PHGC Annual Report 2022-23

PENNANT HILLS GOLF CLUB LIMITED

ABN 12 000 037 856

OFFICE BEARERS

President: Mr.MichaelRowanB.Ec,MBA,CPA

Vice-President: Mrs.SueFabianBADipEdGAICD

Captain: Mr.DamianMaguireB.Surv.ISNSW

Hon.Treasurer: Mr.DavidBlackshawB.Ec,FCPA

Directors: Mr.MarkBradburyAssoc.Dip.B.Admin(Mktg),GAICD,Mr.Derek Downes,Mr.GraemeMartinGAICD,Mrs.LesleyRoberts&MrDavid ThornB.BusGAICD.

COMMITTEES

Finance: DavidBlackshaw(Chairperson)

Planning: MarkBradbury(Chairperson)

Course&Playing: DamianMaguire(Chairperson)

Membership: SueFabian(Chairperson)

House:

Reciprocal:

LesleyRoberts(Chairperson) DavidThorn(Chairperson)

Women’sCommittee: Susie Wales (President), Anne Eldridge (Captain), Lilly Moore (Secretary), Simone Lester (Competition Manager), Lynne Bastock MarianJones&GlendaMcKie

LifeMember: Mr.TonyGresham

DelegatetoGolfNSW: Mrs.SueFabian

Auditor: BDHAuditandAssurancePtyLtd

GeneralManager: Mr.BarnabySumner

I have heard it said that life is about timing and tobelong to our Club enjoying the time of our Centenary yeargivesconsiderableweighttothatsimpleadage.Theopeningceremonyprovidedanexcellentplatform ofanticipationandenjoyment.The“CentenaryClock”recordsthemilestonenearthefirsttee,interestingly itisclosetothesundialthatisalsoacommemorativemarkoflifeandtimeatourgreatClub.

We were disappointed that Her Excellency the Honourable Margaret Beazley AC KC Governor of New SouthWales hadsufferedaminorhealthissuepreventingherfromjoiningus onSunday,26February at the opening ceremony. Then pleased to receive a letter confirming her determination to reschedule the unveilingoftheplaquethathadbeencasttomarkourCentenary.ThiswasdoneatlunchwiththeBoard, the HonourableJulian Leeser MPandpast officebearersoftheClub onSunday,16 April.TheGovernor providedanentertainingaddressrelatingfamilylinkagetoGovernorHassalwhooriginallygrantedtheland westandonbutassuringusshewasnotheretoreclaimit.

ItwasayearwhenPennantHillshostedtheNSWAmateurChampionshipsheldinJanuaryover36holes. Your Club took the initiative to support the filming of the event that was live streamed causing several viewerstocommentonthespectacularconditionandvarietyoftheholesonourcourse.

The Centenary year willbe remembered for many things, nonemore sothanthe spectacular galaball, a black-tieeventheldonSaturday,4March.TheHouseCommitteereportdescribesthenightinmoreelegant detailandthemanyphotosofthenightprovideapermanentrecordofastunningevent.

ToaddaspecialgravitastothePennantHillsCupinourCentenaryyearweissuedaninvitationtotheClub Championsofourreciprocalclubs,fromAustralia,fromNewZealandandfromtheUK.Itwasanincredible 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 interestatourreciprocalclubs,friendsofgolfandamongnetworksofcompetingplayers.Theeventisnow rescheduledforSunday,26November2023.

OtherspecialeventsinthisfirstpartofthecalendaryearincludedtheHeritageLongLunchinMarchwhere weenjoyedtheamazingrecallofDarcyCluffasheaddressedMembersonincidentsandtraditionsofour Club. The“MedalsThroughtheAges”wasanopportunityforMembersinvariousagegroupstocompete for aspecialCentenaryMedal.Inall,12medalswereawardedforcompetitions by womenandmen.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 Decemberwillbeincludedinthe2023/24AnnualReport.

Weenjoyed,asourTreasurersays,asolidfinancialresult,beingasurplusof$38,724.Downonprevious years that were buoyed by insurance settlements and government subsidies related to the pandemic but aftertheone-offcostsincurredincelebratingourCentenary.Weoperateunderarevolvinglineofcreditat thebank,thiswasreducedintermsofarrangementsby$600,000duringtheyearandouraccountstoodin creditwithcashbalanceof$705,596on30June2023.

Wewelcomed152newMemberstoourClubduringtheyearafterthepassingofsomeandresignationsof others. This is a net increase of 64 including 29 new women. It is pleasing to see 24 Emeritus Members reflectingourviewthatwhengolfendsitdoesnotmeantheendoffriendshipsforgedoveryearsofplaying golftogether.ThetrendofdecliningMembershipinthefewyearsleadingupto2019haswellandtrulybeen reversed,thenumberofplayingmembersisnowabove1250andwithawaitinglistcurrentlybeingapplied foradmissiontoFullPlayingMembership.

It may be a repetitive mantra, but as I have previously pointed out, subscription income is the number of Membersmultipliedby the subscriptionamount, price times volume.Ifvolumerisestherelativepricecan bemaintained,butifvolumefallsthepriceneedstorisetomaintainservicelevels.Inouraccounts,andin theStatementofComprehensiveIncometheaggregateofSubscriptions,EntranceFeesandGolfServices discloses revenue of $3.9m in 2019 growing to $5.1m in 2023. This underpins the financial and social stabilityofourClub.Activerecruitingthereforehasastrongelementofself-interest.

The report highlights the passing of Ian Blair, Tony Curry and Dick Webb,allpast Presidents andfaithful servants of our Club. The report also records the passing of our esteemed Life Member Kendal Binns. Kendalinhis99thyearhasmadearemarkablecontributiontoourClubandtotheClubFoundation.

TheAnnualReportisanappropriatemediumtopayspecialtributetotheleadershipofourGeneralManager BarnabySumnerandhisdirectreportsCraigUsherourAccountantandAdministrationHead,LiamAshour CourseSuperintendent,NeilRolfeourDirectorofGolf,PeterBarterourextraordinaryChefalongwithNicole TannerandBronwynSteelewhosupervisetheserviceoffoodandbeverage.Allhaveformedremarkable teams of people who help make our Membership a memorable and pleasant experience. Please record yourthankswithasuitablecontributioninNovembertotheStaffChristmasFund,theydeserveit.

ItispropertomakespecialmentionoftheBoardCommitteesandacknowledgetheleadershipoftheChair of each Committee. The work of the Board is supported by policies and practices developedby the SubCommittees,thisiswherethehoursarespentandwherethecreditisdue.OnyourbehalfIthankDamian 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 LesleyRobertsasChairofHousewhohasalsoworkeddiligentlywithbothJennyHarveyontheCentenary Committee and with Ann Crisp as a volunteer and leader of our remarkable History group. I also acknowledgethevaluablecontributionsofGraemeMartinandDerekDownestotheseCommittees.

JoanEyleshasprovidedourClubwithwhatwasdescribedelsewhereasanelegantCentenaryvolume andnolessthanthefourthhistoricalaccounttobepublishedofthedevelopmentofgolfonthePennant Hillscourse.Itisanexcursionthroughthe100yearsofourhistoryandhighlightstheeventsandpeople whohaveshapedourClubtowhatitistoday.AcopyhasbeenprovidedtoallMembersandthebooklists allMembersofourClubatthetimeofenteringour100thyear.AsIremarkedintheForewordofthebook “..WearefortunatetobelongtoaClubthatcelebratesitsfirst100yearswithenthusiasmandpride”and weareindebtedtoJoanforthisoutstandingcontributiontoourCentenarycelebrations.

TheFoundationmetanumberoftimesduringtheyearandtheTrusteeswerefocusedonfinalisingplans 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 achievementandfundingtheproject.MembershipoftheFoundationhasgrownto126overthecourseof theyear.InterestingtoseethatmanyofourpeerclubsareembarkingonasimilarstrategytobuildaGolf Academy.

TheCourseDevelopmentProjectwastimedtocommenceintheSpring.Unfortunately,andasIadvisedin 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 teamarebookedatNSWGolfClubwhoarealsorenovatingtheirgreensunderTomDoak.TheTechnical CommitteesupportLiam’schoiceoftheteamandagreewithhisrecommendationtodefertheprojectfor6 monthsfirstlytogivetimetosortoutPhil’sVisaandsecondlytosecurethebestsupportteamsinshaping andbuildingournewgreens.

MichaelRowan President

GENERAL MANAGER’S REPORT

Iendedlastyear’sreportbynoting“Abusy12monthsliesaheadaswelooktocelebratethepast100years andcontinuetoensurethatourClubisreadyforthenextcentury”.Despiteawetstarttothefinancialyear yourClubhasindeedbeenverybusyonallfrontsaswecelebratedourCentenaryandcontinuedworkon ourcourseplan,titled“ProjectRefresh”,withthehelpofThePlayerGroup.

OurCentenaryeventsarecoveredfurtherinthisreportandIwouldliketostartbypassingonmysincere thankstoJennyHarvey andtheCentenaryCommitteefor theirhardworkand dedication inensuringthis momentous occasion was celebrated in style. Feedback has been overwhelmingly positive; events have beenenjoyedbyawidespectrumofMembersandwehavecapturedthemomentforprosperity.

The“BigWet”affectedactivitiesintheearly part of the financial year but pleasingly conditions abated and we were able to focus on delivering an outstanding Centenaryyear.

We kicked off celebrations by hosting the NSW Amateur Championships in late January2023,thiswasatremendousevent thatwaswellreceived,seereportbelow.

From here we transitioned into a big opening week of Centenary events including a Launch, Long Lunch and Gala Dinner.OurYoungBloodsfoundamoment to celebrate 100 years in style and we enduredaverywetCentenaryOpenthathassubsequentlybeenmovedtoNovember2023.

All these events took a great deal of planning and in addition to the Centenary Committee your Team Memberswerepivotalindeliveringtheseevents.

As Inoted lastyear,wehaveagreatteamwhodosomany things andI askthat youjoinmeinthanking eachofthemforeverythingthattheyhavedonethesepast12months.

ThoselistedwerewiththeClubasof30June2023.

Administration

Food&Beverage

GolfShop

Jodi-AnnSparks BreannaThornton AdhityaNair

KimTruijens BronwynSteele AndrewRichards

CraigUsher BrookeLosco DouglasSmith

JanaBlackbourn CameronThorn FinleyLawler

NicoleTanner EllaScott

GeorgiaMain

JonathanWilliams JackSherry

Course JoshuaArnold JamesSkuodas

AlexBullas

LukeHargreaves JessicaSherry

RyanDiBlasio MaiaBurgess

JessicaNoh

BenjaminPeroulis MarkCanto NeilRolfe

BrianRidge MitchellFletcher RachelBailey

ChristopherBarakat MoniqueHunjan RyanRichards

DaltonJones NicholasSparks

SamuelArgall

GlenBell OliverStruik StevenVail

JordanWass

OliviaJames

LiamAsh SebastianTerry Kitchen

LukeMarando ShayanDolatshahi EthanClarke

MichaelHedger SkyeMacRae JiyathPerera

RyanSuckling SylvanaArgall

StephenDeane

ThomasEngsall

StevanPieterse VikkiCleary

TaylorArnold WilliamGrigg

XavierTrevaskis WilliamNeilson

ZacharyHayward YasmineBarraket

MadelineDavey

MaximRoberts

PaulBacon

PeterBarter

RichardTjung

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 ofTeam MemberswiththeClubseeingsignificantbenefits asthese new skills are utilised at our Club,seetablebelow.

ImustmakespecialmentionofoneTeam Member,BrianRidge ourCourseForeman.For thosethatare unawareBrianhadsomehealthissuesthesepast12monthsanditiswithgreatdelightthatwewereable towelcomeBrianbacktofulltimeworkearlierthisyear.BrianhasbeenwithourClubnowfor15yearsand wewereabletocelebratethismilestonewithaluncheonattheClubhouse.

TheStaffChristmasFundwasagainverywellreceivedandI’dliketopassonmythankstotheMembers whocontinuetosupportthisinitiative.ItplaysaverybigpartinretainingandrewardingourTeamMembers.

MysincerethankstoallTeamMembersfortheir support and efforts throughout the year and to theMembersforattendingandenjoyingsomany oftheeventsthathavetakenplaceatourClub.

BarnabySumner GeneralManager

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 stellarfield.

Playedinconjunction,theNSWMedalandWomen’sStrokeplayareplayedover36holes,withtheleading 32menand16womenprogressingtotheeliminationroundsfortheNSWAmateurChampionship.

MatchesintheNSWAmateurareconductedover18holes,withthefinaldecidedover36-holes.

Also incorporated into the 36-hole qualifying rounds is the Men’s NSW Champion of Club Champions Trophy.

PlayedinconjunctionwiththeWomen’sStrokeplayChampionshipistheLeoWrayBowlforthe36-holenett winner,TheCountryChampionshipCupandtheMetropolitanChampionshipCup.

ThehonourrollofpastMen’sNSWAmateurchampionsincludesplayerswhowentontotakeoutStateand NationalOpenChampionshipsandincludestwoMajorChampionsbeingSirMichaelCampbell(1992),and JimFerrier(1931,34,37,&38).OurveryownA.Y.GreshamandA.Richardsalsohavetheirnamesonthe honourroll.

Past Women’s NSW Amateur Champions include WorldGolf Hall of Fame member Karrie Webb, ThreetimewinnerNikkiCampbell,andworld-renownedoperasingerDameJoanHammond.

Asignificanthighlightduringthe1st dayofcompetitionwastheoutstandingroundofChrisFan(Avondale) whoequaledthecourserecordof63bystringingtogether8birdiesinarow(10th to17th).Thisrecordnow sitsalongsideMessrsGreshamandNagle.

The finals were live streamed totheworld andwe were delighted to receive wonderful feedback on our course presentation from those watching both homeandabroad.

Theresultsofthefinalsareshownbelow,withthe winnerspicturedabove:

AbelEduard(Kingston Heath) def Harrison Crowe (StMichael’s)3/1

Shyla Singh (Southport) def Godiva Kim (Coolangatta&TweedHeads)4/3

We must thank our entire team who worked above and beyond in some trying conditions to ensure the coursewaspresentedatthehighestlevelandtoourdedicatedbandofvolunteers,seebelow:

AlunRoberts JillCooper MichaelCarasso

AnneEldridge JoanEyles PaulFabian

AnneGoodrick JohnRogers PaulGoodrick

AnneAmos KayLee PeggyTweedie

ArtGracie KeithThornton PennyLeigh

BelindaMilroy KerrieGraham PeterCribb

BruceJones LesleyRoberts PhillipLooby

BruceLumsden LynStanton RobCornish

ChrisGotham JoanEyles RobynNoonan

DavidAndrews JohnRogers RonFellows

DavidMckie KayLee SimoneLester

FranRitchie KeithThornton SteveWalker

GlenStanford KerrieGraham StuartDickson

GlendaMckie LesleyRoberts SusieWales

GrahamDawson LynStanton TrentBrennan

IanWilson MarleneRatcliffe VascoDeCarvalho

JackieBarratt MichaelMills JeffreyGraham

WemustalsothanksPeterAbraham,ChrisAllenandSueFabianforrefereeing!

CENTENARY REPORT

CentenaryLaunchDay

Our Centenary got off to a great start on Sunday, 26 February with 330 Members and Special Guests attending this event. It allstarted with theCentenary Speed Relay andafter somewords of wisdom from the respective Team Leaders the Captain and his team took to dismantling the President’s team to take homethetrophybyover5minutes.

Followingthisevent,weheadedtothe1stTeeandwiththesun beatingdownonthegatheringcrowdshadewasapremiumwith everyone seeking a touch of shelter prior to the Opening Ceremonytakingplace.

Atthestrokeof11.30amSueFabianwelcomedeveryonetothe ClubandcalleduponClubPresident,MichaelRowan,todeliver hisspeech.

With the absence through illness of the NSW Governor the unveilingoftheCentenaryPlaquewashandedovertoWendyandScottGreshamwhowererepresenting Life Member, Tony Gresham. Following this Julian Leeser MP raised the Centenary Flag, unveiled the CentenaryClockplaqueanddeliveredawonderfulspeechaboutClubandCommunity.

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, HornsbyMayorwhodeliveredatoasttotheClub.

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 andalittlevino.

It was a wonderful day and our thanks must go to the Centenary Committee, led by Jenny Harvey and to our teamofdedicatedstaffwho“aced”thisevent.

CentenaryLongLuncheon

Over150Members&GuestsattendedtheClubon

Tuesday,28FebruarytonotonlyenjoyaLongLunchbut toalsohearfromlong-timeMemberandformerClub Captain,DarcyCluff.

The day started out with bubbles in the Founders Bar before guests moved into the room to enjoy a shared entree,aquickgreetingfromthePresidentandthefirstof two(2)Centenaryvideos.

FollowingMainCourse,MichaelRowanintroducedDarcy Cluff noting that Bruce Jones had provided 5 pages of notesonDarcy’saccomplishments.Notallwerereadout, butagreatmanypointswerecovered.

Darcythendeliveredamagnificentaddressthatkepteveryoneattheevententhralled.Thespeechcovered many aspects of the Club and its history. Sprinkled throughout were a number of personal anecdotes includingarecollectionofhisfirstgameatPennantHills.Darcynotedthatwhilstitdidn’tlasttheentire18 holes,thankstosomerain,helearntalessonontheimportanceofhydrationthataMemberundertakesat theClubhouse.

Darcy,youhaveoursincerethanksforprovidingsuchamemorablespeech!

CentenaryGalaBallOurCentenaryGalaBalltookplaceon Saturday, 4 March with the Club’s birthday certainly being celebratedinstyle.

Theeventkickedoffwithawalkalongtheredcarpetbefore 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 anditwasawonderfulwaytostarttheevening.

From the garden to the dining room and once everyone was settled Michael Rowanwelcomed one and all to the event before handing over to our MC, Cameron Daddo. Cameron provided a quick welcome with the first of two CentenaryHistoryVideosbeingplayed,thiswasfollowed bytheopeningcourses.

Throughout the night a number of Members were asking about the “new Team Members” that were helping out in theKitchenandonthefloor.Littledidtheyknowthatthey were “undercover talent” who produced a Three Tenors styleperformancethatwasmetwithacclaim.

The second video of the night was then shown and was followed by an addressfromCameronDaddo.

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 ShadowsofMotown”,struckupaninvitingplaylistthatfilledthedancefloor.

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 TeamMemberswhowentaboveandbeyond.

IthinkSallyMoffat’snotetomebestsumsuptheGalaBall:

“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.”

ThankstoSallyandthehostofMemberswhohaveletmeknowjusthowmuchfuntheyhadattheClub.

CentenaryOpen

Well,notquitetheCentenaryOpenweenvisagedbutwith 55mmofrainfallinginlessthan24hoursitwasalways goingtotestourgolfcourse.

Playgotunderwayalittlelaterthanplannedandanumber ofMembersweredelightedthattheycouldwatchtheevent fromthecomfortoftheirownhomethankstothelive streamingservice.

AftersomebriefstoppagestheClubmadethedifficult decisiontocancelplay,asthephotoindicates,itwassimply toowettocontinue.

ThiseventwilltakeplaceinNovember2023andwehopeto welcomebackplayersfromourreciprocalclubs,allare eagertocomebacktotheClubtocompeteforthe CentenaryOpentitle.

Thanks

ThestagingoftheCentenaryeventshasbeenatruly collaborativeexercisewhichhasrequiredmanymonthsof planning.Recognitionandthanksisdueto:

 TheCentenaryCommitteecomprisingJennyHarvey, Sally Moffatt, Lyn Toohey, Greg Winters, Board members Lesley Roberts, Michael Rowan and GraemeMartinandGeneralManagerBarnaby Sumner,who haveconceptualisedand planned a diverserangeofsocialandgolfingeventstoappealtothebroadClubmembership.

 TotheHospitalityandOperationsteamincludingNicoleTanner,BronwynSteele,PeterBarterand allthestaffwhohavegonetheextramiletodeliveroutstandinglevelsoffoodandservice.

 TotheProfessionalShop,inparticularNeilRolfeandJessicaNoh,whohavesourcedagreatrange ofCentenarymerchandise.

 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.

 ToLiamandthegrounds crew who have showcased the course in thebestpossibleway.

 TomanyoftheMembers who have assisted with the various events outlined above, to name a few Paul Toohey (Centenary videos), Chris Allen (relay)KelvinGage(bookproduction),RossHowarth(raffle)andPeterTrickett(rafflepresentation).

 Totheofficestaff,KimandJodi,whoalwaysgooutoftheirwaytoassist

 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 everyonewhohashelpedtomakethisyearonetoremember.

JennyHarvey ChairofCentenaryCommittee

Summary

Thepastfinancialyear has seentheClub largely returnto pre-COVID trading,butithasstillpresented a numberofchallenges.Thefirstquarteroftheyearwasadverselyaffectedbynumerousrainevents,which ontopofanalreadyhighwatertable,causedthecoursetobeclosedforplayonnofewerthan21dayswith cartusersbeingevenworseaffected.ThisobviouslyhadanadverseimpactontheClub’sfinances.Once therainstoppedandthecoursehadachancetodryout,golfersmadeupforlosttime.However,byyear endcompetitionfees,carthirefeesandcoursedevelopmentlevyincomewerealldownonbudgetedlevels.

TheyearwasalsoanextremelyspecialonefortheClubincommemoratingitsCentenary.TheCentenary Clockandcommemorativeplaquesmarkingtheoccasionwillbealastingremindertofuturegenerationsof members.TheCentenaryLaunchDayandluncheon,theCentenaryLongLuncheonandtheCentenaryBall werewellsupportedandcelebratedintruePennantHillsstyle.Onthegolfingfront,wewerealsohonoured to host the Men’s and Women’s NSW Amateur Championship in January with the course looking immaculate.TheCentenaryOpenwasheldinAprilanddespitethebestlaidplans,torrentialrainmadethe courseunplayable,leadingtoareschedulingoftheeventtoNovember.Manyotherevents,golfandsocial, areplannedforthesecondhalfof2023whichwillcloseoutatrulymemorableCentenaryyear.

Intheyearended30June2023theClubrecordedasurplusattributabletomembersof$38,724compared toa surplus intheprevious year of $619,892. The surpluses include government subsidies andgrants 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 cashsurplus, was $959,302comparedtothepreviousyear’s$1,378,728.Giventheone-off Centenaryeventcosts,thefinancialresultsfortheyearweresolid.

RevenuefromMemberSubscriptions

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 membershipcontinuesto beverystrong. Atotalof $288k in entrancefeeswas collected duringtheyear, whichwasa$106kincreaseoverthepreviousyear,howeverduetoaccountingstandards,only$114kwas abletoberecognisedasincome.

RevenuefromGolfandProfessionalShopServices

RevenuefromGolfandProfessionalShopServiceswas$1.908million,anincreaseof$403kor27%.Not unsurprisinggiventheheavilyrainaffected2021/22year.Revenuefromvisitorfeesandcorporategolfwere the big improvers, bouncing back after COVID impacted years. Golf cart income and retail sales both showinghealthyincreases.PurchasesfollowingequipmentdemonstrationdaysandCentenaryclothingand merchandise have proved very popular. Margins on retail sales were as budgeted with employment and otherexpensesbeingwellcontrolledresultinginastrongfinancialresultfromtheProShop.Highlevelsof personalised,professionalservicearealwaysassured.

RevenuefromBarandCatering

Afteraslowstarttotheyear,revenuefrombarandcateringrevenuefinishedtheyearverystrongly.Member activitywasupby$374kor35%onthepreviousyear.Corporateandexternalfunctionsimprovedbysome $261kor135%on2021/22.Barandcateringmarginswereuponthepreviousyear,55.0%versus53.3%, howeverfoodsalemarginsweresignificantlylessthanexpectedduetohigherproduceinputcostsandthe decisiontolimitpriceincreasestoprovidememberswithabettervaluefoodoffering.

Expenditure

Totalexpenditureincreasedfrom$5.432millionto$6.313millionora16.2%increase.Courseexpenditure increased in total by 9.1% due mainly to higher fuel costs, repairs and maintenance to machinery and irrigationinfrastructureandcoursematerials.Allhavebeenadverselyimpactedbyinflationarypressureand the requirements of conditioning the course for major events. The program of replacing old course machineryhasalsoresultedina32.0%increaseincourseequipmentdepreciation.

Barandcateringsalariesandoncostsweresignificantlyhigherthanthepreviousyearasaconsequenceof highersalesandanincreaseinfunctionactivity.UnderHouseexpenses,cateringentertainmentandsocial costs were up by $35k on the previous year due mainly to Centenary celebrations. Significant building maintenancecostwerealsoincurredtomakesuretheclubhousewasingoodorderforourCentenaryyear.

Cleaningandlaundrycostswereup31%duetotheclubhousebeingopenformoredaysthantheprevious yearandbecauseofincreasedcleaningcoststhroughwageinflationofourcontractors.

Administration costs included essential staff training and one-off Centenary expenditure which accounted formuchoftheincreaseof$264.9kfromthepreviousyear.Interestchargesreflecttheincreaseinratesof borrowed funds experienced during the year and insurance costs continue to rise despite actions to limit increasesthroughriskmitigationandhigherexcesses.

BalanceSheet

Cashincreasedby$397.8kfromthepreviousyear,whilstinventoryincreasedby$52.2kasaresultofhigher salesturnoverintheProShop.Property,Plant&Equipmentassetsincreasedby$261.0kafterdepreciation followingtheadditionofnewgolfcarts,sixGatorcoursevehicles,anewtractorandsurroundsmower,the 5th holeboundaryfence,WRPandirrigationpumpreplacements,NorthConnexwaterprojectconsultancy, kitchenequipment,clubhousefurniture,fixturesfittingsandcourseredesignfees.Assetpurchasestotaled $953.2kfortheyear.

Whilstthe NAB loanfacilitywas nilatthe endof the financialyear,theClubpurchased 30new golfcarts through equipment leases resulting in an outstanding liability of $297.6k at year end. In line with the subscriptionfeeincrease,thesubscriptionsinadvanceliabilityincreasedby$344.9koverthepreviousyear, whilstdeferredincomefromentrancefeesincreasedby$173.7k.

NetAssetsatyear-endincreasedto$6.874millionfrom$6.850thepreviousyear.

Conclusion

ManagingtheClub’sfinancesisarealteameffort.Onadaytodaybasis,BarnabySumnerandCraigUsher live andbreathe the financial fortunes of the Club. My sincere thanks go to them and the whole Pennant Hillsteamfortheircommitment,professionalismandcare.Iwouldalsoliketoacknowledgeandthankthe expertiseandsupportIreceivefromthemembersoftheFinanceCommitteewhichistrulyappreciatedand valued.Andfinally,toourmembers,thankyouforyourcontinuedsupportandpatronage.InourCentenary Yearweshouldcertainlytaketimetoreflectandgivethankstothosewhocamebeforeusincreatingwhat wevaluetoday.

AstheClubgetsclosertocommencingthecrucialNorthConnexwaterprojectandcourseredesign,weare inagoodfinancialpositiontoundertakethesemajor infrastructureprojects.Many hoursofplanninghave been invested and will continue to take place to ensure their success, but we will need to chart a conservativecoursetoensuretheClubcancontinuetoprosperinthefuture.

DavidBlackshawFCPA Honorary Treasurer

Whatayearithasbeen!

OurCentenaryyearbroughtanairofexcitementthroughouttheMembership.Muchplanningwentintoalot ofeventsandinrelationtothecoursetheweathersettledinlate2022tosomeformofnormalityallowing ourCourseTeammoretimetorepairalotofthedamagetothesoakedgrounds.

We were granted the hosting nights to the NSW Amateur in January (along with our neighbour Ryde Parramatta).LiamAshandhisteamshowedwhattheycanproducewithanimmaculatelypreparedcourse insummer conditionsthatcanstressthegrasses,particularly onthegreens.Thecoursewasshowcased vialivestreamingandwecouldn’thaveaskedforbettermarketingofourbeautifulcourse.

Weheldthe“CentennaryPennantHillsCup”inMarchwhereweinvitedClubChampionsfromourreciprocal clubs to participate in the weekend long event. Many thanks and praises were received from our guests. Theeventwas againlivestreamedandbroughtsimilar acclaimfromaroundthe“world”. Sadly,theirony tothebuild-upwas an un-forecasted rain bomb which eventually washed out the tournament. This event hasbeenre-scheduledtolaterintheyear(November).

Ofthemanyeventsorganised,aCaptainsvPresidents“relay’wasstaged.Aneventnotheldfor25years. I’mglad tosay that acarefully selectedand well-prepared Captains’team wonthe day. This was agreat warm-upfortheCentenarycelebrationswhichfollowed.

ToLiamandhisyoungteam,IwouldliketopayspecialthanksonbehalfoftheBoardforthelevelofskill, enthusiasmandefforttheyputintothecoursemaintenancepreparation.Ifsomethingcouldgowrongthis yearitdid.Frompowersurges“blowingout”somepartsofthesprinklersystemtoissueswiththeWRPand the loss of key staff (Brian Ridge) for an extended period of time, Liam led his team with “it is what it is” attitudeandensuredtheexcellentpresentationofourhighmaintenancegolfcourse.

ToallMembers,butespeciallyournewfriendswhohavejoinedinthepast12months,weasaBoardhope youarereceivingmuchenjoymentfromthecourse,clubhouse,andfellowMembers.

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. Everyoneisproudthatwehaveastaffteamwecanboastabouttoourneighbours.

ToBronwynandherextendedteamof“The19th”,youalwaysportrayahappydemeanorandthatisseen throughouttheClubhousewiththewayMembersandGuestsaregreetedandtreated.

Thecourseredevelopmentproject

IthasbeenalengthyprocesssincereceivingourconceptdrawingsfromPhilJacobsofThePlayerGroup. Areminderofthereasonsfortheneedtoundertaketheprojectsistheoverallhealthofthegreensandour needtominimisetheoccurrenceofballsleavingthegolfcourse.Astarkreminderofthecurrentstateofour greens was during the Centenary Cup where the greens not only became unplayable due to the poor drainagebutalso“bubbled”asairtrappedbeneaththeplayingsurfacebegantobubble.

Theconceptdesignswereinitially“tested”bytworeviewgroupsandwereceivedsomevariedfeedbackto the proposals. Reducing par 5’s to par 4’s and viceversa has created further discussions.We had some delaywithourCentenarycelebrationsbutgatheredfeedbackandpresentedmoreinformationtothewider MembershipinJune.Overall,therehasbeenalotofpositivefeedbackaswellassomeconstructivecritique. Wemayneedtodosomemoreworkregardingtheoutofboundsscenarios.Wewerehopingtoturnsoilon ourtemporarygreensconstructioninNovemberthisyearbutanumberoffactorsmayseethatpushoutfor six months to meet the next growing season. While this is both an exciting and challenging project, our approachistogetthisrightthefirsttimeanddoitonlyonce!

CourseCare

Our course staff repair and prepare the bunkers three (3) times a week. It is up to Members to maintain themthroughout.

Lookafteryourmates

PHGC has a standard and we need to maintain it. Course care should be second nature as it is YOUR course.Pleasenote:

 It is everyone’s responsibility to rake bunkers after they have been in one whether in competitionorsocialplay!

 Itiseveryone’sresponsibilitytofilltheirdivotswithsandtoaleveljustbelowthetopofthe grasswhetherincompetitionorsocialplay!

 Itiseveryone’sresponsibilitytorepairpitchmarksinthegreensbybringingthegrassback tothesurfacewhetherincompetitionorsocialplay!

Westillintendtoproduceavideoasa“refreshercourse”toremindusallhowtorakebunkers,repairdivots andfixpitchmarksongreens.

Speedofplay

Unfortunately,our“refresher”videoonthisnever-endingproblemistakingalittlelongertoproduce(Pardon the pun!). There are numerous aspects of peoples play that contribute to slow play. The PGA Tour has somethingtoanswerfor,Iknow,buttheProfessionalsareplayingfortheirlivelyhood.WeareNOT!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. 4hr15minsshouldbethemaximumtimeforanygroup.Let’sworkatthistogether.

Onthegolfcourse - Winnersofmajoreventsfor2022-23

TheClubChampionships(2022): AGrade. RyanRichardsdefHarryMaguire3/1 ARes. AndyHaighdefMaxRowston6/5 BGrade. AndrewMillsdefMichaelDay5/4 CGrade. HarryWilliamsdefMattLomax5/4.

 The 2023 Junior Championships were recently contested between Ryan Richards who defeated MatthewNathaninahigh-qualitymatch.

 The2022MarksCup final was contested between Andrew and Riley Lam against Rober McDonald andDavidCoultonwiththeLam’sprevailing5/4.

 The2022Captains’Cup waswonbyPeterIllingworthwhodefeatedUdayChopra3/2.

 The2022President’sCup was won by MichaelCahalane whodefeated David Thorn5/3. The2023 PresidentsCuphasbeencontestedrecentlyandthisyear’schampionisScottMcKnightwhodefeated GabrieleOrmachea3/2.

 SeniorChampionship(2022) sawDeanCalettidisplaygreatformthroughouttheseriesanddefeated AndrewMowat1up.

 2023PennantHillsCentenaryCup (Vardonevent)waswashedoutinMarch.Itisre-scheduledfora dateinNovember2023.

 TheFoursomesChampionship stillseemstobelackinginnumbersastheyearsgoonbutthereare stilladozendiehardswhokeeptestingtheirfriendships.JaredDriesandMattyDavidsonoutlastedthe RichardsbrothersinRyanandMichaeltowinbyanarrowmargin.

 2023MixedFoursomes sawPeterandJessicaSherrywinningback-to-backevents.IthinkPeterwill admitthatJess’sputtingwashighqualityandsignificantintheirvictory.

CongratulationstoallcompetitorsintheseMajortrophyevents.YoucanalwayslookproudlyattheHonour Boardsformanyyearstocome.

OurTeamEvents

Golf Premier League 2022 was won by The Freedom Fighters and consisted of Peter Sherry, Scott Kennedy,JarrodLoats,AndyHaig,AndrewLamandMichaelThompson.

MajorPennants turnedouttobeyet another battletosurviveinDivision2.TheteamtookonManlyinthe door die contest at Muirfield withtheever-reliable putting from David Bailey saving the day. Scott Bailey managedthebestintheClubforhisfirstyearandJaredDries,MattDavidson,MichaelandRyanRichards, Grant Naylor, David Bailey, Gabe Ormaechea, Harry Maguire, Adi Nair and James Skuodas, all did you proudwiththeireffortsonandoffthecourse.

2022PackCup teamhadarebuildingyear.Thestandardofgolffromouropponentsisstillhighqualitybut theteamcompetedadmirablyunderthewatchfuleyeofGraemeMartin.Weareperfectlypositionedfora 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 RobBushwerethebasisoftheteamthisyear.

2023 Pack Plate – Winners!! The Pennant Hills PACK Plate team had a wonderful 2023 season going throughundefeated!Itwasanexceptionallyexcitingseasonwithmanyclosematchesbeingdecidedonthe 18thhole!OurfinalroundcontestatKillaraagainstastrongAvondaleteamwhowerealsoundefeatedwas perhapsthemostthrilling.With6matchescompleted,wewerelocked3-3!Inabrilliantexhibitionofmatch play, both Steve Rowe and Graham Dawson won their matches on the 18th 1up giving Penno a win 5-3 andthe2023PACKPlatetrophy!

ThePACKPlateteamfor2023includedRayMiles,MarkTough,AndrewMowat,GrahamDawson,Peter Handel,HughGerdes,KellFerguson,SteveRowe,GregWinters,RobStevenson,SteveWalker. CongratulationstoRayMilesplayingNo1whowentthroughtheseasonundefeated.Afabulouseffort.It certainlywasagreatteameffortandwelookforwardtothe2024season!ThanksToHughGerdesfor Managingtheteam.

Masters Pennant weresuccessfullypromotedtothetopdivisionafterwinningDiv2in2022thenewlook teamprovedthemselvesveryworthyoftheirspotinDiv1.Theteamwentthruundefeatedinthegroup roundsagainstDunheved,StonecuttersRidgeandLiverpool,butmostcontestswerecloserthanthe scoressuggested.Wemanagedtowinthetightgamesandthatwasduetotheconfidencegainedfrom theseasonbeforeandthegoodspirittheteamhasdevelopedinthe8yearsbackinthecompetition.We hadthewininthesemi-finalinourhandswith4holestoplayagainstMonashatMonaValebutletisslip onthefinalholes.Theyknowwearecomingforthattitlethough!

GabeOrmachea,DavidBailey,MurrayFogarty,PaulWatts,ScottKennedy,AndrewMunro,RobBush, DavidBlackshaw,MichaelOakley,DavidEdwardsandDamianMaguireallflewtheflagforPennoanda hugethankstoKellFergusonformanagingthesideoncemore.

JuniorPennants2022consistedofsomefineupandcomingtalentinourclub.TheyplayedagainstNSW, NorthRydeandtheRidgeandcame2nd intheirgroupbehindNSW.Sadly,awashoutpreventedthemfrom 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 MatthewNathanforgoingthroughundefeated.BigthanksalsotoPeterSherryformanagingtheteam.

EncourageShield2022 includedsome names to watch out for in the future. Wexin Wang, Jack Sherry, LeoLeitl,JamesDailly,AlfredWang,LaurenFajouandEmmaFanallrepresentedPHGCagainstLynwood North Ryde and Penrith. The team manageda winagainstLynwood but were defeated intheir other two contests.Penrithwerethedivisionwinners.CongratulationsteamonyoureffortandspecialthankstoKirk Daillyformanagingheteamthisyear.

EricApperleyShield2022 OurApperleysidecameupagainstsomeverystrongoppositionintheirgroup, especiallyinAvondaleandtheAustralianwhoboastnumerousStatejunioramateurs,bothmaleandfemale, in their squads. Although some defeats were by significant margins, the team certainly gained some valuable experience by playing againstthe best in the state. Hamish Murray led theteam during a break fromUniversityintheUSandRyanRichards,KianBlackshaw,AdiNair,CharlieJohnston,JamesSquodas, HarryMaguireandDeserieHerdenallplayedtheirbestthroughouttheseries.ThankstoGeoffRichardsfor lookingaftertheteamin2022.

IwouldliketothankmycommitteeSueFabian,AnneEldridge,DavidBlackshaw,LiamAsh,Michael Rowan,NeilRolfeandtoRachelBaileyandMichaelHedgerforthevaluableinputinhelpingtomaintain thestandardsthatourMembersexpect.

Finally,IwouldliketothanktheBoardfortheirsupportofmeundertakingthisCaptaincyRoleinthismy secondyear.

DamianMaguire Captain ChairCourse&PlayingCommittee

2023wasalwaysgoingtobeayeartoremember,beingtheyearwhenPennantHillsGolfClubcelebrated itsCentenary. Thisfocushasdominatedmanyoftheon-andoff-courseeventsthroughouttheyear,altering thenormaleventcalendarforthismomentousoccasion. TheCentenaryCommittee,undertheguidanceof the House Committee and chaired by Jenny Harvey, has spent months planning events in detail. It continuestoworkonthesocialandgolfprogramsscheduledfortheremainder of2023toensurethatour CentenaryYearisspecial.

February 26th dawned fine and warm for the first official functiononthecalendar,marking100yearstothedaythat Pennant Hills Golf Club was incorporated. To put membersinthemood,agolfspeedrelaybytwoteamsof approximately 50 members each was conducted amid loud cheers and serious competitiveness. The relay replicated events that marked the Club’s 50th and 75th anniversariesandwasagreathitwithpatrons,particularly thoseonthewinningCaptain’sTeam!

Dignitariesattendingtheformalcelebrationsontheday includedJulianLeeser (FederalMember for Berowra), PhilipRuddock(MayorofHornsbyShire),StuartFraser and Michael Medway (Golf NSW), and Wendy and Scott Gresham representing Life Member Tony Gresham. GovernorofNSW,MargaretBeasley,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 anniversarywereunveiled;aCentenarybookcompiled byJoanEyleswaslaunched;membersweretreatedto lunch on the terrace, while official guests were entertainedataformallunchintheClubhouse.

ThegalaeventoftheyearwasheldonSaturday 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 roaringsuccess;andDancingintheShadowsof Motownwerevisuallyandaudiblyspectacular. It was truly a night to remember and our thanks mustgotoJennyHarveyforheroversightofthis event, and to all the staff who worked tirelessly throughoutthedayandnighttomakethissucha memorableoccasion.

AHeritageLongLunchwasheldonTuesday7thMarch,atwhichesteemedMemberDarcyCluffspoketo thoseassembledabouthisyearsofconnectionwithPennantHillsGolfClub–andhowentertaininghewas! Thiseventwasverywellattendedbymanylong-termClubMembers.

The Club also contested a golf competition titled “Medal through the Ages”. This allowed Members the opportunitytocompeteagainstfriendsofasimilaragetowinaspeciallystruckMedalthatcommemorated this event. The event was very well received, especially from one winner, our thanks to Bev Archer who noted:

“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 mostoftheyear,thepizzaovenhasbeenapopular optionforWednesday,Friday,Saturday and Sunday dining. The Catering team continues to develop new seasonal bar menus, freshly made sandwiches,diningsuchasbistroalacarteandcarveryoptions,offeringfreshalternativesforourMembers. WethankPeterBarterandthekitchencrewforthequalityandstandardoftheservicetheyprovidetothe Club. Considering we are alternately a coffee shop, lunch café, fine dining restaurant, pizza restaurant, eventcentreandweddingvenue,thestaffdoawonderfuljobjugglingallthedemandsaskedofthem.

YoungBloodseventshavebeenwellattendedandenjoyedduringtheyear. Theadditionofpooltablesto themixhasprovedverypopular.

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’smarathoneffortinproducingthewellresearched 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 beencataloguedandsafelystoredbyJoan 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.

Weoweallthesefolkadebtofgratitudeforthevaluableworktheydovoluntarily.

The social calendar has been rounded out with events such as the children’s Christmas party, seafood extravaganza,Mother’sDayandFather’sDaylunches,winenight,MelbourneCuplunch,JazzontheGreen -eitheralreadyheldorscheduledinthecomingweeks.

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 clubhousecleaning,renovationanddécor.

SpecialthanksareduetoBarnabySumner,BronwynSteelandNicoleTannerwhohaveworkedtirelessly tomaintainstandards andimproveofferingsfor members,withalwaysaready smileandkindword. The calibreofourbarandwaitstaffcontinuestoimpress.

MythankstofellowCommitteemembers,MicRowan,GraemeMartin,SusieWalesandDerekDownesfor theirongoingsupportandeffortsthroughouttheyear.

LesleyRoberts Chairperson

VALE

WerememberwithaffectionthefollowingMemberswhohavepassedaway.Theyarepartofthe historyandtraditionofPennantHills,andtheirnameswillbefamiliartousallaslong-standingand valuedmembersofthePennantHillscommunity.Weacknowledgeandaregratefulfortheir contributiontoPennantHillsGolfClub.

BarbaraAnderson PeterFrancis

JeanMiller

MaureenRees

TedBowring DelHan BrianTaber

PeterCribb JohnHalmarick

RichardWebb

TonyCurry RossIngleton WilmaWhite

PeterDitzell ColinMcKenna

JanDuckworth BarryMcLeod

PatriciaWhitton

BarbaraWing

IanBlair joinedPennantHillsin1991.HewasappointedTreasurerin2004 andservedasPresidentfrom2009to2011.DuringhistimeontheBoard,Ian wasChairmanofFinance,andalsoservedontheMembership,Business Development,CourseandPlaying,CadetandFacilitiesCommittees.As Treasurer,IangreatlyimprovedtheClub’saccountingproceduresand practices,andwaspivotalinsecuringfinancingfortheWaterReclamation Plant.Ianwasrespectedandappreciatedforhishardworkandeffort,andfor theassistancehegavetostaffandtotheBoard.Hewasinstrumentalinthe establishmentoftheFoundationandwasaFoundationBoardmember.

Richard(Dick)Webb joinedPennantHillsin1964.HewaselectedtotheBoardin October1995andservedasPresidentfrom2000to2003.Dickwasanenthusiastic golfer,winningtheEclecticcompetitionin1983and2009,theHenricksFamilyPlate withDavidHenricksin2011,andtheSpringCupin2014.HedonatedtheSpring Cupfrom2003to2015.AsPresident,Dickmadevaluablecontributionstothe governanceoftheClub,includingsponsoringtheamendmenttotheClub’s Constitutionin2000,bringingitintolinewiththerequirementsofCorporationsLaw, theRegisteredClubs’ActandtheLiquorAct

TonyCurry joinedPennantHillsin1962,progressingtoOrdinaryMembership in1966.HewaselectedtotheBoardin1990,servingonthePlayingand HouseandSocialCommittees,andwasappointedVice-Presidentin1994. TonywaselectedPresidentin1998andserveduntil2000.Amonghisnotable achievementswerethe1991reportongolfcarts,advicetotheBoardonthe safeuseandstorageofchemicalsandintroductionoftheon-courseMedical Alarmfacility.Tonyfacilitatedtheremovalofrestrictionsforwomenusingthe ClubHouse,andwasinvolvedinplanningthenewMachineryShedandthe 2001ClubHouserenovations.OnhisretirementasPresident,hewas describedas“atirelessworkerandarealstalwartoftheClub”.

KendalBinns joinedPennantHillsin1958andwasalwaysknownandrespected asamanwhoenjoyedhis64yearsofgolfatPennantHillsbothforthesuccesses heachievedonthecourseandfortheobviouspleasurehetookinthecompanyof hisfellowMembersintheclubhouse.HewasunanimouslyvotedasaLife MemberofPennantHillsinOctober2021,particularlyinrecognitionofhismany yearsofserviceandsupportoftheJuniorprogramattheClub.Kendal’smemory livesoninthePennantHillsJuniorGolfProgram,whichwasdevelopedin1999 fromthecadettrainingprogramstartedbyKendalandfriendsin1995.In2014the KendalBinnsJuniorFundwasformed,andcontinuestosupportyounggolfersin achievingtheirpersonalgoalsingolfwhilehelpingthemgrowasfineyoung MembersofourClub.

Kendalwas,atalltimes,agentleman,courteous,dignified,andgreatcompany

ItisapleasuretopresentthisReportonbehalfoftheMembershipCommittee,whosemembersareMichael Rowan(ExOfficio),DavidBlackshaw,MarkBradbury,DerekDownes,SueFabian(Chair),GraemeMartin andLesleyRoberts.IthanktheCommitteefortheirworkanddedicationtothewelfareofPennantHillsGolf ClubanditsMembersoverthepastyear.IalsothankBarnabySumner,KimTruijensandCraigUsherfor their excellent contribution and support of the Committee. Kim, as the first contact for those considering MembershipofPennantHillsGolfClub,isoutstandinginthewarmthofherapproachandherunderstanding oftheopportunities,conditionsandprocessinvolvedinbecomingaMember.Craigkeepsusuptodatewith 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.WethanktheWomen’sCommitteefortheirwarmwelcomeandsupportofnewMembers.

The Membership Committee continues to focus on four priority strategic areas. These form part of the Board’sStrategicPlan,andcontributetoitsoversightoftheClubandtheinterestsofitsMembers.These strategicareasare:

1. OptimisingthesatisfactionofMembersandtheirabilitytoaccesstheGolfCourseandCompetition 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 theimpactonMembersubscriptions.

2. Developing strategies to understand the needs and expectations of Members in order to support andincreasethesatisfactionandenjoymentofallMembers.

3. Developingprogramsfortheinduction,engagement,informationandsupportofnewMembers,so thattheyfeelwelcomeandbecomeactive,enthusiasticClubMembers.

4. Exploring ways in which all Members are supported throughout their golfing and post-golfing careers,developingprogramstomeettheirneedsandtocontinuetoaddvaluetotheirMembership, evenaftertheyhaveceasedregularlytoplaygolf.

Itispleasingtoreportthat,onceagain,thenumberofMembersofPennantHillsGolfClubhascontinued toimprove,withatotalof1361Membersat30June,2023,comparedwith1297at30June2022.1029are in playing categories. The number of new and reinstated Members totaled 152 and contributed to a net increaseof64Membersinthepastyear.Resignations,at79,wereagainwellbelownumbersforprevious years, and were mainly from Members no longer able to commit to regular golf. Transfers of playing MemberstoAbsenteeMembershiphavepredominantlybeenformedicalortravelreasons.

AttherecentWomen’sPresidentandCaptainDaymeeting,weweredelightedtowelcome29newwomen Members,invariousplayingcategories,whohavejoinedtheClub inthepastyear.Allthesenew players are being supported as they begin their golfing journey, particularly by the Pro Shop staff, the Women’s CommitteeandbyotherMembers.CongratulationstoNeilRolfeandtheProShopTeamingivingsupport andencouragementtonewgolfersthroughtheGetStartedandGetGolfingPrograms,andtoallournew MembersastheybecomepartofthePennantHillsGolfClubcommunity.Valuableassistanceisprovided toallournewMembersinmatterssuchasobtainingaHandicap,navigatingtheWebsiteandTimeSheets, andbecomingfamiliarwiththeCourse.

Considerable work has been done in the past year on improving the process of introduction, information andengagementofnewMemberstoPennantHills,bothtoensurecompliancewiththeConstitutionandto produceMemberswhounderstandandarecommittedtothevaluesandexpectationsoftheClub.Increased attention is being paid to implementing the requirements of the Constitution regarding the need for ProposersandSecondersofnewMemberstobefullMembers,over18yearsofageandwithaminimum of2yearsofMembership.ExceptinthecaseoffamilyMembers,noMembermayproposeorsecondmore than 2 candidates within any 3-year period. The obligation of the Proposer and Seconder of any new Membertoassistandsupporttheirnomineeisemphasised,includingtheneedtomentortheminplaying golf.

The process for approval of any new Member begins with an interview with the General Manager, who provides informationabouttheClubandtheCourse.Applicants filloutan ApplicationForm,andarethen interviewedbytwoDirectors,whoprovidefurtherinformationandanswerquestions.

Applicantsthenattend,withtheirpartnersandoftentheirProposers,amandatoryInductionevening,where they receive a welcome by the President and information from the Chair of the Membership Committee aboutPennantHillsGolfClub,itscultureandvalues,itsgovernance,managementstructureandBy-Laws. TheCaptainandDirectorofGolfspeakonmatterssuchasgolfetiquette,slowplay,careofthegolfcourse, theProShopanditsservicesandbenefitstoMembers,andtheexpectationswhichtheClubplacesonits Members.AnR&A video on basic Golf Rules is shown. The Women’s CommitteePresident and Captain also highlight the role of their Committee and the friendly and enthusiastic women’s Membership. The eveningconcludeswithanexcellentdinner,whichshowcasesthequalityoftheClub’sfoodandhospitality.

NewMembersarecontinuingtoparticipateenthusiasticallyinmonthlynewMembers’ClinicsonSaturday afternoons.TheseincludecoachinggivenbyNeilRolfeandtheProShopteamandaroundsixholesofgolf, followedbyaninformalmeeting.ThesesessionsareprovingeffectiveinhelpingournewMemberstoget toknow oneanother,Neil andtheteamandBarnaby,and tofamiliarisethemselveswiththeGolfCourse andtheClub.

TheMembershipCommittee’svigilantmonitoringoftheparticipationratesinCompetitionplayforeachday oftheweekhasshownthatthemainpressurepointistheSaturdayCompetitionduringtheshorterdaysof mid-Winter.However,therehavebeenveryfewoccasionswhereSaturdayplayershavenotbeenableto 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 temporarysuspensionofthe Try Before You Join category.AllMembersareremindedoftheimportanceof using the WaitingList if they arenot able toenter the Time Sheet, as this guarantees automatic entry as soonasaspacebecomesavailable,andalsoenablestheCommitteetotrackparticipationissues.

Our Emeritus Members now number 24, and we would welcome more new Members into this category, whichhasbeencreatedtoacknowledgethevaluePennantHillsplacesontheyearsofcontributiontothe 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 opportunitiesforthosewhowouldliketoseethecourse.

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 abilitytomaximisetheirparticipationin,andenjoymentof,theClubwhichwealllove.

SueFabian Chairperson

MEMBERSHIP CATEGORY STATISTICS

PLANNING COMMITTEE REPORT

ThestrategicneedsofourClubcoupledwiththefeedbackfromthe“VoiceoftheMember”surveycontinue tobethekeyinputstotherefinementanddeliveryoftheClub’sStrategicPlan.Wewouldonceagainlike 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 numberofourmembersrespondwiththeirfeedbackonwhattheyweresatisfiedwithandwhattheythought neededfurtherwork.Weareconfidentthatwhenwerunthesurveyagaininlate2023,wewillencourage anevengreaternumberofmemberstosharetheirviewswithus.

Thepast12monthshasseencontinuedprogressonthestrategicinitiativesthatweresharedwithMembers inthesecondquarterof2022.Akeychangein2022/23hasbeenthebroadeningofthemembershipofthe PlanningCommitteetoincludeallBoardmemberswhichhasfacilitatedbothamoreproductiveuseoftime andbettercommunication.Wehavemadegoodprogressacrossourstrategicinitiativesbuthavealsobeen frustratedbysome“speedbumps”intiming,resourceavailabilityandbudget.

Theinterimreportontheprogresswearemakingonthestrategicinitiativesissummarisedbelow.

BuildanddelivertheCourseMasterPlan

TheoutcomeswewantfromthefirstpartoftheCourseMasterPlaninclude:

 Rebuildingofthegreens,greensurrounds,andteestoUSGAstandards

 Rebuildingofmanyofthebunkersonthecourse,and

 Mitigatingtheballsout-of-boundsrisksonourperimeters

Thiscriticalstrategicinitiative,ledbyDamianMaguire,hasseentheinitialconceptdesignsreceivedfrom the course architect. Those designs were presented to a small representative group of members in late 2022toseekinitialfeedback.TheproposedlayoutwasplayedbyagroupofpeopleselectedbyNeilRolfe, our Club Professional, to give a more in-depth review of the proposal. We have also conducted briefing sessionswithmembersduringMayof2023andreceivedconstructivefeedbackduringthosesessions.The result has highlighted some options that we will review with the course architect when he visits Pennant Hillslaterthisyear.WehavebeenfrustratedbysomeVisaapprovalissuesthathavedelayedthisvisitbut haveawork-aroundinplacewithanotherdesignerworkingforthecoursearchitectssettomakethefaceto-face visits until Phil Jacob’s Visa is approved. This regrettable delay allows us to review alternative proposalsthathavebeenrecommendedaheadofthevisitwhileworkcontinuesonthedetaileddesignof the14holesthatarenotimpactedbythelayoutchangesbeingcontemplated.Additionally,thedelayuntil 2024 allows the Club to further reduce the underlying debt levels that remain from the clubhouse

redevelopmentproject.AstheCaptainhassaidinhisreport,itisimportanttogetthisprojectrightthefirst timeanddoitonce.

CreateWaterSecurity

WehavecontinuedtoengagewithNorthConnexregardingaccesstothewatertheyprocessfromthetunnel. Aswithallthingsthatareascomplexasthis,ithastakenquitesometimetoworkthroughthemanyissues involvedinbringingthisprojecttolife.

Pleasingly,wearenowatthepointwheretheformalgovernmentapprovalsarebeingsought,includingthe changesrequiredbyNorthConnextodischargetheirwatertoadifferentlocation,alongwiththeapprovals fortheunderboreunderPennantHillsRoad.Wewerefortunatetoreceiveagovernmentgrantof$80kto assistwiththefundingofthisproject.Itisanticipatedthatoncetheapprovalshavebeenreceivedandthe 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 havetheinvaluableassistanceofoneofourmembers,DavidSefton,toassistwiththepreparationofthis commercialagreementandwearethankfulforhisgenerosityandwillingnessinhelpinginitspreparation.

This will be a milestone initiative – as was the building of our water reclamation plant in 2006 – and will ensurecontinuityofwatersupplyindependentofmainswaterforirrigationofourcourseandgardensinto thefuture.

OptimiseMembershipandMemberExperience

SueFabian,LesleyRoberts,andDavidThornhavedriventheinitiativesaroundmembershipandmember experience.Ourmembershiplevelsandongoingpipelineofnewmembersremainstrong.Thekeyfocusof the MembershipCommittee and Board is tomaximise the number of members wehave while preserving thequalityofteetimeaccess.Webelievewehavebeenabletomanagethissuccessfullythroughtheearly part of winter this year. Thedifficult months for the Club inrelation toteetime access remainMay, June, and July where the lower number of daylight hours flows through to smaller fields, therefore increasing demandfortheavailableteetimes.ThetightestdayremainsSaturday,butthefewMemberswhomayhave notbeensuccessfulinsecuringateetimewhentheteesheetopenedandputtheirnamesonthewaiting listwererewardedwithaplaceinthefieldcomegameday.

Member engagement and retention has been enhanced through the further interest in the Emeritus membershipcategoryforsomeofournon-golfingmembers,alongwithnewmemberclinicsthatwelcome 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 SanctuaryCovedomestically andnewreciprocals intheUK.Weanticipateattracting additional clubs will become a little more difficult as we work through our course reconstruction phase, but post-completion shouldseearenewedinterestfromreciprocalpartnersasourreputationandqualitybecomesmorewidely known.

Feedback from the Voice of the Member survey indicated that improvement needed to be made in the cleaningandstorageofMember’sgolfclubsandthishasbeenactioned.Asalways,attentiontothequality and consistency of our food and beverage offering remains a top priority as it is a service that is highly valuedbyourmembers.

MaintainFinancialStability

David Blackshaw has worked with Barnaby Sumner and Craig Usher to deliver the “Maintain Financial Stability”initiative.Duringthisfinancialyear,wehaveseentherenewalofourloanarrangementswithour 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 fundingtoprepareusfortheNorthConnexproject.

Thefocus movingforward istoensurewecandeliver the outcomesweseekfor theCourse Master Plan while preserving the financial stability we currently enjoy. As foreshadowed by the President in recent communications, it is our intentionto use a combinationof bank debt and unsecured note financing from qualifyingMemberstofundthismajorinvestmentinourfuture.

InvestforGrowth

WecontinuetoworkwiththePennantHillsGolfClubFoundationtodirecttheirfundraisingeffortstowards 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 interpretationsofthefinishedproductexcitedthosewhohadtheopportunitytoreviewthem.Wearegetting closer to the submission of a development application for this project, andthat brings into focus the work aheadfortheFoundationinsecuringthefundingtoallowconstructiontocommence.

The second memorial gates project (in front of the new clubhouse entrance) has received development applicationapprovalandtheGeneralManagerandBoardarenowworkingthroughthecostingassociated with this project. The Foundation holds funds specifically allocated to the Gates project, soour challenge willbetofindadesignthatissynonymouswiththequalityweexpectwhilebeingcognisantoftheavailable funds.

StrengthenCorporateGovernance

TheimprovementofourcorporategovernanceisacriticalinitiativethatisbeingledbyDavidThorn.During theyear,wehavemadeprogressontheimplementationofaperformancemanagementsystemforourstaff 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.

Ourworkplacehealthandsafetyprogramcontinuestodevelopandwillbestrengthenedbytheadditional guidanceprovidedbyourrecently-appointedPeopleExperienceManager whoisworkingcloselywiththe GeneralManagerandtheextendedteam.

AcomprehensiveriskreviewprocesswasstartedbyAndrewMcDonaldduringhistimeontheBoard.This processhasbeencontinuedandthereviewsareundertakentwiceperyear.ThisallowsboththeBoardand managementtounderstandwhererisksexistandtomanagetheirpotentialimpact.

Theconstitutionalchangesproposedandapprovedatthe2022AGMhavebeenimplementedduring2023, with the consistency of strategic direction supported by the extension of Director terms from 1 year to 3 years.

CreateaMembersandStaffCommunicationPlan

Feedbackfromthe2022VoiceoftheMembersurveyindicatedahighlevelofMembersatisfactionwiththe communication they are receiving. We have continued to publish regular President’s updates, weekly eNews,“What’sOn”communications,ProfessionalShopcommunicationsandad-hocupdatesasrequired.

We areconscious of the needtokeepyouupdated onprogressonkey initiatives andwewillensurethis occursaswecontinuetoimplementtheplanthatwehavesharedwithyou.

TheinputoftheentireBoardhasbeenhighlyvaluedaswehavesoughttoimplementtheplan.Specifically, the strategic pillar leaders – Damian Maguire, Sue Fabian, Lesley Roberts, David Blackshaw, and David Thorn–haveledtheirrespectiveareaswithdriveandenthusiasmandIspecificallywanttothankthemfor theirenergy.Additionally,ourGeneralManager,BarnabySumner,hasprovidedstrongleadershipandinput inanumberofareasthatcutacrossallthesestrategies,andIwanttoacknowledgehisvaluablecontribution aswell.

The Planning Committee has focused on the delivery of our plan over the past 12 months, and we have achievedanimportant milestone inthetransition betweenplanningand implementation. We look forward tobeingabletoinvolveandupdateyouastheinitiativescometolifeoverthenext12monthsinourjourney towardsourvisionofbeing“ALeadingSydneyPrivateMembersGolfClub”.

MarkBradbury Chairperson

RECIPROCAL COMMITTEE REPORT

PHGC has had long-standing reciprocal relationships with many clubs interstate, intrastate and internationallyandanumberofourMembershaveavailedthemselvesofthesereciprocalopportunities,in somecases,fordecades.Somereciprocalrelationshipshavebeenlostforavarietyofreasonswhileothers have flourished with regular trips by PHGC members to those clubs. Likewise, we have enjoyed hosting reciprocalclubmembersonourfairwaysandinourclubhouse.

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 existinglistcanbeenhanced.

Pleasingly,oureffortstoengagewithSanctuaryCoveGolf&CountryClubwererewardedinJanuary2023 withconfirmationthata“PlayingRights”reciprocalrelationshipwouldbeestablishedforthebenefitofPHGC andSCGCCmembers.

Inthepast12monthswewerealsoableto secure two (2) golf clubs in the UK being SeatonCarewandGogMagog(Pictured). Botharewellregardedandofaveryhigh 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 GrangeandGlenelgGolfClubs.Whilstour intent was to explore full reciprocal arrangements,itseems that most clubs we engaged with directly were moreinterestedin accessibility or “playing rights only” in these challenging economic times. As such, we hope to havesome more positive newstosharewithmembersintheNewYearfromAdelaide.

InSeptember2023,morethan50PHGCmembersjoinedourCentenaryTourofTasmania.Inadditionto playing at Royal Hobart and Tasmania Golf Clubs, our members had the chance to play at the worldrenownedBarnbougleDunesandLostFarmGolfClubs,nottomentionenjoyingthesightsanddelightsthat Tasmaniahastoofferfromatourismandhospitalityperspective.

Your Reciprocal Committee is looking to reinstate the time swap arrangements with our Pack Cup Clubs (Pymble,Avondale,ConcordandKillaraGolfClubs)andmorereciprocaldiscussionsarescheduledtooccur withlike-mindedclubsofsimilarstandinginQueensland,Victoria,WesternAustraliaandtheUK.

WearealsoenjoyingatimeswaparrangementwithLongReefGolfClub.

InMarch2024,anothergroupof28PHGCmemberswillbetravellingtoNewZealandandplayingrounds at Royal Wellington as well as Paraparaumu Beach Golf Club & Temarua Golf Club. There will be some sightseeingalongwithatriptoMoyHallwineryintheregionofMartinborough.

MysincerethankstotheBoardMembers,invitedmembersandManagementfortheircontinuedsupportof theReciprocalCommittee’sactivitiesthroughouttheyear.

DavidThorn Chairman

IampleasedtopresenttoyoutheannualreporthighlightingtheactivitiesandachievementsofourWomen's membershipatPennantHillsGolfClub.Ithasbeenaremarkableyearfilledwithenjoyableeventsandgreat participationfromourdedicatedwomenmembers.

Firstandforemost,Iwouldliketoexpressmyheartfeltgratitudetothecommitteemembersfor2022-2023

President SusieWales

Captain AnneEldridge

Secretary

LillyMoore

CompetitionManager SimoneLester

GeneralCommittee LynneBastock

MarianJones

GlendaMcKie

BelindaMilroy

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.Theirdedicationandcommitmenthaveplayedapivotalroleinensuringthesuccessofourclub's activities.Also,thankstotheboardfortheirsupportthroughouttheyear.

Our Championship Day, which took place on the 27th of October, was a wonderful success. It was a fabulousday,showcasingtheincredibletalentandcamaraderiethatourclubisrenownedfor.

ThedaybeganwiththeprestigiouspresenceofBevArcher,apastcaptainandrenownedgolfer,whohad thehonourofstartingthefield.Herexperienceanddedicationsetthetoneforanexcitingandcompetitive dayofgolf.

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.Theircontributionswereinvaluable,andweareincrediblygratefulfortheirunwaveringsupport.

OurChampionshipDaywouldnothavebeencompletewithouttheenthusiasticcrowdthatfollowedthefield. Your presence, cheers, and encouragement added an extra level of excitement to the competition. Your unwaveringsupportupliftedthespiritsofourplayersandmadethedaytrulymemorable.

To commemorate the success of the event, we held an afternoon high tea where all participants and attendeescametogethertocelebrate.Itwasadelightfuloccasionfilledwithlaughter,camaraderie,andthe sharingofmemorablemomentsfromtheday.Thehighteaprovidedtheperfectopportunitytohonourour remarkablegolfersandrecognisetheirexceptionalachievements.

ThisyearthePennantHillsCupandBronzeSalverwerebothwonbyvisitors.StephanieCroftfromKogarah Golf Club won the 2022 Pennant Hills Cup and Hyunsook Kwak from Strathfield Golf Club won the 2022 BronzeSalver.

Ourgradeteamandotherrepresentativeteamshavedemonstratedexceptionaltalentandsportsmanship invarioustournamentsandcompetitions.Theirhardworkandenthusiasmhavebroughtgreatpridetoour club.Icommendeachmemberfortheirremarkableachievementsandcongratulatethemontheircontinued success.

OurGolfNSW2023Women’sGradeteamconsistedof:AnneEldridge,DesiHerden,NickiHowlett,Leonie Shaw,TinaSkuodas,Mary-JoUsherandSusieWales.Finishingin5thplacewasacommendableeffortfor thiscommittedteam.AfightingsquareonthefinaldayofcompetitionensuredthisteamremainsinDivision 2for2024.

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.Allteamscompletedtheirseasons.

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: JackieBarratt,LynneBastock,IsabelIllingworth,KayLee,AlisonO’SullivanandJudyTrickett.OurBronze III team consisted of: Field Captain Ann Elsley, Chris Fox, Anne Goodrick, Sally Gooley, Glenda McKie, BelindaMilroy,LillyMooreandKateStinson.

SilverIISalver,captainedbyMargotWeinertfinishedin4thplace.SilverSalver,withNickiHowlettincharge finishedin7thandBronzeI,withfieldcaptainMarciaSuvistefinishedin7thplace.

Theseteams were very fortunate to be supportedby Jessica Nohor Rachel Bailey with atwo hour team buildingsessionpriortothefirstmatch.Thesetrainingsessionsarewellsupportedandweareverylucky tohavetheseexpertteachingprofessionalsatourclub.

OurSundayWomen’sPennantteamaremidwaythroughtheirseasonatthetimeofthisreport.Theyplay one Sunday a month from March to September. Tanya Whitmarsh has again taken on the role of Field CaptainandwethankTanyaforhercommitmenttothisteam.

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 Hillat Castle Hill. These interclubsalwaysprovetobeagreatcontestandaveryenjoyableday.

Anne Eldridge and Mary-Jo Usher won the Golf NSW Ambrose Event in 2023. This team will progress throughtotheregionalfinals.

Our teaching professionals at PHGC are exceptional. We are so fortunate to have the expertise of: Neil Rolfe,RachelBailey,JessicaNohandStevenVail.

TotheproshopteamofNeilRolfe,RachelBailey,JessicaNoh,KeithSmith,StevenVail,FinleyLawlerand JamesSkuodas,manythanksforyourcontinualsupportandhelpwiththewomen’sprogram.

MajorTrophyWinnersfor2022-23

ClubChampion2022: AnneEldridge

BronzeIChampion2022: LesleyRoberts

BronzeIIChampion2022: AnnElsley

PennantHillsCup2022: StephanieCroft,KogarahGC

PennantHillsBronzeSalver2022: HyunsookKwak,StrathfieldGC

FoursomesChampionship2022: AnneEldridge&Mary-JoUsher

BronzeIFoursomes2022: RobinHosking&CoralLawrence

BronzeIIFoursomes2022: SueMcMurchie&SusanNicholas

FourBallKnockout2023: AnnElsleyandJanetShand

SinglesKnockout2023: KayLee

President’sCup2023: TrishMorris

Captain’sCup2022: TinaLee(rescheduledtoJuly2022duetoweather)

Captain’sCup2023: RhondaParkinson

ThePresidentscupfinalists

TrishMorris,Thewinner

SueFabian,TheReferee

LynneBastock,RunnerUp

Oneofthehighlightsoftheyearhasbeenthevariousfundaysorganisedattheclub.Theseeventshave 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, PennantsDinner,CaptainsandPresidentsDay,CharityDay,andChristmas3Ball.Theexceptionalturnout 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 HowlettandSimoneLesterfortheirfunfilledHunterValleytrip.

After asuccessful campaignfor Beyond Bluein2022, our charity for 2023is”The Sanctuary–TheHills 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 generouswhenitcomestodonatingtoaveryworthycause.

This year has been particularly special as we celebrated our Centenary Year. A small troop of dedicated womenhavehelpedorganiseadditionaleventssuchastheMedalsthroughouttheAges,CentenaryBridge Day,andthegrandCentenaryBall.Thesecommemorativeeventsallowedustoreflectontherichhistory ofourclubandappreciatethelegacyofwomen'sgolfatPennantHillsGolfClub.

TheGovernorsLunch

LtoRChrissieGrier.LucyGabb,GovernorMargaretBeazleyAnneEldridgeandSusieWales

I would like to extend my sincere appreciation to Jenny Harvey, Sally Moffat, and Lyn Toohey for their tirelesseffortsinorganisingtheCentenaryevents.Theircreativityandideas,haveaddedatouchofjoyand excitementtoourcelebrations.

Furthermore,Iwouldliketoacknowledgethecontributionsofourmemberswhohavebeeninstrumentalin fosteringawarmandfriendlyatmosphere.Theflowersinthelockerroomnotonlyaddabeautifultouchbut alsocreateasenseofbelongingandprideinbeingapartofaclubthatcaresdeeplyforitsmembers.

OurTuesdayBridge,ledbyCarolynBreretonandSueRogge,continuestoattractastronganddedicated following. Every Tuesday, the Bridge sessions bring members together for an enjoyable and engaging experience.EachmonthSallyTribeandMarianKenchorganisealargerbridgedayforalltoenjoy.

Pilates is organised by Lyn Stantonand Joan Eyles. Held on Tuesday mornings it has providedvaluable health benefits to our members. Our library is well utilised and ably managed by Adrienne Gorme. The gardeninggroupcontinuesonFridaymorning,organisedbyLesleyRoberts.

Additionally,thearchiveandhistorygroupofJoanEyles,AnnCrispandBruceJones,arequietlyrecording and filing every snippet of history for future reference and enjoyment. Joan has also dedicated countless hourseditingourCentenaryBook.Forthis,wearemostgratefulandincompleteaweofhertalents.

Iwouldlike toexpressour gratitudeto Course Superintendent LiamAshandhis dedicatedteamfortheir continuouseffortsinmaintainingthecoursetoitspeakcondition.Theirhardworkensuresthatwehavea wonderfulplayingexperienceeachtimewestepontothecourse.SpecialthanksgotoBronwynSteeleand NicoleTanner for their expert advice andseamless execution of our specialgolf days and lunches. Their contributions have elevated the overall experience for our members, and we are truly grateful for their invaluablesupport.PeterBartercontinuestoprovidedelectablefarethatisenjoyedateveryfunction.We, asacommitteerelyheavilyonKimTrujens,CraigUsherandJodiSparksintheofficetohelpusnavigate membershipdetailsandaccountingquestions.Theyarealwaystheretoguideus.

We are fortunate to have a competent and dedicated General Manager, Barnaby Sumner who keeps everythingrunningsmoothlyandensuresthatourclubremainsathrivingcommunity.Histirelesseffortsin coordinatingvariousactivitiesandmanagingtheclub'soperationsaregreatlyappreciated.

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,ensuringabetterunderstandingoftherulesandfosteringfairplayonthecourse.AsIconclude thisreport,Iwouldliketoexpressmyoptimismandenthusiasmforthefutureofwomen'sgolfatPennant 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.

Thankyouonceagaintoeveryoneinvolvedfortheirremarkablecontributionsandunwaveringcommitment.

SusieWales Women’sPresident

PENNANT HILLS GOLF CLUB FOUNDATION REPORT

IthasbeenanotherverysuccessfulandexcitingyearforyourFoundation.

The current Boardof Trustees are- Ross Jackson (Chair), Peter Abraham, Mark Golding, Ray Dearlove, CraigStubbs,withMichaelRowanandLesleyRobertsasNomineesoftheBoardaswellasMarkBradbury anexofficiomemberandasChairoftheBoardPlanningCommittee.

DuringtheyearLyallMcLachlanresignedfromhispositionastrusteetofocusonotheractivities.Itakethis opportunityto thank Lyallforhisinput over the many yearsthat heserved as a) the firstChairman of the Foundationandb)asaTrustee.

Our charter, like other Foundations of Clubs globally, is to research and plan for the future of our Club, specificallylookingatthelongandmediumterm,andwhatassets,infrastructureandactivitiesneedtobe offeredtoserviceMembersinthefuture.

Duringthisyear:

1. The Foundation membership increased by 8.6%, with now more than 126 members. Growth of FoundationmembersshowthatthegeneralClubmembershipandarecommittedtothegrowthof ourassetsandthedevelopmentofdifferentactivitiestobroadentheappealofourClub.

2. TheFoundationreceivedalargeincreaseinbothdonationsandmembershipcontributions,witha numberofmembersagaindonatingsignificantsumsofmoneyinexcessof$10,000.

ProjectsunderthecurrentmanagementoftheFoundationare:

A.GolfAcademy(GA)

Planshavebeencompletedanddisplayedintheclubhouse,alongwitha3Dmodelandindicativeoutlook 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 DevelopmentApplicationApprovalthetimeyoureadthisnote.

ItisinterestingtonotethatourpeerclubssuchasPymble,KillaraandAvondalehaveannouncednewsthat theywillallbeconstructingsimilarfacilities,andindeedmyclubinLondon,Roehamptonhasjustreleased finalplansshowing11Trackmanpracticebaysfortheirmembers.Weareverymuchinleaguewithclubs ofourilkglobally.

B.HealthandFitnessCentre

A preliminary study has been completed by the Clubs Architects, including a full survey of potential constructionsites.Morenewswillfollowaswemoveforward.

C. KendalBinnsJuniorFund

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 managedbyitsowncommittee.

Following this report is the Foundation’s Income and Expenditure and Balance Sheet for the year ended 30June2023andaseparatereportfromtheKendalBinnsJuniorFund.

RossJackson Chairman

PennantHillsGolfClubFoundation

FoundationIncomeandExpenditureandBalanceSheet

In accordance with the Foundation Deed of Trust we have included below the Foundation’s audited StatementofIncomeandExpenditureandBalanceSheet.

STATEMENT OF INCOME AND EXPENDITURE FOR THE YEARENDED 30 JUNE 2023

As at 30 June 2022 $19,762 donations remained with the Australian Sports Foundation (ASF). These donationswererecognisedwhentheASFgrantthefundstothePennantHillsGolfClubFoundation.

BALANCE SHEET AS AT 30 JUNE 2023

ForabreakdownoftheFoundationfundsbyprojectrefertoNote13inthePennantHillsGolfClubFinancial Statements.

KENDAL BINNS JUNIOR FUND REPORT

TheKendalBinnsJuniorFundwishestopubliclysaluteandacknowledgealltheworkandgoodcheerthat Mr.KendalBinnsgavetotheKendalBinnsJuniorFund.Heismissed.

Oureffortsremainbasedon2premises:

1. Youhavetoplaywellenoughthatyouchosegolfoverthemanysportsavailable

2. Youmusthaveenoughfriendsthatyoudecidetousesporttimeplayinggolfwiththem.

Isitworking?In2019sevenofouryounggolferswontheMetropolitanofSydneyEncourageShieldandin thestatecompetitionfinished3rd.TheyareallstillmembersofPennantHills:

 RileyLam

 JamesDailly

 AlfredWang

 AgathaHui

 WenxinWang

 MatthewNathan

 BrianWu

ACTIVITIES:

Atthebeginningofthefinancialyear,weheldadinnertowelcomenewscholarshipplayersandreviewthe achievementsofourongoingplayers.ThehighlightwasapresentationbyourDirectorofGolf,NeilRolfe, onwaystoimproveyourgame.

Wecontinuewithoureffortstoimproveourscholarshipplayers’abilitytospeakinpublicbyaskingthemall tobrieflytalkabouttheirgoals.Theyofferyouthfulinsightsandoftenhumour.

OurmajorfundraisingtookplaceonaweekendinSeptemberandthehighlightwasanAmbroseonSunday. Manyofthescholarshipplayerswereinvolvedandtheemphasisasbeforewasonfun.Therewasadinner after the game where prizes are given out and the winners of the raffle were announced. I strongly recommendthatjoinusnextyearforthishighlyenjoyableday.

Attheendoftheclub’sfinancialyeartheKBJFhad$39.3kinthebankandtheFundhasbudgeted$22.2k for ongoing support for our young players. There are currently 18 on scholarship and with the continued goodworkofRachelandtheprostaff,wearelookingforwardtonewmembers.

WhileIwillcontinueonthe committee, itwas withmixedemotions thatIhaveretiredas Chairpersonand havehandedovertoRobCornish.

RobhasdoneanexcellentjobasFundTreasurerandworkedwithBarnabyonstabilisingourfinancesand ensuringourcontinuedgrowth.Hewilldoanexcellentjob.

Finally,theFundwouldliketothank:

 RachelBaileyandNeilRolfewhoattendourmeetingsandaddtheirsupport

 Also,BarnabySumner,CraigUsher,KimTruijensandJodieSparks

 Plus,allthedonorspastandpresent

EdTruscott Chairperson

ForCommitteeMembers:GraemeMartin,RhondaParkinson,HughGerdes,andRobCornish

ReportonRemembranceTrophyandEx-ServicesGolfDay2022

The 96th ex-services day and Remembrance Day golf competition was held on Saturday, 12 November withafieldof198membersandgueststakingpart.

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$4,000totheSecondMemorialGatesFund.

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 sustenanceintheformoftheiconicJohnnieWalkerBlackLabelwhiskyandthe“livingsprit”- Bundaberg rum.TheCommitteeismostgratefultoDiageo.WealsoacknowledgeWoolworthsatBeecroftwhoprovided thebreadfreeofcharge.

AlargegroupofvolunteersdrawnmainlyfromtheFridayLongLunchgroupprovidedabreakfastofsausage andonionsbreakfastwasheddownwithanipofJohnnieWalkeraswellasthehalfwaysustenanceofBully Beef and Damper Rolls, taken of course with thetraditional gunfire brew of Bundaberg Rum and Coffee. Our thanks to Emeritus member Michael Williams who coordinated this enthusiastic team; the players certainlyweregratefuloftheirefforts.

The main raffle prize was a mixed dozen of Glandore wines donated by Peter McBeath and won by Tim Holfert.

ChrisHowlettandMichaelFitzgeraldactedasbookmakersforthedaytemptingpunterswithenticingodds tolandtheirballintheinnercircle,outercircle,onthegreenoroverthecreek.Asusual,amajorpartofthe money raised on the day came from this source. Legacy volunteers led by Julie Bowden assisted at the 18thgreenwithnearestthepindutiesandtheissueofraffletickets.

Ex-Service Member Peter McBeath recited the Ode with the Last Post and Reveille played prior to the presentationoftrophies.

BruceLumsden,onbehalfofthefamilyofthelateGeoffLumsdendonatedtheEx-ServicesTrophywonby Terry Pankhurst. The 97th year of competition for the Ex-Services Trophy will be held on Saturday, 11 November2023.

The Remembrance Trophy, known by some as the Lucknow Trophy, is a magnificent trophy and has its owninterestinghistoryandmilitaryconnection.ThetrophydonatedbytheWatersonfamilyandpresented byTerryWatersonwaswonbyJoshuaBell.

Thewinning4BallTeamwithascoreof54was GraemeMartin,Kevin Lester,MarkFothergill, andTrent Brennawith a score of 55 points. Thewinning Ex-Services Team comprised Doug Walters, PaulFabian, TroySchuftandStephenTownsend.

Tomakethisdayasuccessthereareanumberofchallengingandadministrativearrangementsthatneed tobecapablycarriedout,wearegratefultothestaffintheproshop,CraigandKimintheOffice,aswellas KristenandthoseintheKitchenfortheirsupportandenthusiasm.

MichaelRowan Chairperson

OnbehalfoftheEx-ServicesCommittee:

 PeterSprowles

 BrianHamilton

 PeterMcBeath

DIRECTORS’

ThedirectorspresenttheirreporttogetherwiththefinancialreportofPennantHillsGolfClubLimited(“the Company”)fortheyearended30June2022andtheauditor’sreportthereon.

DIRECTORS

TheDirectorsoftheCompanyatanytimeduringorsincetheendofthefinancialyearare:

Directorshavebeeninofficesincethestartofthefinancialyeartothedateofthisreportunlessotherwise stated.

DirectorsNames SubCommitteeResponsibilities

M.J.Rowan AsPresidentisanex-officiomemberofallCommittees

S.Fabian Membership(Chairperson),Finance,Course&Playing

G.M.Martin House,Membership,Course&Playing

L.Roberts House(Chairperson),Membership&Reciprocal

D.Maguire Course&Playing(Chairperson)&Planning

A.McDonald House&Finance

M.Bradbury Planning(Chairperson),Finance&Membership

D.Blackshaw Finance(Chairperson),Membership,Planning,Reciprocal,Course&Playing

D.Thorn Reciprocal(Chairperson),Finance&Planning

D.Downes Reciprocal,Membership&House

COMPANY SECRETARY

BarnabySumnerholdsthepositionofCompanySecretaryandGeneralManagerofPennantHillsGolfClub. BarnabyhasbeenCompanySecretaryandGeneralManagersinceMarch2019afterjoiningtheClubfrom OatlandsGolfClubwhereheheldthepositionofGeneralManager.Hispreviousmanagementexperience includes senior management roles with Elanora Country Club & Concord Golf Club along with roles with AustralianhotelcompaniesMirvacandGazeboandinternationallywiththeFairhavenHotelGroup(U.K.)

PRINCIPAL ACTIVITIES

TheprincipalactivitiesoftheCompanyduringthefinancialyearweretheadministrationandoperationofa golfcourseandalicensedsocialclubformembersoftheCompany.

Theseactivities provided thefoundationfortheachievement ofthe short- and long-term objectives of the Company.

Therehavebeennosignificantchangesinthenatureoftheseactivitiesduringtheyear.

SHORT-TERM OBJECTIVES

TheCompany’sshort-termobjectivesaretoenhance:

 Thequalityofthegolfcourse

 Memberengagementthroughclubhouseactivities

 ThegolfingcommunitydemandformembershipoftheCompany

 Membersatisfactionandparticipationinclubactivities

LONG-TERM OBJECTIVES

TheCompanyhasthefollowinglong-termobjectives:

 Continuetooperateasaprivategolfclub

 Provideformembersandtheirfamiliesandfriendsanenvironmentwhereeveryonecan:

o feelwelcomeandsafe

o enjoycamaraderie

o belong

 StrengthenthefinancialsustainabilityoftheCompany

STRATEGIES TO ACHIEVE OBJECTIVES

TheCompanyispursuingthefollowingstrategiestoachieveitsobjectives:

 Reviewofcorememberservicestoidentifyanddeliverservicesthatfostermembercamaraderie andsatisfactionandmaketheClubattractivetonewmembers.

 Strengtheningofsalesandmarketingfocustodeliveradditionalrevenuethathasminimumimpact onexistingmemberactivities.

 Refiningmembershipcategoriestoassistexistingmemberretentionandrecruitmentofnew members

 Implementationofoperationalefficiencyprogramstoreducefixedoperatingexpenselevels

 ImplementationofprogramstoensureefficientuseoftheCompany’sphysicalassets

 Developmentofacapitalfundingplanforthegolfcourseandphysicalplantrequiredtosupport theobjectives

 Reviewoftheclub’sgovernanceandmanagementstructurestosupporttheobjectives

MEASUREMENT OF PERFORMANCE

ManagementprovidestheBoardwithmonthlyoperationalreportsfortheCompanyactivitieswhichinclude the key performance indicators of financialresults against budgeted outcomes, details of course maintenanceand improvements activities, outlineof member playing and social activities and changes in membershipnumbersandcategories.

DIRECTORS’ MEETINGS

Thenumberofdirectors’meetingsandnumberofmeetingsattendedbyeachofthedirectorsofthecompany duringthefinancialyearare:

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2023

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

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023

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

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

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

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023

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

The financial report is for Pennant Hills Golf Club Limited as an individual company, incorporated and domiciledinAustralia.PennantHillsGolfClubLimitedisacompanylimitedbyguarantee.

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

PennantHillsGolfClub’sprincipalactivitywastoprovidegolffacilitiestomembers.

Basis of Preparation

The financial report is a general-purpose financial report that has been prepared in accordance with AustralianAccountingStandards–Tier2SimplifiedDisclosures,AustralianAccountingInterpretations,the CorporationAct2001andtheRegisteredClubsAmendmentAct2006.PennantHillsGolfClubLimitedisa not-for-profitentityforthepurposeofpreparingfinancialstatements.

AustralianAccountingStandardssetoutaccountingpoliciesthattheAASBhasconcludedwouldresultina financial report containing relevant and reliable information about transactions, events and conditions. Materialaccountingpoliciesadoptedinthepreparationofthisfinancialreportarepresentedbelowandhave beenconsistentlyappliedunlessotherwisestated.

The financial report has been prepared using the measurement bases specified by the Australian AccountingStandardsforeachtypeof asset, liability, incomeandexpense. The measurementbasesare describedintheaccountingpoliciesbelow.

Thefinancialreportwasauthorisedforissueonthe31stAugust2023bytheboardofdirectors.

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) primarilyduetothelargebalanceofsubscriptions paidinadvance.Thesubscriptionspaidinadvancefor the 2024 year are not refundable and will be recognised as revenue over the 2024 financial year. The companyhasaccesstoabankfacilityof$2.35Million(2022:$2.95Million)whichitcandrawdownonwhen cashflowrequiresit.ThefacilitywillexpireinJuly2025.MoredetailsonthisfacilityareincludedinNote11 tothesefinancialstatements.Basedonthesefactorsthedirectorsareoftheopinionthatthecompanywill beabletopayitsdebtswhentheyfalldue.

Accounting Policies

(a) IncomeTax

No provision for income tax has been raised as the Company is exempt from income tax under Division50oftheIncomeTaxAssessmentAct1997.

(b) Inventories

Inventoriesaremeasuredandcarriedatthelowerofcostandcurrentreplacementcost.

(c) Property, Plant and Equipment

(i) Recognitionandmeasurement

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

Costincludesexpenditurethatisdirectlyattributabletotheacquisitionoftheasset. Thecostofselfconstructed assets includes the cost of materials and direct labour, any other costs directly attributabletobringingtheassetstoaworkingconditionfortheirintendeduse,thecostsof

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(c) Property, Plant andEquipment (continued)

dismantlingandremovingtheitemsandrestoringthesiteonwhichtheyarelocated,andcapitalised borrowingcosts. Costalso mayincludetransfersfrom other comprehensiveincomeofany gainor lossonqualifyingcashflowhedgesofforeigncurrencypurchasesofproperty,plantandequipment. Purchasedsoftwarethatisintegraltothefunctionalityoftherelatedequipmentiscapitalisedaspart ofthatequipment.

Whenpartsofanitemofproperty,plantandequipmenthavedifferentusefullives,theyareaccounted forasseparateitems(majorcomponents)ofproperty,plantandequipment.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparingtheproceedsfromdisposalwiththecarryingamountofproperty,plantandequipmentand arerecognisednetwithinotherincomeinprofitorloss. Whenrevaluedassetsaresold,theamounts includedintherevaluationreservearetransferredtoretainedearnings.

(ii)SubsequentCosts

Thecostofreplacingapartofanitemofproperty,plantandequipmentisrecognisedinthecarrying amountoftheitemifitisprobablethatthefutureeconomicbenefitsembodiedwithinthepartwillflow totheCompany,anditscostcanbemeasuredreliably. Thecarryingamountofthereplacedpartis derecognised. Thecostsoftheday-to-dayservicingofproperty,plantandequipmentarerecognised inprofitorlossasincurred.

(iii)Depreciation

Depreciationiscalculatedoverthedepreciableamount,whichisthecostofanasset,orotheramount substitutedforcost,lessitsresidualvalue.

Depreciationisrecognisedinprofitorlossonastraight-linebasisovertheestimatedusefullivesof eachpartofanitemofproperty,plantandequipment,sincethismostcloselyreflectstheexpected 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 thattheCompanywillobtainownershipbytheendoftheleaseterm.Landisnotdepreciated.

Theestimatedusefullivesforthecurrentandcomparativeperiodsareasfollows:

Buildings

Plantandequipment

40years

3-20years

Depreciationmethods,usefullivesandresidualvaluesarereviewedateachfinancialyear-endand adjustedifappropriate.

(d) Leases

Where the Company is a lessee, lease payments for operating leases, where substantially all the risksandbenefitsremainwiththelessorareaccountedforinaccordancewithAASB16–Leases.At inceptionthepresentvalueoftheleasedassetiscapitalisedasanassettobedepreciatedoverthe termof thelease. AcorrespondingleaseliabilityisrecordedandshowninNote 11Borrowings.As leasepaymentsaremadetheperiodicprincipalreductionischargedtotheleaseliabilityandacharge forinterestisexpensedintheperiodinwhichthepaymentisincurred.

(e) Impairment of Assets

Ateachreportingdate,theCompanyreviewsthecarryingvaluesofitstangibleandintangibleassets todeterminewhetherthereisanyindicationthatthoseassetshavebeenimpaired. Ifsuchindication exists,therecoverable amount of the asset, being the higher of the asset’s fair value less costs to sellandvalueinuse,iscomparedtotheasset’scarryingvalue. Anyexcessoftheasset’scarrying valueoveritsrecoverableamountisexpensedtotheincomestatement.

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(e) Impairment of Assets (continued)

Whereitisnotpossibletoestimatetherecoverableamountofanindividualasset,theCompany estimatestherecoverableamountofthecash-generatingunittowhichtheassetbelongs.

(f) Employee Benefits

Short-termEmployeeBenefits

Short-term employee benefits are benefits, other than termination benefits, that are expected tobe 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 expectedtobepaidwhentheliabilitiesaresettled.

Otherlong-termEmployeeBenefits

TheCompany’sliabilitiesforlongserviceleaveareincludedinother long-termbenefitsastheyare notexpectedtobesettled whollywithintwelve(12)months afterthe end oftheperiod inwhichthe employeesrendertherelatedservice.Theyaremeasuredatthepresentvalueoftheexpectedfuture paymentstobemadetoemployees.

Theexpectedfuturepaymentsincorporateanticipatedfuturewageandsalarylevels,experienceof employeedeparturesandperiodsofservice,andarediscountedatratesdeterminedbyreferenceto market yields at the end of the reporting period on high quality corporate bonds that have maturity datesthatapproximatethetimingoftheestimatedfuturecashoutflows.Anyre-measurementsarising from experience adjustments and changes in assumptions are recognised in profit or loss in the periodsinwhichthechangesoccur.

TheCompanypresentsemployeebenefitobligationsascurrentliabilitiesinthestatementoffinancial positioniftheCompany doesnot haveanunconditionalrighttodefersettlementforat leasttwelve (12)monthsafterthereportingperiod,irrespectiveofwhentheactualsettlementisexpectedtotake place.

(g) Provisions, Contingent Liabilities and Contingent Assets

Provisionsaremeasuredattheestimatedexpenditurerequiredtosettlethepresentobligation,based on the most reliable evidence available at the reporting date, including the risks and uncertainties associatedwiththepresentobligation.Wherethereareanumberofsimilarobligations,thelikelihood thatanoutflowwillberequiredinsettlementisdeterminedbyconsideringtheclassofobligationsas awhole.Provisionsarediscountedtotheirpresentvalues,wherethetimevalueofmoneyismaterial.

AnyreimbursementthattheCompanycanbevirtuallycertaintocollectfromathirdpartywithrespect totheobligationisrecognisedasaseparateasset.However,thisassetmaynotexceedtheamount oftherelatedprovision.

Noliabilityisrecognisedifanoutflowofeconomic resourcesasaresultofpresentobligationisnot probable. Such situations are disclosed as contingent liabilities, unless the outflow of resources is remoteinwhichcasenoliabilityisrecognised.

(h) Revenue and OtherIncome

Revenuesarerecognisedatfairvalueoftheconsiderationreceived.

Revenue from sales of goods comprises revenue earned from the provision of food and beverage facilities,andthesaleofgolfequipment. Revenueisrecognisedwhenthegoodsareprovided.

RevenuefromrenderingservicescomprisesrevenueservicestoMembersandotherpatronsofthe Company

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(h) Revenue and OtherIncome (continued)

Revenuefromrentalincomerelatingtothetelecommunicationstowerleaseisrecordedonastraightlinebasisoverthetermofthelease.

PHGC Foundation donations and contributions made are credited to the PHGC Foundation in the yearinwhichtheyaremade.

Allrevenueisstatednetoftheamountofgoodsandservicestax(GST).

(i) Borrowing Costs

Borrowingcostsotherthanthosethatrelatetotheacquisitionofqualifyingassetsarerecognisedin incomeintheperiodinwhichtheyareincurred.

(j) Goods and Services Tax

Revenues,expensesandassetsarerecognisednetoftheamountofgoodsandservicestax(GST). ReceivablesandpayablesinthebalancesheetareshowninclusiveofGST.

Cash flows are presented in the Cash Flow Statement on a gross basis, except for the GST componentofinvestingandfinancingactivities,whicharedisclosedasoperatingcashflows.

(k) Subscriptions in Advance

The Subscriptions in advance balance in Note 12 consists of 2024 membership subscriptions receivedpriorto30June.

(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 reportingdate,theliabilityisdiscountedandpresentedasnon-current.

Deferredincomerelatingtoentranceorjoiningfeespaidbynewmembersarerecordedasdeferred income and shown in Note 10. Entrance fees are released to income over 10 years which is the deemedaverageperiodofmembership.Ifamemberleaveswithinthe10-yearperiodthebalanceof joiningfeesdeferredisreleasedandshownasentrancefeeincomeintheyearofdeparture.

(m) Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changesinpresentationforthecurrentfinancialyear.

(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 externallyandwithintheCompany.

The Company assesses impairment at each reporting date by evaluating conditions specific to the Companythatmaybeindicativeofimpairmenttriggers.Recoverableamountsofrelevantassetsare assessedusingvalue-in-usecalculationswhichincorporatevariouskeyassumptions.

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 fundingarerecordedasgrantincomewhenreceivedorreceivable.Expensesrelatedtothesegrants areshowninexpensesbyfunction.

(p) Financial Instruments

FinancialassetsandliabilitiesarerecognisedwhentheCompanybecomesapartytothecontractual provisionsofthefinancialinstrument,andareinitiallymeasuredatfairvalueadjustedbytransaction costs.

Financialassetsarederecognisedwhenthecontractualrightstocashflowsfromthefinancialasset expire,orwhenthefinancialassetandallsubsequentrisksandrewardsaretransferred.Afinancial liabilityisderecognisedwhenitisextinguished,dischargedcancelledorexpires.

Classification and measurement of financial assets

ForthepurposesofsubsequentmeasurementfinancialassetsoftheCompanyareclassifiedasloans 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 financecostsorfinanceincomeexceptforimpairmentoftradereceivableswhichispresentedwithin otherexpenses.

Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepayments.After initial recognition these are measured at amortised cost using the effective interest method, less provisionforimpairment.Discountingisomittedwheretheeffectisimmaterial.TheCompany’strade andotherreceivablesfallintothiscategoryoffinancialinstruments.

Classification and measurement of financial liabilities

TheCompany’sfinancialliabilitiesincludetradeandotherpayables.

Financialliabilitiesaremeasuredsubsequentlyatamortisedcostusingtheeffectiveinterestmethod. Allinterestrelatedcharges,andifapplicable,changesinaninstrumentsfairvaluethatarereported inprofitandlossareincludedwithinfinancecostsorfinanceincome.

(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-ProfitEntitiesaccompanyingAASB15

AASB 2022-3amends AASB15toaddanewillustrativeexample(example7A) whichprovidesan 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 accompanyingAASB2022-3,tostatethat:

Not-for-profitprivatesector lessees–TheAASBhasdecidedtoretaintheaccountingpolicychoice inAASB16fortheright-of-useassetsofconcessionaryleasestoinitiallybemeasuredatcostorfair valueonanongoingbasis,wherethiswillbeapermanentoptionwithnoplanstoreconsiderinfuture. TheCompanyhasconductedahigh-levelanalysisofupfrontfeesreceivedandnotethatupfrontfees areaccountedforappropriatelyinaccordancewithAASB15.

TheCompanycurrentlymeasurestheright-of-useassetsarisingfromconcessionaryleasesatcost oninitial recognition andwill continue todosointhefuturegiventheaccounting policy choicehas beenmadepermanentbytheAASB.Accordingly,thedirectorsoftheCompanydonotanticipatethat the application of the Standard in the future will have an impact on the Company’s financial statements.

NOTE 2: REVENUE & OTHER INCOME

NOTE 2: REVENUE & OTHER INCOME(continued) $ $

NOTE 3: INCLUDED INDETERMINING SURPLUS FORTHE YEAR

Currenttradereceivablesarenon-interestbearing.Aprovisionforimpairmentisrecognisedwhenthereis objective evidence that an individual trade receivable is impaired. These amounts have been included in theotherexpensesitem.

(ii)ProvisionforImpairmentofReceivables

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

NOTE 7: COREPROPERTY, PLANT & EQUIPMENT

In accordance with Section 41J of the Registered Clubs Amendment Act 2006 the Directors have determinedthatallfreeholdlandandbuildingsheldbytheClubformspartoftheClub’spremisesandthe facilitiesprovidedbytheClubarefortheuseofitsmembersandisthereforecoreproperty.

TheValuerGenerallandvalueat1/7/22was$7.25million.Therehasnotbeenanupdatedvaluationissued asatthedateofthisreport.

IncludedwithinthecarryingamountofPlant&Equipmentis$22,300(2022:$43,245)offinancedequipment and $293,311 (2022: $32,085) of capitalised operating leases. Refer to Note 17 for further details of operatingleasesandfinancedequipment.

RefertoNote11fordetailsofsecurityoverproperty,plantandequipment.

NOTE 8: TRADEANDOTHER PAYABLES

NOTE 9: PROVISIONS

A provision has been recognised for employee benefits relating to long service leave for employees. In calculatingthepresentvalueoffuturecashflowsoflongserviceleave,theprobabilityoflongserviceleave beingtakenisbaseduponhistoricaldata.Themeasurementandrecognitioncriteriaforemployeebenefits havebeenincludedinNote1(f).

NOTE 10: DEFERRED INCOME

Inthe2015financialyeartheCompanyleasedthetelecommunicationstowersitefor25years.Rentalfor the 25 years has been received up front. In determining the correct treatment for the transaction the Companyhastakenaviewthatthemoniesreceivedareinthenatureofareceiptoffuturerentalincome. ConsistentwiththeCompany’streatmentofotherdeferredincomereceivedinadvancetheamountreceived isbeingreleasedtorevenueonastraight-linebasisoverthefulltermoftheleaseperiod.Deferredincome receivedwhichwillnotbereleasedinthenextyearistreatedaslongtermdeferredincome.Entrancefees receivedaredeferredandreleasedover10years.Intheeventofamemberresigningwithinthe10years thebalanceofamember’sentrancefeenotpreviouslyrecognisedisreleased.

NOTE 11: BORROWINGS

Facilities

InthecurrentyeartheCompany’sNABborrowingfacilityreducedfrom$2.95Millionto$2.35Million.$1.75Million inApril2024and$1.15MillioninApril2025.ThefacilityexpiresinJuly2025.

TheCompanyhaspreviouslyenteredintofourCommercialLoansforthepurchaseofcourseequipment.Theterm ofeachofthesearrangementsisfiveyearsandexpirebetweenNovember2023andMay2025.

TheCompanyhasoperatingleasesforcartsandofficeprintersbeingrecordedasleaseborrowings.

Security

TheCompany’sprimarybankerholdsregisteredfirstmortgagesandfloatingchargesovertheassetsanduncalled capitaloftheCompany.

TheCompany’sequipmentfinancierholdsasecurityinterestovertheequipmentpurchasedforthedurationofthe financingagreement.

NOTE 12: OTHER LIABILITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR

NOTE 13: PENNANT HILLS GOLF CLUB FOUNDATION RESERVE

ENDED 30 JUNE 2023

ThePennantHillsGolfClubFoundationisafundoperatingunderadeedoftrustandadministeredby nominatedtrusteesinaccordancewiththedeed.Thefundraisesincomebywayofgift,donation,legacy, bequestorotherwise.ThefundcurrentlyhasthreespecificprojectsregisteredwiththeAustralianSports 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 membersandcontributions fromClubactivitiesareheldspecificallyforthefoundation.Thefoundation 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 thecloseof the financial year being the opening positionfor the year plus the contributions andlessexpenditurearerepresentedinthe PennantHillsFoundationReserveintheMembersfunds. 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 MemorialGatesReserveweretransferredintothereserve.

NOTE 14: RELATEDPARTIES

(a) Key Management Personnel

KeymanagementpersonneloftheCompanyarethosepersonshavingauthorityandresponsibilityforplanning, directing and controlling activities of the Club and consist of the General Manager, Course Superintendent, DirectorofGolfandtheFinanceManager.

NOTE 14: RELATEDPARTIES(Continued)

(b) Transactionswith 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 incurrednoothermaterialtransactionswithrelatedparties.

NOTE 15: NOTESTOTHE STATEMENT OF CASH FLOWS

a) Reconciliation of Cash

Forthepurposesofthestatementofcashflows,cashandcashequivalentsincludecashonhand, depositsheldatcallwithbanks,othershort-termhighlyliquidinvestmentswithoriginalmaturitiesofthree monthsorlessandbankoverdrafts.Bankoverdraftsareshownwithinshort-termborrowingsincurrent liabilitiesonthebalancesheet

b) Reconciliation ofCash Flow from Operations . . with Net Surplus forthe Year

NOTE 16: FAIR VALUEMEASUREMENT

NetFairValues

FairValueEstimation

Thefairvaluesoffinancialassetsandfinancialliabilitiesarepresentedinthefollowingtableandcanbecomparedtotheir carryingvaluesaspresentedinthebalancesheet. Fairvaluesarethoseamountsatwhichanassetcouldbeexchanged, oraliabilitysettled,betweenknowledgeable,willingpartiesinanarm’slengthtransaction.

Fairvaluesderivedmaybebasedoninformationthatisestimatedorsubjecttojudgment,wherechangesinassumptions mayhaveamaterialimpactontheamountsestimated. Areasofjudgmentandtheassumptionshavebeendetailedbelow.

Thefairvaluesdisclosedintheabovetablehavebeendeterminedbasedonthefollowingmethodologies:

( I )

Cash and cash equivalents, trade and other receivables and trade and other payables are short-term instruments in naturewhosecarryingvalueisequivalenttofairvalue. Tradeandotherpayablesexcludeamountsprovidedforrelating toannualleaveanddeferredincomewhichisnotconsideredafinancialinstrument.

Borrowingsincludesnildrawnagainstacurrent$2.35millionbankfacility.Thecurrentdrawingsinterestperiodapplies until22July2023.Interestwillberesetatthetimeofthenextdrawdown foraperiodofbetween30and180daysat thediscretionoftheCompany.

Borrowingsalsoincludescommercialloanequipmentfinanceforsixitemsofcourseequipment.Equipmentloanfinance is taken over a period of five years. The carrying value of equipment finance does not include future financing costs andassuchcarryingvalueisequivalenttofairvalue.

TheCompanyborrowingsincludestheprincipalamountsoutstandingonleasesofgolfcartsandofficecopierprinters whichweretakenoveraperiodof4and5yearsrespectivelyandwillexpireinFebruary2027andOctober2023.The carrying value of the leases does not include future financing costs and as such carrying value is equivalent to fair value.

NOTE 17: CAPITAL AND LEASING COMMITMENTS

OperatingLeaseCommitments

TheCompany’sfutureminimumoperatingleasepaymentsareasfollows:

Theequipmentleasecommitmentscomprisinggolfcartandphotocopierleasesarenon-cancellableoperating leaseswithleasetermsoffourandfiveyearsrespectively.

LeasefinancecommitmentsareshowninBorrowings(Note11)ascurrentborrowingsof$72,784(2022:$35,294) andnon-currentborrowingsof$224,768(2022:$1,084).

Thepresentvalueofoperatingleasesisbookedasanassetandacorrespondingliabilityraisedfortheoutstanding principal.Leasepaymentsarechargedtotheliabilityasareductioninprincipalandinterestischargedtointerest expense.Duringthecurrentyear$9,889(2022:$3,980)waschargedtointerestcostand$57,838(2022:$54,814) allocatedtoreduceprincipalforoperatingleases.

EquipmentfinancecommitmentsareshowninBorrowings(Note11)ascurrentborrowingsof$16,024(2022: $22,350)andnon-currentborrowingsof$8,488(2022:$24,499).

NOTE 18: SEGMENT REPORTING

TheCompanyoperatespredominantlyinthehospitality,sportingandentertainmentindustry.

TheCompany’soperationsandcustomersarelocatedpredominantlyinSydney,NewSouthWales.The Companyprovidesgolfingfacilities,food,beverageandotherentertainmentfacilitiestoMembersandguests.

NOTE 19: COMPANY DETAILS

TheCompanyisincorporatedanddomiciledinAustraliaasacompanylimitedbyguarantee.Inaccordancewith the Constitutionof theCompany,everyMember oftheCompany undertakes to contributeanamount limitedto $2.00perMemberintheeventofthewindingupoftheCompanyduringthetimethattheyareaMemberorwithin oneyearthereafter. At30June2023therewere1,361members.

TheregisteredofficeandprincipalplaceoftheCompanyis:

CopelandRoad,BeecroftNSW2119

NOTE 20: CONTINGENT LIABILITIES

TherearenocontingentliabilitiesthathavebeenincurredbytheCompanyinrelationto2023or2022.

NOTE 21: COMMITMENTS

At30June2023thecompanyhasnomaterialcommitmentswhichwillbepaidinthe2023year.

NOTE 22: EVENTS AFTER THE BALANCE SHEET DATE

Therehavebeennosignificanteventssincetheendofthefinancialyearuptothedateofthisreport. Thefinancialreportwasauthorisedforissueon31stdayofAugust2023bytheBoardofDirectors.

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 formemberstoviewonappointmentatthefrontoffice.

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023

SUMMARISED TRADING ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023

This page has been intentionally left blank.