with always a ready smile and kind word. The calibre of our bar and wait staff continues to impress. My thanks to fellow Committee members, Mic Rowan, Graeme Martin, Susie Wales and Derek Downes for their ongoing support and efforts throughout the year. Lesley Roberts Chairperson

Pennant Hills Golf Club Ltd ABN 12 000 037 856

VALE We remember with affection the following Members who have passed away. They are part of the history and tradition of Pennant Hills, and their names will be familiar to us all as long-standing and valued members of the Pennant Hills community. We acknowledge and are grateful for their contribution to Pennant Hills Golf Club. Barbara Anderson Kendal Binns Ian Blair Ted Bowring Peter Cribb Tony Curry Peter Ditzell Jan Duckworth

Peter Francis Tony Goodwin Derk Groot Obbink Del Han John Halmarick Ross Ingleton Colin McKenna Barry McLeod

Jean Miller Maureen Rees Don Summergreene Brian Taber Richard Webb Wilma White Patricia Whitton Barbara Wing

Ian Blair joined Pennant Hills in 1991. He was appointed Treasurer in 2004 and served as President from 2009 to 2011. During his time on the Board, Ian was Chairman of Finance, and also served on the Membership, Business Development, Course and Playing, Cadet and Facilities Committees. As Treasurer, Ian greatly improved the Club’s accounting procedures and practices, and was pivotal in securing financing for the Water Reclamation Plant. Ian was respected and appreciated for his hard work and effort, and for the assistance he gave to staff and to the Board. He was instrumental in the establishment of the Foundation and was a Foundation Board member. Richard (Dick) Webb joined Pennant Hills in 1964. He was elected to the Board in October 1995 and served as President from 2000 to 2003. Dick was an enthusiastic golfer, winning the Eclectic competition in 1983 and 2009, the Henricks Family Plate with David Henricks in 2011, and the Spring Cup in 2014. He donated the Spring Cup from 2003 to 2015. As President, Dick made valuable contributions to the governance of the Club, including sponsoring the amendment to the Club’s Constitution in 2000, bringing it into line with the requirements of Corporations Law, the Registered Clubs’ Act and the Liquor Act Tony Curry joined Pennant Hills in 1962, progressing to Ordinary Membership in 1966. He was elected to the Board in 1990, serving on the Playing and House and Social Committees, and was appointed Vice-President in1994. Tony was elected President in 1998 and served until 2000. Among his notable achievements were the 1991 report on golf carts, advice to the Board on the safe use and storage of chemicals and introduction of the on-course Medical Alarm facility. Tony facilitated the removal of restrictions for women using the Club House, and was involved in planning the new Machinery Shed and the 2001 Club House renovations. On his retirement as President, he was described as “a tireless worker and a real stalwart of the Club”. Kendal Binns joined Pennant Hills in 1958 and was always known and respected as a man who enjoyed his 64 years of golf at Pennant Hills both for the successes he achieved on the course and for the obvious pleasure he took in the company of his fellow Members in the club house. He was unanimously voted as a Life Member of Pennant Hills in October 2021, particularly in recognition of his many years of service and support of the Junior program at the Club. Kendal’s memory lives on in the Pennant Hills Junior Golf Program, which was developed in 1999 from the cadet training program started by Kendal and friends in 1995. In 2014 the Kendal Binns Junior Fund was formed, and continues to support young golfers in achieving their personal goals in golf while helping them grow as fine young Members of our Club. Kendal was, at all times, a gentleman, courteous, dignified, and great company

Pennant Hills Golf Club Ltd ABN 12 000 037 856

MEMBERSHIP REPORT It is a pleasure to present this Report on behalf of the Membership Committee, whose members are Michael Rowan (Ex Officio), David Blackshaw, Mark Bradbury, Derek Downes, Sue Fabian (Chair), Graeme Martin and Lesley Roberts. 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 has produced excellent results in the past year. He and the Team are to be congratulated. We thank the Women’s Committee for their warm welcome and support of new Members. The Membership Committee continues to focus on four priority strategic areas. These form part of the Board’s Strategic Plan, and contribute to its oversight of the Club and the interests of its Members. These strategic areas are: 1. Optimising the satisfaction of Members and their ability to access the Golf Course and Competition play. This involves paying careful attention to the numbers of Members in all Competition fields, working to ensure that no Member misses out on a game, while at the same time maintaining Member numbers at a level which provides optimal essential income for the Club and minimises the impact on Member subscriptions. 2. Developing strategies to understand the needs and expectations of Members in order to support and increase the satisfaction and enjoyment of all Members. 3. Developing programs for the induction, engagement, information and support of new Members, so that they feel welcome and become active, enthusiastic Club Members. 4. Exploring ways in which all Members are supported throughout their golfing and post-golfing careers, developing programs to meet their needs and to continue to add value to their Membership, even after they have ceased regularly to play golf. It is pleasing to report that, once again, the number of Members of Pennant Hills Golf Club has continued to improve, with a total of 1361 Members at 30 June, 2023, compared with 1297 at 30 June 2022. 1029 are in playing categories. The number of new and reinstated Members totaled 152 and contributed to a net increase of 64 Members in the past year. Resignations, at 79, were again well below numbers for previous years, and were mainly from Members no longer able to commit to regular golf. Transfers of playing Members to Absentee Membership have predominantly been for medical or travel reasons. At the recent Women’s President and Captain Day meeting, we were delighted to welcome 29 new women Members, in various playing categories, who have joined the Club in the past year. All these new players are being supported as they begin their golfing journey, particularly by the Pro Shop staff, the Women’s Committee and by other Members. Congratulations to Neil Rolfe and the Pro Shop Team in giving support and encouragement to new golfers through the Get Started and Get Golfing Programs, and to all our new Members as they become part of the Pennant Hills Golf Club community. Valuable assistance is provided to all our new Members in matters such as obtaining a Handicap, navigating the Website and Time Sheets, and becoming familiar with the Course. Considerable work has been done in the past year on improving the process of introduction, information and engagement of new Members to Pennant Hills, both to ensure compliance with the Constitution and to produce Members who understand and are committed to the values and expectations of the Club. Increased attention is being paid to implementing the requirements of the Constitution regarding the need for Proposers and Seconders of new Members to be full Members, over 18 years of age and with a minimum of 2 years of Membership. Except in the case of family Members, no Member may propose or second more than 2 candidates within any 3-year period. The obligation of the Proposer and Seconder of any new Member to assist and support their nominee is emphasised, including the need to mentor them in playing golf. The process for approval of any new Member begins with an interview with the General Manager, who provides information about the Club and the Course. Applicants fill out an Application Form, and are then interviewed by two Directors, who provide further information and answer questions.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

Applicants then attend, with their partners and often their Proposers, a mandatory Induction evening, where they receive a welcome by the President and information from the Chair of the Membership Committee about Pennant Hills Golf Club, its culture and values, its governance, management structure and By-Laws. The Captain and Director of Golf speak on matters such as golf etiquette, slow play, care of the golf course, the Pro Shop and its services and benefits to Members, and the expectations which the Club places on its Members. An R&A video on basic Golf Rules is shown. The Women’s Committee President and Captain also highlight the role of their Committee and the friendly and enthusiastic women’s Membership. The evening concludes with an excellent dinner, which showcases the quality of the Club’s food and hospitality. New Members are continuing to participate enthusiastically in monthly new Members’ Clinics on Saturday afternoons. These include coaching given by Neil Rolfe and the Pro Shop team and around six holes of golf, followed by an informal meeting. These sessions are proving effective in helping our new Members to get to know one another, Neil and the team and Barnaby, and to familiarise themselves with the Golf Course and the Club. The Membership Committee’s vigilant monitoring of the participation rates in Competition play for each day of the week has shown that the main pressure point is the Saturday Competition during the shorter days of mid-Winter. However, there have been very few occasions where Saturday players have not been able to play in the Competition, albeit perhaps not always at their preferred time. Measures to ensure that Competition availability is not compromised have included restriction on visitors on certain days, and a temporary suspension of the Try Before You Join category. All Members are reminded of the importance of using the Waiting List if they are not able to enter the Time Sheet, as this guarantees automatic entry as soon as a space becomes available, and also enables the Committee to track participation issues. Our Emeritus Members now number 24, and we would welcome more new Members into this category, which has been created to acknowledge the value Pennant Hills places on the years of contribution to the Club which our long-standing Members have made, and the esteem in which they are held. There have been a number of very enjoyable Emeritus gatherings during the year, and more are planned, including opportunities for those who would like to see the course. The Membership Committee continues to work carefully and thoughtfully in taking into consideration the many variables which have the potential to influence the number of Members of Pennant Hills and their ability to maximise their participation in, and enjoyment of, the Club which we all love. Sue Fabian Chairperson

Pennant Hills Golf Club Ltd ABN 12 000 037 856

MEMBERSHIP CATEGORY STATISTICS As at 30 June 2023

As at 30 June 2022

Male

Female

Male

Female

6 Day Member

137

134

6 Day Member 31 to 40 Yrs

6 Day Member Over 80 Yrs

6 Day Member Senior

Absentee Member

167

137

Country Member

Emeritus Member

Flexible Member

Full Playing Life Member

Full Playing Member

314

289

Full Playing Member 21 to 25 Yrs

Full Playing Member 26 to 30 Yrs

Full Playing Member 31 to 40 Yrs

Full Playing Member Over 80 Yrs

Full Playing Member Senior

Full Playing Member Special

Full Playing Member U21 Yrs

Honorary Member

House Member

Limited Playing Member

Staff Member

1032

329

982

315

Category

Pennant Hills Golf Club Ltd ABN 12 000 037 856

PLANNING COMMITTEE REPORT The strategic needs of our Club coupled with the feedback from the “Voice of the Member” survey continue to be the key inputs to the refinement and delivery of the Club’s Strategic Plan. We would once again like to thank Mark Sundquist and his company “Fiftyfive5” for his generous and insightful assistance with the distribution and analysis of this year’s “Voice of the Member” survey. This year’s survey saw a record number of our members respond with their feedback on what they were satisfied with and what they thought needed further work. We are confident that when we run the survey again in late 2023, we will encourage an even greater number of members to share their views with us. The past 12 months has seen continued progress on the strategic initiatives that were shared with Members in the second quarter of 2022. A key change in 2022/23 has been the broadening of the membership of the Planning Committee to include all Board members which has facilitated both a more productive use of time and better communication. We have made good progress across our strategic initiatives but have also been frustrated by some “speed bumps” in timing, resource availability and budget. The interim report on the progress we are making on the strategic initiatives is summarised below.

Build and deliver the Course Master Plan The outcomes we want from the first part of the Course Master Plan include:   

Rebuilding of the greens, green surrounds, and tees to USGA standards Rebuilding of many of the bunkers on the course, and Mitigating the balls out-of-bounds risks on our perimeters

This critical strategic initiative, led by Damian Maguire, has seen the initial concept designs received from the course architect. Those designs were presented to a small representative group of members in late 2022 to seek initial feedback. The proposed layout was played by a group of people selected by Neil Rolfe, our Club Professional, to give a more in-depth review of the proposal. We have also conducted briefing sessions with members during May of 2023 and received constructive feedback during those sessions. The result has highlighted some options that we will review with the course architect when he visits Pennant Hills later this year. We have been frustrated by some Visa approval issues that have delayed this visit but have a work-around in place with another designer working for the course architects set to make the faceto-face visits until Phil Jacob’s Visa is approved. This regrettable delay allows us to review alternative proposals that have been recommended ahead of the visit while work continues on the detailed design of the 14 holes that are not impacted by the layout changes being contemplated. Additionally, the delay until 2024 allows the Club to further reduce the underlying debt levels that remain from the clubhouse Pennant Hills Golf Club Ltd ABN 12 000 037 856

redevelopment project. As the Captain has said in his report, it is important to get this project right the first time and do it once. Create Water Security We have continued to engage with NorthConnex regarding access to the water they process from the tunnel. As with all things that are as complex as this, it has taken quite some time to work through the many issues involved in bringing this project to life. Pleasingly, we are now at the point where the formal government approvals are being sought, including the changes required by NorthConnex to discharge their water to a different location, along with the approvals for the under bore under Pennant Hills Road. We were fortunate to receive a government grant of $80k to assist with the funding of this project. It is anticipated that once the approvals have been received and the commercial agreement between NorthConnex and Pennant Hills Golf Club is finalised, construction will commence toward the end of 2023 and will be finished during Q1 of 2024. It should be noted that the commercial agreement will be in place to define the rules of engagement between both parties. NorthConnex remain committed to supply the water at no ongoing cost to our Club. We are fortunate to have the invaluable assistance of one of our members, David Sefton, to assist with the preparation of this commercial agreement and we are thankful for his generosity and willingness in helping in its preparation. This will be a milestone initiative – as was the building of our water reclamation plant in 2006 – and will ensure continuity of water supply independent of mains water for irrigation of our course and gardens into the future. Optimise Membership and Member Experience Sue Fabian, Lesley Roberts, and David Thorn have driven the initiatives around membership and member experience. Our membership levels and ongoing pipeline of new members remain strong. The key focus of the Membership Committee and Board is to maximise the number of members we have while preserving the quality of tee time access. We believe we have been able to manage this successfully through the early part of winter this year. The difficult months for the Club in relation to tee time access remain May, June, and July where the lower number of daylight hours flows through to smaller fields, therefore increasing demand for the available tee times. The tightest day remains Saturday, but the few Members who may have not been successful in securing a tee time when the tee sheet opened and put their names on the waiting list were rewarded with a place in the field come game day. Member engagement and retention has been enhanced through the further interest in the Emeritus membership category for some of our non-golfing members, along with new member clinics that welcome new members to Pennant Hills and equip them with both the skills and social contacts to increase their enjoyment. You may be aware of the ongoing work with the expansion of our network of reciprocal clubs, including Sanctuary Cove domestically and new reciprocals in the UK. We anticipate attracting additional clubs will become a little more difficult as we work through our course reconstruction phase, but post-completion should see a renewed interest from reciprocal partners as our reputation and quality becomes more widely known. Feedback from the Voice of the Member survey indicated that improvement needed to be made in the cleaning and storage of Member’s golf clubs and this has been actioned. As always, attention to the quality and consistency of our food and beverage offering remains a top priority as it is a service that is highly valued by our members. Maintain Financial Stability David Blackshaw has worked with Barnaby Sumner and Craig Usher to deliver the “Maintain Financial Stability” initiative. During this financial year, we have seen the renewal of our loan arrangements with our bankers. We have also authorised the purchase of new course equipment to ensure we can safely and productively take care of our course. Additionally, we have been able to negotiate the required level of funding to prepare us for the NorthConnex project. The focus moving forward is to ensure we can deliver the outcomes we seek for the Course Master Plan while preserving the financial stability we currently enjoy. As foreshadowed by the President in recent communications, it is our intention to use a combination of bank debt and unsecured note financing from qualifying Members to fund this major investment in our future. Pennant Hills Golf Club Ltd ABN 12 000 037 856

Invest for Growth We continue to work with the Pennant Hills Golf Club Foundation to direct their fundraising efforts towards projects that will grow our Club into the future. The Foundation shared the plans for the proposed Golf Academy on the site of the old ProShop in the early part of 2023, and these designs and visual interpretations of the finished product excited those who had the opportunity to review them. We are getting closer to the submission of a development application for this project, and that brings into focus the work ahead for the Foundation in securing the funding to allow construction to commence. The second memorial gates project (in front of the new clubhouse entrance) has received development application approval and the General Manager and Board are now working through the costing associated with this project. The Foundation holds funds specifically allocated to the Gates project, so our challenge will be to find a design that is synonymous with the quality we expect while being cognisant of the available funds. Strengthen Corporate Governance The improvement of our corporate governance is a critical initiative that is being led by David Thorn. During the year, we have made progress on the implementation of a performance management system for our staff that allows people to be recognised for their strengths and coached on their development needs. Importantly, the external training that is completed by our people results from these performance discussions. Our workplace health and safety program continues to develop and will be strengthened by the additional guidance provided by our recently-appointed People Experience Manager who is working closely with the General Manager and the extended team. A comprehensive risk review process was started by Andrew McDonald during his time on the Board. This process has been continued and the reviews are undertaken twice per year. This allows both the Board and management to understand where risks exist and to manage their potential impact. The constitutional changes proposed and approved at the 2022 AGM have been implemented during 2023, with the consistency of strategic direction supported by the extension of Director terms from 1 year to 3 years. Create a Members and Staff Communication Plan Feedback from the 2022 Voice of the Member survey indicated a high level of Member satisfaction with the communication they are receiving. We have continued to publish regular President’s updates, weekly eNews, “What’s On” communications, Professional Shop communications and ad-hoc updates as required. We are conscious of the need to keep you updated on progress on key initiatives and we will ensure this occurs as we continue to implement the plan that we have shared with you. The input of the entire Board has been highly valued as we have sought to implement the plan. Specifically, the strategic pillar leaders – Damian Maguire, Sue Fabian, Lesley Roberts, David Blackshaw, and David Thorn – have led their respective areas with drive and enthusiasm and I specifically want to thank them for their energy. Additionally, our General Manager, Barnaby Sumner, has provided strong leadership and input in a number of areas that cut across all these strategies, and I want to acknowledge his valuable contribution as well. The Planning Committee has focused on the delivery of our plan over the past 12 months, and we have achieved an important milestone in the transition between planning and implementation. We look forward to being able to involve and update you as the initiatives come to life over the next 12 months in our journey towards our vision of being “A Leading Sydney Private Members Golf Club”. Mark Bradbury Chairperson

Pennant Hills Golf Club Ltd ABN 12 000 037 856

RECIPROCAL COMMITTEE REPORT PHGC has had long-standing reciprocal relationships with many clubs interstate, intrastate and internationally and a number of 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. Our existing reciprocal clubs are listed on the PHGC 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. Pleasingly, our efforts to engage with Sanctuary Cove Golf & Country Club were rewarded in January 2023 with confirmation that a “Playing Rights” reciprocal relationship would be established for the benefit of PHGC and SCGCC members. In the past 12 months we were also able to secure two (2) golf clubs in the UK being Seaton Carew and Gog Magog (Pictured). Both are well regarded and of a very high standard. Your Reciprocal Committee led a tour involving a group of PHGC members to South Australia in May 2023 visiting four (4) potential reciprocal clubs in Adelaide, namely Royal Adelaide, Kooyonga, The Grange and Glenelg Golf Clubs. Whilst our intent was to explore full reciprocal arrangements, it seems that most clubs we engaged with directly were more interested in accessibility or “playing rights only” in these challenging economic times. As such, we hope to have some more positive news to share with members in the New Year from Adelaide. In September 2023, more than 50 PHGC members joined our Centenary Tour of Tasmania. In addition to playing at Royal Hobart and Tasmania Golf Clubs, our members had the chance to play at the worldrenowned Barnbougle Dunes and Lost Farm Golf Clubs, not to mention enjoying the sights and delights that Tasmania has to offer from a tourism and hospitality perspective. Your Reciprocal Committee is looking to reinstate the time swap arrangements with our Pack Cup Clubs (Pymble, Avondale, Concord and Killara Golf Clubs) and more reciprocal discussions are scheduled to occur with like-minded clubs of similar standing in Queensland, Victoria, Western Australia and the UK. We are also enjoying a time swap arrangement with Long Reef Golf Club. In March 2024, another group of 28 PHGC members will be travelling to New Zealand and playing rounds at Royal Wellington as well as Paraparaumu Beach Golf Club & Temarua Golf Club. There will be some sightseeing along with a trip to Moy Hall winery in the region of Martinborough. My sincere thanks to the Board Members, invited members and Management for their continued support of the Reciprocal Committee’s activities throughout the year. David Thorn Chairman

Pennant Hills Golf Club Ltd ABN 12 000 037 856

WOMEN’S MEMBERS’ REPORT I am pleased to present to you the annual report highlighting the activities and achievements of our Women's membership at Pennant Hills Golf Club. It has been a remarkable year filled with enjoyable events and great participation from our dedicated women members. First and foremost, I would like to express my heartfelt gratitude to the committee members for 2022 - 2023 President Captain Secretary Competition Manager General Committee

Susie Wales Anne Eldridge Lilly Moore Simone Lester Lynne Bastock Marian Jones Glenda McKie Belinda Milroy

After years of dedicated service, Judy Trickett, President, Janet Shand, Secretary and Karen Patterson have stepped away from the committee. We have had five new ladies join the committee in the last six months. Their dedication and commitment have played a pivotal role in ensuring the success of our club's activities. Also, thanks to the board for their support throughout the year. Our Championship Day, which took place on the 27th of October, was a wonderful success. It was a fabulous day, showcasing the incredible talent and camaraderie that our club is renowned for. The day began with the prestigious presence of Bev Archer, a past captain and renowned golfer, who had the honour of starting the field. Her experience and dedication set the tone for an exciting and competitive day of golf. In addition to our outstanding golfers, I would like to express my sincere gratitude to Sue Fabian, Chris Allen, Jeanette Wright, Joan Eyles, and Sue Rogge who generously volunteered their time to serve as referees for the day. Their dedication and expertise ensured the smooth and fair execution of the tournament. Their contributions were invaluable, and we are incredibly grateful for their unwavering support. Our Championship Day would not have been complete without the enthusiastic crowd that followed the field. Your presence, cheers, and encouragement added an extra level of excitement to the competition. Your unwavering support uplifted the spirits of our players and made the day truly memorable. To commemorate the success of the event, we held an afternoon high tea where all participants and attendees came together to celebrate. It was a delightful occasion filled with laughter, camaraderie, and the sharing of memorable moments from the day. The high tea provided the perfect opportunity to honour our remarkable golfers and recognise their exceptional achievements. This year the Pennant Hills Cup and Bronze Salver were both won by visitors. Stephanie Croft from Kogarah Golf Club won the 2022 Pennant Hills Cup and Hyunsook Kwak from Strathfield Golf Club won the 2022 Bronze Salver. Our grade team and other representative teams have demonstrated exceptional talent and sportsmanship in various tournaments and competitions. Their hard work and enthusiasm have brought great pride to our club. I commend each member for their remarkable achievements and congratulate them on their continued success. Our Golf NSW 2023 Women’s Grade team consisted of: Anne Eldridge, Desi Herden, Nicki Howlett, Leonie Shaw, Tina Skuodas, Mary-Jo Usher and Susie Wales. Finishing in 5th place was a commendable effort for this committed team. A fighting square on the final day of competition ensured this team remains in Division 2 for 2024. The Northern District Pennant Competition was back in full swing with Pennant Hills competing in 5 pennants in total being: Silver Salver, Silver II Salver, Bronze I Pennant, Bronze II Shield and Bronze III Salver. All teams completed their seasons. Pennant Hills Golf Club Ltd ABN 12 000 037 856

Our best performing teams were Bronze II and Bronze III, who finished in 2nd place. Congratulations to both of these teams. The Bronze II team was led by Field Captain Rosie Artlett. Team members were: Jackie Barratt, Lynne Bastock, Isabel Illingworth, Kay Lee, Alison O’Sullivan and Judy Trickett. Our Bronze III team consisted of: Field Captain Ann Elsley, Chris Fox, Anne Goodrick, Sally Gooley, Glenda McKie, Belinda Milroy, Lilly Moore and Kate Stinson. Silver II Salver, captained by Margot Weinert finished in 4th place. Silver Salver, with Nicki Howlett in charge finished in 7th and Bronze I, with field captain Marcia Suviste finished in 7th place. These teams were very fortunate to be supported by Jessica Noh or Rachel Bailey with a two hour team building session prior to the first match. These training sessions are well supported and we are very lucky to have these expert teaching professionals at our club. Our Sunday Women’s Pennant team are midway through their season at the time of this report. They play one Sunday a month from March to September. Tanya Whitmarsh has again taken on the role of Field Captain and we thank Tanya for her commitment to this team. We seem to be a great golfers when it comes to playing an interclub competition at home! We defeated both Avondale and Oatlands at PHGC, but were unlucky when taking on Castle Hill at Castle Hill. These interclubs always prove to be a great contest and a very enjoyable day. Anne Eldridge and Mary-Jo Usher won the Golf NSW Ambrose Event in 2023. This team will progress through to the regional finals. Our teaching professionals at PHGC are exceptional. We are so fortunate to have the expertise of: Neil Rolfe, Rachel Bailey, Jessica Noh and Steven Vail. To the pro shop team of Neil Rolfe, Rachel Bailey, Jessica Noh, Keith Smith, Steven Vail, Finley Lawler and James Skuodas, many thanks for your continual support and help with the women’s program. Major Trophy Winners for 2022-23 Club Champion 2022: Bronze I Champion 2022: Bronze II Champion 2022: Pennant Hills Cup 2022: Pennant Hills Bronze Salver 2022: Foursomes Championship 2022: Bronze I Foursomes 2022: Bronze II Foursomes 2022: Four Ball Knockout 2023: Singles Knockout 2023: President’s Cup 2023: Captain’s Cup 2022: Captain’s Cup 2023:

Anne Eldridge Lesley Roberts Ann Elsley Stephanie Croft, Kogarah GC Hyunsook Kwak, Strathfield GC Anne Eldridge & Mary-Jo Usher Robin Hosking & Coral Lawrence Sue McMurchie & Susan Nicholas Ann Elsley and Janet Shand Kay Lee Trish Morris Tina Lee (rescheduled to July 2022 due to weather) Rhonda Parkinson

The Presidents cup finalists Trish Morris, The winner Sue Fabian, The Referee Lynne Bastock, Runner Up One of the highlights of the year has been the various fun days organised at the club. These events have provided a fantastic opportunity for our members to come together, enjoy the game of golf, and foster a sense of camaraderie. Some of the notable fun days include the High Tee Classic, St. Patrick's Day Celebration, Mystery Golf Day at StoneCutters Ridge, Greens Reno Trip to the Hunter, Visitors Day, Pennants Dinner, Captains and Presidents Day, Charity Day, and Christmas 3 Ball. The exceptional turnout and active participation in these events reflect the vibrancy and strong bond within our women's golf community. These days are only possible because of the dedicated committee who organise them. Thanks to Nicki Howlett and Simone Lester for their fun filled Hunter Valley trip. Pennant Hills Golf Club Ltd ABN 12 000 037 856

After a successful campaign for Beyond Blue in 2022, our charity for 2023 is ” The Sanctuary – The Hills Women’s Shelter”. This organisation provides temporary supported accommodation for women and their children who are victims of domestic violence or homelessness. The PHGC women are always very generous when it comes to donating to a very worthy cause. This year has been particularly special as we celebrated our Centenary Year. A small troop of dedicated women have helped organise additional events such as the Medals throughout the Ages, Centenary Bridge Day, and the grand Centenary Ball. These commemorative events allowed us to reflect on the rich history of our club and appreciate the legacy of women's golf at Pennant Hills Golf Club. The Governors Lunch L to R Chrissie Grier. Lucy Gabb, Governor Margaret Beazley Anne Eldridge and Susie Wales I would like to extend my sincere appreciation to Jenny Harvey, Sally Moffat, and Lyn Toohey for their tireless efforts in organising the Centenary events. Their creativity and ideas, have added a touch of joy and excitement to our celebrations. Furthermore, I would like to acknowledge the contributions of our members who have been instrumental in fostering a warm and friendly atmosphere. The flowers in the locker room not only add a beautiful touch but also create a sense of belonging and pride in being a part of a club that cares deeply for its members. Our Tuesday Bridge, led by Carolyn Brereton and Sue Rogge, continues to attract a strong and dedicated following. Every Tuesday, the Bridge sessions bring members together for an enjoyable and engaging experience. Each month Sally Tribe and Marian Kench organise a larger bridge day for all to enjoy. Pilates is organised by Lyn Stanton and Joan Eyles. Held on Tuesday mornings it has provided valuable health benefits to our members. Our library is well utilised and ably managed by Adrienne Gorme. The gardening group continues on Friday morning, organised by Lesley Roberts. Additionally, the archive and history group of Joan Eyles, Ann Crisp and Bruce Jones, are quietly recording and filing every snippet of history for future reference and enjoyment. Joan has also dedicated countless hours editing our Centenary Book. For this, we are most grateful and in complete awe of her talents. I would like to express our gratitude to Course Superintendent Liam Ash and his dedicated team for their continuous efforts in maintaining the course to its peak condition. Their hard work ensures that we have a wonderful playing experience each time we step onto the course. Special thanks go to Bronwyn Steele and Nicole Tanner for their expert advice and seamless execution of our special golf days and lunches. Their contributions have elevated the overall experience for our members, and we are truly grateful for their invaluable support. Peter Barter continues to provide delectable fare that is enjoyed at every function. We, as a committee rely heavily on Kim Trujens, Craig Usher and Jodi Sparks in the office to help us navigate membership details and accounting questions. They are always there to guide us. We are fortunate to have a competent and dedicated General Manager, Barnaby Sumner who keeps everything running smoothly and ensures that our club remains a thriving community. His tireless efforts in coordinating various activities and managing the club's operations are greatly appreciated. Lastly, I am delighted to announce that our Vice President, Sue Fabian, has kindly offered her time to conduct rules afternoons for a month. This invaluable initiative will benefit both our existing and new members, ensuring a better understanding of the rules and fostering fair play on the course. As I conclude this report, I would like to express my optimism and enthusiasm for the future of women's golf at Pennant Hills Golf Club. With our compassionate and supportive community, dedicated committee members, and talented golfers, I am confident that we will continue to flourish and achieve new heights in the years to come. Thank you once again to everyone involved for their remarkable contributions and unwavering commitment. Susie Wales Women’s President

Pennant Hills Golf Club Ltd ABN 12 000 037 856

PENNANT HILLS GOLF CLUB FOUNDATION REPORT It has been another very successful and exciting year for your Foundation. The current Board of Trustees are - Ross Jackson (Chair), Peter Abraham, Mark Golding, Ray Dearlove, Craig Stubbs, 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. During the year Lyall McLachlan resigned from his position as trustee to focus on other activities. I take this opportunity to thank Lyall for his input over the many years that he served as a) the first Chairman of the Foundation and b) as a Trustee. Our charter, like other Foundations of Clubs globally, is to 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 in the future. During this year: 1. The Foundation membership increased by 8.6%, with now more than 126 members. Growth of Foundation members show that the general Club membership and are committed to the growth of our assets and the development of different activities to broaden the appeal of our Club. 2. The Foundation received a large increase in both donations and membership contributions, with a number of members again donating significant sums of money in excess of $10,000. Projects under the current management of the Foundation are: A. Golf Academy (GA) Plans have been completed and displayed in the clubhouse, along with a 3D model and indicative outlook photographs. The Foundation is very pleased to have received a vast array of positive comments. It is expected that the plans and all the required expert reports will have been submitted to council for Development Application Approval the time you read this note. It is interesting to note that our peer clubs such as Pymble, Killara and Avondale have announced news that they will all be constructing similar facilities, and indeed my club in London, Roehampton has just released final plans showing 11 Trackman practice bays for their members. We are very much in league with clubs of our ilk globally. B. Health and Fitness Centre A preliminary study has been completed by the Clubs Architects, including a full survey of potential construction sites. More news will follow as we move forward. C. Kendal Binns Junior Fund This program is managed entirely by the Junior committee, 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. Following this report is the Foundation’s Income and Expenditure and Balance Sheet for the year ended 30June 2023 and a separate report from the Kendal Binns Junior Fund. Ross Jackson Chairman Pennant Hills Golf Club Foundation Foundation Income and Expenditure and Balance Sheet In accordance with the Foundation Deed of Trust we have included below the Foundation’s audited Statement of Income and Expenditure and Balance Sheet. Pennant Hills Golf Club Ltd ABN 12 000 037 856

STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2023 2023

2022

Direct Donations received

30,716

35,166

Donation Grants received from Australian Sports Foundation Government Development Grant / (Returned)

64,825

64,919

(55,000)

55,000

Total Revenue

40,541

155,085

Foundation monies expended

(59,008)

(122,485)

Total Expenses

(59,008)

(122,485)

Net Surplus for the Year

(18,467)

32,600

4,000

5,000

(14,467)

37,600

Revenue

Expenses

Transfer in from Ex Services memorial gates reserves Net Contribution for the Year

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

BALANCE SHEET AS AT 30 JUNE 2023 2023

2022

Cash at Bank

100,682

141,655

Grants Receivable

16,375

Total Current Assets

117,057

141,655

Total Assets

117,057

141,655

Trade and Other Payables

16,213

26,344

Total current liabilities

16,213

26,344

Total Liabilities

16,213

26,344

NET ASSETS

100,844

115,311

Pennant Hills Golf Club Foundation Reserve

100,844

115,311

Total Foundation Funds

100,844

115,311

ASSETS Current Assets

LIABILITIES Current Liabilities

FOUNDATION FUNDS

For a breakdown of the Foundation funds by project refer to Note 13 in the Pennant Hills Golf Club Financial Statements.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

KENDAL BINNS JUNIOR FUND REPORT The Kendal Binns Junior Fund wishes to publicly salute and acknowledge all the work and good cheer that Mr. Kendal Binns gave to the Kendal Binns Junior Fund. He is missed. Our efforts remain based on 2 premises: 1. You have to play well enough that you chose golf over the many sports available 2. You must have enough friends that you decide to use sport time playing golf with them. Is it working? In 2019 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:       

Riley Lam James Dailly Alfred Wang Agatha Hui Wenxin Wang Matthew Nathan Brian Wu

ACTIVITIES: At the beginning of the financial year, we held a dinner to welcome new scholarship players and review the achievements of our ongoing players. The highlight was a presentation by our Director of Golf, Neil Rolfe, on ways to improve your game. We continue with our efforts to improve our scholarship players’ ability to speak in public by asking them all to briefly talk about their goals. They offer youthful insights and often humour. Our major fund raising took place on a weekend in September and the highlight was an Ambrose on Sunday. Many of the scholarship players were involved and the emphasis as before was on fun. There was a dinner after the game where prizes are given out and the winners of the raffle were announced. I strongly recommend that join us next year for this highly enjoyable day. At the end of the club’s financial year the KBJF had $39.3k in the bank and the Fund has budgeted $22.2k for ongoing support for our young players. There are currently 18 on scholarship and with the continued good work of Rachel and the pro staff, we are looking forward to new members. While I will continue on the committee, it was with mixed emotions that I have retired as Chairperson and have handed over to Rob Cornish. Rob has done an excellent job as Fund Treasurer and worked with Barnaby on stabilising our finances and ensuring our continued growth. He will do an excellent job. Finally, the Fund would like to thank:   

Rachel Bailey and Neil Rolfe who attend our meetings and add their support Also, Barnaby Sumner, Craig Usher, Kim Truijens and Jodie Sparks Plus, all the donors past and present

Ed Truscott

Chairperson For Committee Members: Graeme Martin, Rhonda Parkinson, Hugh Gerdes, and Rob Cornish

Pennant Hills Golf Club Ltd ABN 12 000 037 856

EX-SERVICE SECTION REPORT Report on Remembrance Trophy and Ex-Services Golf Day 2022 The 96th ex-services day and Remembrance Day golf competition was held on Saturday, 12 November with a field of 198 members and guests taking part. As a result of the day our Club has been able to forward a cheque to Legacy for $4,100 which includes direct donations from Ex-Service Members of $220. Additionally, the Committee was able to allocate a further $4,000 to the Second Memorial Gates Fund. 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. A large group of volunteers drawn mainly from the Friday Long Lunch group provided a breakfast of sausage and onions breakfast 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 Tim Holfert. Chris Howlett and Michael Fitzgerald 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. Legacy volunteers led by Julie Bowden assisted at the 18th green with nearest the pin duties and the issue of raffle tickets. Ex-Service Member Peter McBeath recited the Ode with the Last Post and Reveille played prior to the presentation of trophies. Bruce Lumsden, on behalf of the family of the late Geoff Lumsden donated the Ex-Services Trophy won by Terry Pankhurst. The 97th year of competition for the Ex-Services Trophy will be held on Saturday, 11 November 2023. 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 Joshua Bell. The winning 4 Ball Team with a score of 54 was Graeme Martin, Kevin Lester, Mark Fothergill, and Trent Brenna with a score of 55 points. The winning Ex-Services Team comprised Doug Walters, Paul Fabian, Troy Schuft and Stephen Townsend. 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 the staff in the pro shop, Craig and Kim in the Office, as well as Kristen and those in the Kitchen for their support and enthusiasm. Michael Rowan

Chairperson On behalf of the Ex-Services Committee:   

Peter Sprowles Brian Hamilton Peter McBeath

Pennant Hills Golf Club Ltd ABN 12 000 037 856

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

DIRECTORS The Directors of the Company at any time during or since the end of the financial year are: Information on Directors Directors Names S. Fabian D. Downes M.J. Rowan G.M. Martin L. Roberts D. Maguire A. McDonald M. Bradbury D. Blackshaw D. Thorn

Occupation Retired Real Estate Retired Banker Director Retired Registered Surveyor Mortgage & Asset Finance Broker Retired Finance Manager Management Consultant

Year elected 2019 2022 2019 2019 2020 2020 2020 2020 2020 2021

Resignations and Appointments

Resigned 24 October 2022

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Directors Names M.J. Rowan S. Fabian G.M. Martin L. Roberts D. Maguire A. McDonald M. Bradbury D. Blackshaw D. Thorn D. Downes

Sub Committee Responsibilities As President is an ex-officio member of all Committees Membership (Chairperson), Finance, Course & Playing House, Membership, Course & Playing House (Chairperson), Membership & Reciprocal Course & Playing (Chairperson) & Planning House & Finance Planning (Chairperson), Finance & Membership Finance (Chairperson), Membership, Planning, Reciprocal, Course & Playing Reciprocal (Chairperson), Finance & Planning Reciprocal, Membership & House

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

SHORT-TERM OBJECTIVES The Company’s short-term objectives are to enhance:   

The quality of the golf course Member engagement through club house activities The golfing community demand for membership of the Company

Pennant Hills Golf Club Ltd ABN 12 000 037 856



Member satisfaction and participation in club activities

LONG-TERM OBJECTIVES The Company has the following long-term objectives:  



Continue to operate as a private golf club Provide for members and their families and friends an environment where everyone can: o feel welcome and safe o enjoy camaraderie o belong Strengthen the financial sustainability of the Company

STRATEGIES TO ACHIEVE OBJECTIVES The Company is pursuing the following strategies to achieve its objectives: 

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



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



Refining membership categories to assist existing member retention and recruitment of new members Implementation of operational efficiency programs to reduce fixed operating expense levels Implementation of programs to ensure efficient use of the Company’s physical assets

   

Development of a capital funding plan for the golf course and physical plant required to support the objectives Review of the club’s governance and management structures to support the objectives

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

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

Maximum Attendances Possible

Meetings Actually

M.J. Rowan

M. Bradbury

D. Maguire

D. Blackshaw

D. Downes

S. Fabian

G.M. Martin

A. McDonald

L. Roberts

D. Thorn

Pennant Hills Golf Club Ltd ABN 12 000 037 856

Attended

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2023 Note

2023

2022

Revenue Sales Revenue

2,612,774

1,878,789

Subscriptions, Entrance Fees, Golf Services and Other

5,126,910

4,550,542

Government Grants

91,491

398,430

Legal Settlement

300,000

7,831,175

7,127,761

95,588

118,694

Cost of Sales

(1,340,537)

(1,011,311)

Cost of Rendering Services

(140,684)

(111,335)

Member Benefits

(89,804)

(103,398)

(1,571,025)

(1,226,044)

(1,274,957)

(972,296)

(586,232)

(437,391)

Total Revenue Other Income Cost of Goods and Services

Expenses by Function Bar and Catering Expenses Pro Shop Expenses Golf Services Expenses

(184,863)

(250,156)

Course Expenses

(2,208,850)

(2,072,222)

House Expenses

(743,528)

(649,801)

(1,314,584)

(1,049,662)

(6,313,014)

(5,431,528)

Total Costs and Expenses

(7,884,039)

(6,657,572)

Surplus before Income Tax Income Tax Expense

42,724 -

588,883 -

Surplus after Income Tax

42,724

588,883

Donations Received

40,541

155,085

Foundation Monies Expended

(59,008)

(122,485)

(18,467)

32,600

24,257

621,483

18,467

(32,600)

(4,000)

(5,000)

36,009

38,724

619,892

38,724

619,892

Administration Expenses

Pennant Hills Golf Club Foundation

Surplus/ (Deficiency) from Pennant Hills Golf Club Foundation Net Surplus for the Year Transfer from/(to) Pennant Hills Golf Club Foundation Reserve Transfer from/(to) Memorial Gates Reserve

Transfer from/(to) Course Development Reserve Surplus Attributable to Members Other Comprehensive Income for the Year Total Comprehensive Income for the Year Attributable to Members

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

Pennant Hills Golf Club Ltd ABN 12 000 037 856

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023 Note

2023

2022

ASSETS Current Assets Cash and Cash Equivalents

15(a)

705,596

307,765

Trade and Other Receivables

1,022,667

849,254

Inventories

254,748

202,464

Other Assets

180,137

202,257

2,163,148

1,561,740

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

10,557,416

10,296,428

Total Non-Current Assets

10,557,416

10,296,428

Total Assets

12,720,564

11,858,168

LIABILITIES Current Liabilities Trade and Other Payables

882,914

784,990

Borrowings

88,808

57,644

Provisions

206,369

162,686

Other Current Liabilities

3,171,809

2,863,630

Deferred Income

127,445

107,706

4,477,345

3,976,656

233,256

25,583

Total current liabilities Non-current liabilities Borrowings

Long-Term Provisions

42,278

29,622

Long Term Deferred Income

1,093,374

976,253

Total Non-Current Liabilities

1,368,908

1,031,458

Total Liabilities

5,846,253

5,008,114

NET ASSETS

6,874,311

6,850,054

6,773,467

6,734,743

100,844

115,311

Memorial Gates Reserve

Course Development Reserve

6,874,311

6,850,054

MEMBERS’ FUNDS Retained Earnings Pennant Hills Golf Club Foundation Reserve

Total Members’ Funds

The accompanying Notes form part of these Financial Statements and should be read in conjunction herewith. Pennant Hills Golf Club Ltd ABN 12 000 037 856

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2023

Accumulated Funds

Pennant Hills GC Foundation Reserve

Memorial Gates Reserve

Course Development Reserve

Total Members’ Funds

6,114,851

77,711

36,009

6,228,571

619,892

32,600

(32,600)

32,600

5,000

(5,000)

5,000

(5,000)

(36,009)

36,009 6,734,743

115,311

(36,009) -

6,850,054

38,724

(18,467)

18,467

(18,467)

4,000

(4,000)

4,000

(4,000)

6,773,467

100,844

6,874,311

Balance at 1 July 2021 Surplus Attributable to Members Surplus from Pennant Hills GC Foundation Donations Transfer to Pennant Hills GC Foundation Reserve Donations to Memorial Gates Transfer to Memorial Gates Reserve Transfer to Pennant Hills GC Foundation Reserve Utilisation of Course Development Reserve Transfer from Course Development Fund Balance at 30 June 2022 Surplus Attributable to Members Deficit from Pennant Hills GC Foundation Donations Transfer to Pennant Hills GC Foundation Reserve Donations to Memorial Gates Transfer to Memorial Gates Reserve Transfer to Pennant Hills GC Foundation Reserve Utilisation of Course Development Fund Transfer from Course Development Reserve Balance at 30 June 2023

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

Pennant Hills Golf Club Ltd ABN 12 000 037 856

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023

Note

2023

2022

Receipts from members / customers

8,575,742

8,138,631

Payments to suppliers and employees

(7,412,840)

(6,872,970)

(64,135)

(41,929)

9,478

1,108,245

1,223,732

4,000

21,078

Payment for property, plant and equipment

(953,251)

(511,266)

Net cash used in investing activities

(949,251)

(490,188)

Cash flows from operating activities

Interest Paid Interest Received Net cash generated from operating activities

15(b)

Cash flows from investing activities Proceeds from sale of property, plant & equipment

Cash flows from financing activities Repayment of Bank Loans

(600,000)

Repayment of Equipment Finance

(22,350)

(21,209)

Financing from Equipment Leases

319,025

Repayment of Equipment Leases

(57,838)

(54,814)

Net cash generated from /(used in) financing activities

238,837

(676,023)

Net increase / (decrease) in cash held Cash at beginning of the financial year

397,831 307,765

57,521 250,244

705,596

307,765

Cash at the end of the financial year

15(a)

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 The financial report is for Pennant Hills Golf Club Limited as an individual company, incorporated and domiciled in Australia. Pennant Hills Golf Club Limited is a company limited by guarantee.

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Pennant Hills Golf Club’s principal activity was to provide golf facilities to members.

Basis of Preparation The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards – 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 has been prepared using the measurement bases specified by the Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are described in the accounting policies below. The financial report was authorised for issue on the 31st August 2023 by the board of directors.

Net Current Liability Position As at 30 June 2023 the company has a net current liability position of $2,314,197 (2022: $2,414,916) primarily due to the large balance of subscriptions paid in advance. The subscriptions paid in advance for the 2024 year are not refundable and will be recognised as revenue over the 2024 financial year. The company has access to a bank facility of $2.35 Million (2022: $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.

Accounting Policies (a)

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

(b)

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

(c)

Property, Plant and Equipment

(i)

Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of selfconstructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) (c) Property, Plant and Equipment (continued) dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Cost also may include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within other income in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings. (ii) Subsequent Costs The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. (iii) Depreciation Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for the current and comparative periods are as follows: Buildings 40 years Plant and equipment 3 - 20 years Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

(d)

Leases Where the Company is a lessee, lease payments for operating leases, where substantially all the risks and benefits remain with the lessor are 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.

(e)

Impairment of Assets At each reporting date, the Company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) (e)

Impairment of Assets (continued) 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.

(f)

Employee Benefits Short-term Employee Benefits Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled. Other long-term Employee Benefits The Company’s liabilities for long service leave are included in other long-term benefits as they are not expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. They are measured at the present value of the expected future payments to be made to employees. The expected future payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the timing of the estimated future cash outflows. Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur. The Company presents employee benefit obligations as current liabilities in the statement of financial position if the Company does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting period, irrespective of when the actual settlement is expected to take place.

(g)

Provisions, Contingent Liabilities and Contingent Assets Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material. Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related provision. No liability is recognised if an outflow of economic resources as a result of present obligation is not probable. Such situations are disclosed as contingent liabilities, unless the outflow of resources is remote in which case no liability is recognised.

(h)

Revenue and Other Income Revenues are recognised at fair value of the consideration received. Revenue from sales of goods comprises revenue earned from the provision of food and beverage facilities, and the sale of golf equipment. Revenue is recognised when the goods are provided. Revenue from rendering services comprises revenue services to Members and other patrons of the Company.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) (h)

Revenue and Other Income (continued) Revenue from rental income relating to the telecommunications tower lease is recorded on a straightline basis over the term of the lease. PHGC Foundation donations and contributions made are credited to the PHGC Foundation in the year in which they are made. All revenue is stated net of the amount of goods and services tax (GST).

(i)

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

(j)

Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST). Receivables and payables in the balance sheet are shown inclusive of GST. Cash flows are presented in the Cash Flow Statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

(k)

Subscriptions in Advance The Subscriptions in advance balance in Note 12 consists of 2024 membership subscriptions received prior to 30 June.

(l)

Deferred Income 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. 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.

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

(n)

Critical Accounting Estimates and Judgments The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company. The Company assesses impairment at each reporting date by evaluating conditions specific to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are assessed using value-in-use calculations which incorporate various key assumptions.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) (o)

Government Grants 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.

(p)

Financial Instruments Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument, and are initially measured at fair value adjusted by transaction costs. Financial assets are derecognised when the contractual rights to cash flows from the financial asset expire, or when the financial asset and all subsequent risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged cancelled or expires. Classification and measurement of financial assets For the purposes of subsequent measurement financial assets of the Company are classified as loans and receivables. All financial assets are subject to review for impairment at least at each reporting date to determine if there is objective evidence that a financial asset is impaired. All income and expenses relating to financial assets that are recognised in profit and loss are presented within finance costs or finance income except for impairment of trade receivables which is presented within other expenses. Loans and receivables are non-derivative financial assets with fixed or determinable payments. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect is immaterial. The Company’s trade and other receivables fall into this category of financial instruments. Classification and measurement of financial liabilities The Company’s financial liabilities include trade and other payables. Financial liabilities are measured subsequently at amortised cost using the effective interest method. All interest related charges, and if applicable, changes in an instruments fair value that are reported in profit and loss are included within finance costs or finance income.

(q)

New and revised standards that are effective for these financial statements AASB 2022-3 Amendments to Australian Accounting Standards – Illustrative Examples for Not-for-Profit Entities accompanying AASB 15 AASB 2022-3 amends AASB 15 to add a new illustrative example (example 7A) which provides an in-depth analysis on the accounting for upfront fees, such as club joining fees. This Standard also documents the AASB’s decisions around concessionary leases in the basis of conclusions accompanying AASB 2022-3, to state that: Not-for-profit private sector lessees – The AASB has decided to retain the accounting policy choice in AASB 16 for the right-of-use assets of concessionary leases to initially be measured at cost or fair value on an ongoing basis, where this will be a permanent option with no plans to reconsider in future. The Company has conducted a high-level analysis of upfront fees received and note that upfront fees are accounted for appropriately in accordance with AASB 15. The Company currently measures the right-of-use assets arising from concessionary leases at cost on initial recognition and will continue to do so in the future given the accounting policy choice has been made permanent by the AASB. Accordingly, the directors of the Company do not anticipate that the application of the Standard in the future will have an impact on the Company’s financial statements.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 2023 $

2022 $

953,203 947,607 1,900,810

661,861 604,210 1,266,071

711,964

612,718

2,612,774

1,878,789

374,208 339,419 713,627

363,443 190,698 554,141

215,071 267,501 482,572

124,128 214,213 338,341

Bar, Catering & Function Services Room and Equipment Hire & Other Function Income

12,004

15,535

House Services Locker Rentals

3,964

4,003

3,691,971 9,478 45,772 3,803 3,751,024

3,442,201 39,760 2,652 3,484,613

114,475 36,800 12,444 163,719

108,715 36,800 8,394 153,909

5,126,910

4,550,542

51,491 40,000 91,491

34,397 286,030 78,003 398,430

300,000 300,000

7,831,175

7,127,761

NOTE 2: REVENUE & OTHER INCOME SALES REVENUE Bar Sales Catering Sales Pro Shop Sales TOTAL SALES REVENUE SERVICE REVENUE & OTHER INCOME Golf Services Competition Fees & Member Playing Fees Visitor & Corporate Fees Pro Shop Services Hire of Carts Pro Shop Lessons and Equipment Storage, Hire and Repairs

Other Operating Income Members’ Subscriptions & Affiliation Fees Interest Received Finance Fees Received Other Income Non-Operating Income Entrance Fees Telecommunications Tower Rent Unredeemed levy Vouchers

TOTAL SERVICE REVENUE & OTHER INCOME Government Grants NSW Payroll Tax Relief – COVID 19 Stimulus Federal & State JobSaver/Jobkeeper Relief –COVID 19 Stimulus Federal BAC and PWS Apprentice Funding State North Connex Water Grant Legal Settlements Legal Settlement

TOTAL REVENUE & OTHER INCOME Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 2023

2022

4,000 87,588

21,078 92,616

4,000 95,588

5,000 118,694

- Auditing the Accounts - Taxation Services Provided by Related Practice of Auditor

22,670 1,700

20,895 2,097

Depreciation of: Building

268,293

265,215

Plant, Equipment & Course Irrigation System

423,970

380,768

Total Depreciation and Amortisation

692,263

645,983

Bank Loans

52,326

32,511

Equipment Finance

11,809

7,041

64,135

39,552

Bar

403,899

298,313

Catering

452,394

293,478

856,293

591,791

484,244

419,520

1,340,537

1,011,311

Cart Running and Hire Costs

45,512

21,698

Repair and Service Costs & Teaching Commission

95,172 140,684

89,637 111,335

52,607

89,804 89,804

50,791 103,398

NOTE 2: REVENUE & OTHER INCOME (continued) Other Income Gain on Disposal of Property, Plant and Equipment Members’ Contributions to Course Development Fund Ex-Serviceman’s Donation to Memorial Gates Fund

NOTE 3: INCLUDED IN DETERMINING SURPLUS FOR THE YEAR Remuneration of the Auditor for:

Impairment of Assets Write Down in Clubhouse Assets Interest Paid & Payable

Cost of Sales

Pro Shop

Cost of Rendering Services – Pro Shop

Member Benefits Member Outlander Benefits Golf Services – Visitor Passes & Business Golf

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 2023

2022

1,022,667

849,674

(420)

1,022,667

849,254

NOTE 4: TRADE AND OTHER RECEIVABLES Trade Receivables Provision for Impairment of Receivables

Current trade receivables are non-interest bearing. A provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in the other expenses item. (ii) Provision for Impairment of Receivables Opening Balance

Charge for the Year

Amounts Written Off

Closing Balance

420

Opening Balance

Charge for the Year

Amounts Written Off

Closing Balance

420

(420)

1-Jul-21 Trade Receivables

1-Jul-22 Trade Receivables

30-Jun-22

30-Jun-23

2023

2022

254,748

202,464

175,758

149,158

4,379

53,099

180,137

202,257

NOTE 5: INVENTORIES Finished Goods – at Cost

NOTE 6: OTHER ASSETS Prepayments Government Grants Receivable

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

NOTE 7: CORE PROPERTY, PLANT & EQUIPMENT Freehold Land $

Plant and Equipment $

Capital Work in Progress $

9,500

7,664,932

2,559,879

196,834

10,431,145

Additions at Cost

70,050

400,539

40,677

511,266

Disposals at Cost

(215,378)

Disposals Accumulated Depreciation

215,378

Balance at 1 July 2022

Buildings

Total $

Transfers

196,834

(196,834)

Depreciation Expense

(265,215)

(380,768)

(645,983)

9,500

7,469,767

2,776,484

40,677

10,296,428

Additions at Cost

730,747

222,504

953,251

Disposals at Cost

(452,591)

Disposals Accumulated Depreciation

452,591

Transfers

22,765

(22,765)

Depreciation Expense

(268,293)

(423,970)

(692,263)

9,500

7,201,474

3,106,026

240,416

10,557,416

Carrying Amount at 30 June 2022

Carrying Amount at 30 June 2023

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 1/7/22 was $7.25 million. There has not been an updated valuation issued as at the date of this report. Included within the carrying amount of Plant & Equipment is $22,300 (2022: $43,245) of financed equipment and $293,311 (2022: $32,085) of capitalised operating leases. Refer to Note 17 for further details of operating leases and financed equipment. Refer to Note 11 for details of security over property, plant and equipment.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 2023

2022

Trade Payables

283,036

207,761

Sundry Payables and Accrued Expenses

599,878

577,229

Trade and Other Payables

882,914

784,990

Employee Benefits – Annual Leave

159,780

134,674

Employee Benefits – Long Service Leave

46,588

28,012

206,369

162,686

42,278

29,622

NOTE 8: TRADE AND OTHER PAYABLES

NOTE 9: PROVISIONS Current Short Term Employee Benefits

Non-Current Long Term Employee Benefits Employee Benefits - Long Service Leave

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

NOTE 10: DEFERRED INCOME 2023

2022

Deferred Income – Communications Tower

36,800

Deferred Income – Entrance Fees

90,645

70,906

127,445

107,706

Deferred Income – Communications Tower

554,823

591,623

Deferred Income – Entrance Fees

538,551

384,630

1,093,374

976,253

Current

Non-Current

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. Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 11: BORROWINGS 2023

2022

Commercial Loan - Equipment

16,024

22,350

Leases – Equipment

72,784

35,294

88,808

57,644

8,488

24,499

224,768

1,084

233,256

25,583

Current

Non-Current Bank Loan Commercial Loan - Equipment Leases - Equipment

Facilities In the current year the Company’s NAB borrowing facility reduced from $2.95 Million to $2.35 Million. $1.75 Million in April 2024 and $1.15 Million in April 2025. The facility expires in July 2025. The Company 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 May 2025. The Company has operating leases for carts and office printers being recorded as lease borrowings.

Security The Company’s primary banker holds registered first mortgages and floating charges over the assets and uncalled capital of the Company. The Company’s equipment financier holds a security interest over the equipment purchased for the duration of the financing agreement.

NOTE 12: OTHER LIABILITIES 2023

2022

Current Subscriptions in Advance

2,909,088

2,564,159

Food and Beverage Levy in Advance

182,275

235,490

Functions in Advance

41,661

28,630

Unredeemed Vouchers

11,910

12,113

Other

26,875

23,238

3,171,809

2,863,630

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 13: PENNANT HILLS GOLF CLUB FOUNDATION RESERVE 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 ($18,467) (2022: $32,600) together with the balance of the Memorial Gates Reserve were transferred into the reserve.

Balance at 1 July 2021 Transfer from Memorial Gates reserve Donations and ASF grants received Government development grant

Kendal Binns Junior Fund

Memorial Gates

Indoor Teaching Facility

General

Total PHGC Foundation

29,563

20,275

20,998

6,875

77,711

5,000

12,299

26,634

57,552

3,600

100,085

55,000

Foundation funds expended

(15,813)

(100,160)

(6,769)

(122,742)

GST Recoveries/(payments)

1,085 27,134

(816) 51,093

(627) 32,763

615 4,321

257 115,311

4,000

28,939

255

61,847

4,500

95,541

Balance at 30 June 2022 Transfer from Memorial Gates reserve Donations and ASF grants received Government grant returned

(55,000)

Foundation funds expended

(17,304)

(46,105)

(63,409)

GST Recoveries/(payments)

559

3,842

4,401

39,328

55,348

(2,653)

8,821

100,844

Balance at 30 June 2023

NOTE 14: RELATED PARTIES (a) Key Management Personnel Key management personnel of the Company are those persons having authority and responsibility for planning, directing and controlling activities of the Club and consist of the General Manager, Course Superintendent, Director of Golf and the Finance Manager. Short-Term Post- Employment Total Benefits Benefit $ $ $ 2022 Total Compensation

615,241

6,504

621,745

688,917

2023 Total Compensation Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 14: RELATED PARTIES (Continued) (b) Transactions with Related Parties The Company has 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 $NIL (2022: $9,652), 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.

NOTE 15: NOTES TO THE STATEMENT OF CASH FLOWS a) Reconciliation of Cash For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet

Cash Assets

b) Reconciliation of Cash Flow from Operations . with Net Surplus for the Year

2023

2022

705,596

307,765

24,257

621,483

(4,000)

(21,078)

692,263

645,983

Net Surplus for the Year Add/(Less) Items Classified as Investing/ Financing Activities: Profit on Sale of Non-Current Assets Add/(Less) Non-Cash Items: Depreciation Provision for Employee Benefits

56,339

15,447

Amortisation of Tower Rental Income Received in Advance

(36,800)

Amortisation of Entrance Fees Received in Advance

173,660

73,300

905,719

1,298,335

(Increase)/Decrease in Receivables

(173,413)

9,345

(Increase)/Decrease in Inventories

(52,284)

11,157

(Increase)/Decrease in Other Assets

22,120

(36,228)

Increase/(Decrease) in Accounts Payable

97,924

(226,332)

Increase/(Decrease) in Other Liabilities

308,179

167,455

1,108,245

1,223,732

Net Cash Provided by Operating Activities before Change in Assets & Liabilities

Change in Assets and Liabilities

Cash Flow from Operations

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 16: FAIR VALUE MEASUREMENT Net Fair Values Fair Value Estimation The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying values as presented in the balance sheet. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgment and the assumptions have been detailed below. 2023 Footnote

2022

Net Carrying Value

Net Fair Value

Net Carrying Value

Net Fair

Value

Financial Assets Cash and Cash Equivalents

(i)

705,596

307,765

Trade and Other Receivables

(i)

1,022,667

849,254

1,728,263

1,157,019

882,914

784,990

Total Financial Assets Financial Liabilities Trade and Other Payables

(i)

Borrowings

(i)

Total Financial Liabilities

322,064

83,227

1,204,978

868,217

The fair values disclosed in the above table have been determined based on the following methodologies: (Cash and cash equivalents, trade and other receivables and trade and other payables are short-term instruments in Inature 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. Borrowings includes nil drawn against a current $2.35 million bank facility. The current drawings interest period applies until 22 July 2023. 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. 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. The Company borrowings includes the principal amounts outstanding on leases of golf carts and office copier printers which were taken over a period of 4 and 5 years respectively and will expire in February 2027 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.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 17: CAPITAL AND LEASING COMMITMENTS

Operating Lease Commitments The Company’s future minimum operating lease payments are as follows: 2023

2022

Within 1 Year

95,912

36,121

1 to 5 years

252,833

1,095

348,745

37,216

51,193

838

297,552

36,378

Minimum Lease Payment Due

Less: Future Finance Costs

The equipment lease commitments comprising golf cart and photocopier leases are non-cancellable operating leases with lease terms of four and five years respectively. Lease finance commitments are shown in Borrowings (Note 11) as current borrowings of $72,784 (2022: $35,294) and non-current borrowings of $224,768 (2022: $1,084). 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 $9,889 (2022: $3,980) was charged to interest cost and $57,838 (2022: $54,814) allocated to reduce principal for operating leases.

Equipment Finance Commitments 2023

2022

Within 1 Year

16,827

24,270

1 to 5 years

8,696

25,523

49,793

1,011

2,944

24,512

46,849

Payable – Minimum Repayments

Less: Future Finance Costs

Equipment finance commitments are shown in Borrowings (Note 11) as current borrowings of $16,024 (2022: $22,350) and non-current borrowings of $8,488 (2022: $24,499).

NOTE 18: SEGMENT REPORTING The Company operates predominantly in the hospitality, sporting and entertainment industry. The Company’s operations and customers are located predominantly in Sydney, New South Wales. The Company provides golfing facilities, food, beverage and other entertainment facilities to Members and guests.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTE 19: COMPANY DETAILS The Company is incorporated and domiciled in Australia as a company limited by guarantee. In accordance with the Constitution of the Company, every Member of the Company undertakes to contribute an amount limited to $2.00 per Member in the event of the winding up of the Company during the time that they are a Member or within one year thereafter. At 30 June 2023 there were 1,361 members. The registered office and principal place of the Company is: Copeland Road, Beecroft NSW 2119

NOTE 20: CONTINGENT LIABILITIES There are no contingent liabilities that have been incurred by the Company in relation to 2023 or 2022.

NOTE 21: COMMITMENTS At 30 June 2023 the company has no material commitments which will be paid in the 2023 year.

NOTE 22: EVENTS AFTER THE BALANCE SHEET DATE There have been no significant events since the end of the financial year up to the date of this report. The financial report was authorised for issue on 31st day of August 2023 by the Board of Directors.

NOTE 23: REPORTING REQUIREMENTS - REGISTERED CLUBS ACT 1976 The Club maintains a register in accordance with the Registered Clubs Act 1976. This register is available for members to view on appointment at the front office.

Pennant Hills Golf Club Ltd ABN 12 000 037 856

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023 2023

SUBSCRIPTIONS AND OTHER OPERATING INCOME

2022 $

Subscriptions

3,625,750

3,381,740

Affiliation Fees

66,221

60,461

Interest Received

9,478

Finance Fees Received

45,772

39,760

Other Income

3,803

2,652

Gain on Disposal of Property, Plant & Equipment

4,000

21,078

3,755,024

3,505,691

1,900,810

1,266,071

Cost of Goods Sold

(856,293)

(591,791)

Gross Margin

1,044.517

674,280

55.0%

53.3%

Salaries and On Costs

(1,162,935)

(871,525)

Other Direct Expenses

(112,022)

(100,771)

(1,274,957)

(972,296)

12,004

15,535

(218,436)

(282,481)

Equipment & Merchandise Sales

711,964

612,718

Cart Hire Revenue

215,071

124,128

Services Revenue

267,501

214,213

Pro Shop Income

1,194,536

951,059

Cost of Goods Sold – Equipment & Merchandise

(484,244)

(419,520)

Cart Hire Running Costs

(45,512)

(21,698)

Services Costs Including Teaching Commissions

(95,172)

(89,637)

Cost of Goods and Services

(624,928)

(530,855)

Gross Margin

569,608

420,204

47.7%

44.2%

(511,751)

(370,543)

Surplus BAR AND CATERING TRADING STATEMENT Sales

Margin % Less:

Bar & Catering Expenses Room and equipment hire and other function revenue Surplus / (Deficit) PRO SHOP TRADING STATEMENT

Margin % Less: Salaries and on costs Other direct expenses and depreciation

(74,481)

(66,848)

Pro Shop Expenses

(586,232)

(437,391)

Surplus / (Deficit)

(16,624)

(17,187)

Pennant Hills Golf Club Ltd ABN 12 000 037 856

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023

2023

2022

Member Competition Fees

310,449

302,179

Member Green Fees

63,759

61,264

Corporate Green Fees

150,512

77,059

Visitors Fees Golf Services Income

188,907 713,627

113,639 554,141

(89,804)

(103,398)

(89,804)

(103,398)

NSWGA and WGNSW affiliation fees

(64,239)

(59,012)

Membership Induction Expenses

(14,080)

(16,561)

Representative players expenses

(34,770)

(19,181)

GOLF SERVICES

Member Benefits – Visitor Passes, Business Golf & Outlander Cost of Services

Talent development

Trophies and prize vouchers

(55,389)

(55,442)

Salaries and on costs

(7,412)

(85,872)

Fixture book, bag tags and score cards

(8,973)

(14,088)

Expenses

(184,863)

(250,156)

Surplus

438,960

200,587

(1,063,184)

(1,026,662)

Staff training, catering and uniform costs

(47,003)

(37,553)

Equipment repairs and maintenance

(122,180)

(99,810)

Course maintenance materials

(258,950)

(216,560)

(8,050)

(8,758)

Fuel and energy costs

(68,180)

(61,243)

Depreciation

(130,502)

(98,880)

Other course expenses

(166,353)

(128,361)

(1,864,402)

(1,677,827)

(44,680)

(36,584)

(1,909,082)

(1,714,411)

Operating Costs

(116,642)

(134,425)

Depreciation

(95,538)

(94,761)

(212,180)

(229,186)

(2,121,262)

(1,943,597)

COURSE Salaries and on costs

Water usage

Improvement projects Water reclamation plant

Total Course Expenses

Pennant Hills Golf Club Ltd ABN 12 000 037 856

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023 2023

2022

Locker Fees

3,964

4,003

Total Income

3,964

4,003

Catering entertainment and social costs

(72,059)

(36,658)

Building maintenance costs

(149,951)

(132,062)

Cleaning and laundry costs

(138,169)

(105,094)

Depreciation

(375,977)

(371,761)

(7,372)

(4,226)

(743,528) (739,564)

(649,801) (645,798)

Salaries & on costs

(594,741)

(559,424)

Interest Paid

(64,135)

(39,552)

Finance Costs

(55,629)

(56,063)

Depreciation of office equipment

(33,652)

(31,657)

Insurance

(129,752)

(123,886)

Postage and telephone

(15,032)

(12,699)

Audit and accounting fees

(24,370)

(22,992)

Computer expenses

(86,121)

(70,408)

Printing and stationery

(25,971)

(15,567)

HOUSE & LOCKER ROOMS

Salaries and on costs Other house costs Total Expenses Net House Expenses ADMINISTRATION

Marketing and advertising

(9,381)

(9,262)

(275,800)

(108,152)

(1,314,584)

(1,049,662)

(216,486)

(232,447)

Telecommunications Tower Rent

36,800

Entrance Fees

114,475

108,715

Forfeited F&B Levies

12,444

8,394

300,000

Government Grants

91,491

398,430

Total Non-Operating Revenue and (Expense)

255,210

852,339

SURPLUS ATTRIBUTABLE TO MEMBERS

38,724

619,892

Other expenses Administration Expenses

OPERATING SURPLUS / (DEFICIENCY) FOR THE YEAR

NON-OPERATING REVENUE AND (EXPENSE)

Legal Settlement

Pennant Hills Golf Club Ltd ABN 12 000 037 856

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Pennant Hills Golf Club Ltd ABN 12 000 037 856