Another year has flown by and reflecting on the last 12 months it feels as though the first six months were all about the culmination of our Centenary Year, …
while the last six months have again been about dealing with climatic events.
It is a pleasure to look back with pride on the feeling of immense joy that Members experienced as we celebrated our Centenary year in a spectacular fashion.
The magnificent opening ceremony, the gala ball and most of the major celebrations were held in the first half of 2023 and are highlighted in last year’s report. The club championships of 2023 were held later in November where for the first time, all grades of the final of the men’s and women’s competition were played on the same day. The approach to play all final matches together on the same day was so popular, and so enjoyable, that it is now the formula for future years. Congratulations to all the winners including the fortunate Members who took away prizes in the Centenary raffle drawn on the same day.
Additionally, we make changes to alleviate the number of balls that might leave the perimeter of the course. Damian Maguire speaks more of the project in his Captains report and the first of the Information Bulletins has been issued to all Members.
Damian deserves a special mention in the construction and planning of the Repairs and Maintenance project. He has devoted hours above and beyond the call working with Phil Jacobs and The Player Group. Likewise, the Technical Committee have worked as hard as any group in my history with our club and their presentation to Members was complete and comprehensive.
There is more good news on the course, the negotiations with NorthConnex to transfer the filtered run off water from the 16.3km of twin tunnels have been completed. The pipe carrying the water from the collection point at the NorthConnex site and then under Pennant Hills Road to our golf club is now being laid. The pipe will take the water from NorthConnex treatment plant to the Water Reclamation Plant (WRP) where it will be blended with reclaimed water and distributed around the course as required. The blend will be generally 80% filtered with 20% reclaimed but may be as high as 90/10. We control the flow through an on/off tap at our end. It should be stressed that the WRP remains a critical part of our water strategy, the NorthConnex arrangement means we can run the WRP less and use higher quality blended water at an overall lower cost.
Both the Repairs and Maintenance Project and the NorthConnex water are major projects that are expensive. Fortunately, payments can be spaced out over the next three or more years to meet the cash obligations of each successive stage of the project.
Our present bank facility is tailored to our current cash flows and brings our bank balance back into credit into the April May period following receipt of subscription revenue. Borrowing arrangements then carry us through the ensuring 10 months or so, before traditionally reaching peak debt in March. Based on projected cash flows it was thought possible to renegotiate our banking arrangements to accommodate the projected costs. However, it required a complete mismatch of term, bank debt is repayable at call and the project is over three years or more. Moreover, it would be expensive as the risk margin, costs and resulting interest rate of a revised bank arrangement climbed to a floating rate of over 8%. And there was a risk that an unexpected delay or material expense could put us in a position where additional finance might be expensive or even unavailable.
The Board then turned its attention to investigating more prudent, cheaper and readily available funds and elected to make an offer of Subordinated Notes to Members who qualified under ASIC rules to consider and purchase this type of security.
Ironically the first instance of such a member issue was exactly 100 years ago in 1923 when Robert Vicars arranged to purchase the land on which we stand and offered it to the club for what he paid for it. Members responded by subscribing for 50% of the price in debentures and secured a bank loan for the remaining 50%. 100 years on and Members again responded to the call by subscribing for $2.13m of Subordinated Notes. $0.49m over two (2) years at 4.75% and $1.64m over three (3) years at 5.5%, a blended cost of 5.25%.
This is a magnificent response for which the Board and is appreciative, it is an interest rate win for the investors when compared with rates offered by banks, importantly it is also a triumph for all Members because it means an annual interest saving of more than $60,000 a year. The names of investing Members are acknowledged in this report.
We ended the year with a trading surplus of $41,255 and generated $926,505 in EBITDA, interest aside, it is generation of free cash of $857,654. This outcome, and the repeatability of this outcome in the next few years underpins our repayment capacity to service borrowing to complete the projects we have undertaken.
The Board has resolved not to undertake any new projects that might jeopardise this in the next few years and to tailor future budgets to protect free cash generation. Expenditure on pressing items such as cart paths, irrigation and drainage will be included to the extent it is possible in the annual planning processes.
Management of the clubs’ financial affairs is in good hands, Treasurer David Blackshaw, Finance Manager Craig Usher and the Finance Committee are a capable team who apply themselves diligently to the management of the financial affairs of our club. The budgeting process is rigorous, outcome variances are immediately addressed and appropriate action is taken through the management system.
The Membership Committee, under the leadership of Sue Fabian, are actively managing a waiting list for new Members and have established a policy of managing Member numbers to ensure that; no Full Playing Member should miss out on a Saturday game, no 6D1 should miss out on a game on Thursday or Monday, no 6D2 should miss out on a Wednesday game, no Limited Playing member should miss out on a Sunday Game and where a Members ability to invite a guest is not overly restricted.
This requires a delicate balance of protecting playing spots for existing Members and maximising subscription revenue, yes, price times volume. Notwithstanding the waiting list, the flow of new Members has been steady, it slows down in the winter months with shorter playing days and increases in summer months in the lead up to 1 April when Membership renewals are due. The Membership movements are recorded in the Membership Report and reveal that we had 9 Members less on 30 June due to a total of 99 resignations or deaths and 90 new Members. Since then, 14 new Members have since been admitted but the numbers highlight that all Members introducing new Members remains a critical component of an active recruiting policy. A waiting list must not encourage recruiting complacency.
It is pleasing to read the Reciprocal Report from David Thorn and his committee. We have approached this important part of club life on the maxim that “you are known by the company you keep” and the list of clubs, old and new, certainly reflect this. As David writes, lasting reciprocal relationships are mutually maintained by regular interaction between clubs and, whilst we have relished our visits to other clubs, we have also enjoyed hosting our reciprocal club Members on our fairways and in our clubhouse. It remains for us to join the planned club visits, make personal arrangements through the office to visit as individuals or small groups and to go out of our way to welcome visitors from our reciprocal clubs.
Our archive and history group of Joan Eyles, Ann Crisp and Bruce Jones, work quietly and effectively to record and catalogue our history. They are a truly remarkable resource and I encourage Members who may not have visited the old pro shop to do so. It illustrates our rich and diverse history, well worth a trip.
The Planning Committee, chaired by Mark Bradbury, has made a significant contribution to the subcommittees who have successfully worked diligently to deliver the key pillars of our Plan. This has culminated in achieving water security and actioning a plan that will see a momentous improvement in the quality of our greens and tees. This is the planning task for the next three years, staging and resourcing the Repairs and Maintenance Project. Our focus is on the project and the EBITDA of the operating budget that is required to make it happen.
There is not much I could add to the report of the House Committee chaired by Lesley Roberts, the clubhouse has been well utilised during the year. As she puts it “Everyone involved in the process from first enquiry to last coffee is to be commended for their professionalism, friendliness and willingness to assist”. We do have a special staff, front and back of house, Bronwyn, Peter and the engaging faces and smiles of those who serve us at the tables, over the bar and delivering pizzas are not taken for granted. We have made it a practice in our annual report to include the names of all our staff, the exceptional people who make the clubhouse a happy place. Please remember them when we make a call on Members to contribute to the Staff Christmas Fund which is shared by all employees and the time when all their tips come at once.
Thanks also to two exceptional teams; the Course Team led by Michael Hedger and the Professional Staff led by Neil Rolfe. We are fortunate to have two leaders who work together with their teams to present our course and organize our golf with our best interest and comfort in mind. Jobs well done.
On your behalf I want to close by expressing our collective gratitude to our General Manager, Barnaby Sumner for his outstanding work and dedication to our club. His commitment to member service, budget outcomes and staff development has contributed considerably to the success of our centenary and the enjoyment we get as Members of Pennant Hills Golf Club.
Michael Rowan President
General Manager’s Report
Another year has flown by and reflecting on the last 12 months it feels as though the first six months were all about the culmination of our Centenary Year, while the last six months have again been about dealing with climatic events.
We received most of our annual rainfall between January and June and whilst not quite a repeat of “The
Big Wet”, this amount of rain has certainly interrupted our enjoyment of playing golf at our Club.
Some significant developments occurred this year, details are shown below and I note that a couple of items are rolling over into the coming year.
We are all very excited about the water coming from NorthConnex. The agreement was signed in the early part of 2024 and works relating to this project are underway. The under bore below Pennant Hills Road has been completed and we are working with contractors to ensure that the water is flowing before summer.
Repairs and Maintenance Project has received Member approval and we are well into our “pre-works program”. The Club’s Operational Committee composed of senior Team Members is reporting on a regular basis to the Technical Committee and no doubt there will be further communication on this matter in the coming months.
The “Re-golfing” of the Clubhouse has continued with a new trophy cabinet installed on the Members’ Entry staircase, Honour Boards have been relocated to be in a more prominent position, Centenary plaques and Life Member Honour Boards are also adorning our walls and the previous President Portraits have been re-created and re-hung in the Founders’ Bar.
Working with the Kendal Binns Junior Fund (KBJF) Committee has been great fun and it so pleasing to see the development of our younger Members. Some outstanding results have been achieved and the ongoing support from Members is greatly appreciated.
The F&B team has been challenged these past 12 months to deliver on a number of initiatives as we look to provide greater value for money when you attend the Club. The team have done an outstanding job in this area and my thanks again to Members who take advantage of what is on offer. The pizza oven has never been busier, our Friday Night Dining continues to be well supported as we rotate through various menus including Fine Dining, Buffets and Degustation dinners, the recent Golf Business Day was a great success and we have a robust calendar of events providing you with a great many reasons to attend your Club. The key focus at every step has been “Quality & Consistency” and this year, with the assistance of Michael Day (Member with experience in this area) the Club has entered a buying group that ensures we continue to deliver on these expectations.
A review of “Golf Prizes” has led to an increase in prizes provided. This was well received with many Members only too happy to receive a prize for their efforts.
In the past year your team have arranged reciprocal visits to Royal Wellington, Royal Hobart and Sanctuary Cove, this is covered in reports listed below. All were well supported and my thanks to Neil, Rachel and Jessica for their assistance in arranging and attending these events. My thanks also to the great many Members who come away and enjoy some time with our reciprocal friends.
Each week I get the opportunity to send you a quick update on what is happening at your Club and I would like to pass on my sincere thanks for the positive feedback I continue to receive about this note. A big “thank you” to the Members who have provided me with some wonderful content including the “Member Photo of the Week”. This is a nice addition and there have been some fantastic moments captured for you to enjoy.
Feedback is an important part of improving services and outcomes at your Club and this year I have received a tremendous amount of positive comments stemming from a great many events that we have hosted. I also continue to receive some great suggestions and ideas through the “Suggestion Box”. We continue to listen to what you are saying and we are always working towards improving what is on offer.
As I noted last year, we have a great team who do so many things and I ask that you join me in thanking each of them for everything that they have done these past 12 months. Those listed on the following page were with the Club as of 30 June 2024.
In the past 12 months, your Team Members have undertaken various activities relating to Professional Development. This has included external courses, attendance at industry events and internal activities. Each year I ask Team Members about working at PHGC and I was delighted to learn that in the past 12 months our overall rating has moved from 7.7 to 8.2. This sees our classification being a “High Performing Team”. They are all very proud of this outcome and are clearly happy about working at Pennant Hills Golf Club.
A big help to me this year has been the engagement of Jana Blackbourn as our People Experience Manager. Jana works out of my office on a Monday, Tuesday and Thursday and has certainly added great value to our Team and is helping foster the positive workplace culture that we are all enjoying.
My thanks as well to all Team Members and in particular the Team Leaders who provide me with great assistance throughout the year.
To all Members I sign off by saying again a big thank you for your ongoing support. It means a great deal to all of us and I remain very proud to say that I am your General Manager.
Barnaby Sumner General Manager
PHGC Team Members
As at 30 June 2024
Aaron Chater
Adhitya Nair
Alexander Bullas
Alyssa Hodge
Andrew Richards
Barnaby Sumner
Breanna Thornton
Brian Ridge
Bronwyn Steele
Brooke Losco
Cameron Thorn
Charlotte Naylor
Chris Andrianakos
Craig Usher
Dalton Jones
Daniel Hollis
Douglas Smith
Ella Scott
Emily Steele
Ethan Clarke
Finley Lawler
Georgia Main
Glen Bell
Grace Losco
Jack Sherry
Jana Blackbourn
Jessica (Hwa Yeon) Noh
Jessica Sherry
Jie Lin
Jodi-Ann Sparks
Jonathan Williams
Joshua Osborne
Kai Chespy
Kim Truijens
Koon Tin Ng
Luke Marando
Mark Canto
Michael Hedger
Mitchell Carruthers
Mitchell Fletcher
Monique Hunjan
Nathan Fullerton
Neil Rolfe
Nicholas Bailey
Nicholas Sparks
Nicole Tanner
Oliver Struik
Olivia James
Paul Bacon
Peter Barter
Rachel Bailey
Roshan Sah
Ryan Di Blasio
Ryan Richards
Ryan Suckling
Samuel Argall
Scott Le Quesne
Sebastian Terry
Shayan Dolatshahi
Skye MacRae
Skylar Eismen
Stevan Pieterse
Steven Vail
Sylvana Argall
Tamsyn Coetzee
Tony Catton
Vikki Cleary
William Grigg
Yasmine Barraket
Centenary
The Centenary year 2023 began with a very successful launch day, Gala Ball and Heritage lunch, and as planned the year progressed with a variety of events to cater to the different interest groups within the club.
Such events included:
Centenary Youngbloods
Golf and Entertainment
Approx 50 of our young club Members enjoyed golf during daylight saving, followed by casual terrace dining with live music and a pool competition. From all accounts a great night was had by all with the event replicated later in the year.
Medals Through the Ages Eligible golfers were grouped according to age (in decades for the men, equal age groupings for the ladies) and those with the best stroke score in each grouping won a prestigious PHGC Centenary medal. This unique medal was struck as a one off special for the Centenary year and the lucky winners were clearly honoured with this recognition of their golf achievement. For the ladies a special lunch was held after which the winners were announced, and medals presented.
Centenary Bridge Tournament
On Friday, 14 July close to 100 bridge players assembled at the Club for the Centenary Bridge Tournament. In addition to the duplicate bridge competition, this day included a delicious French inspired buffet lunch, a presentation covering the 99-year history of bridge at Pennant Hills and an engaging talk from a world-renowned bridge teacher, John Roberts. Many of our bridge players had been taught by John and as he was approaching his retirement from teaching, the Club was very fortunate to welcome him this special day. Some prominent Members who have had made a significant contribution to bridge at PHGC over the years were in attendance, this added to the sense of nostalgia and enjoyment experienced by this cohort.
Centenary Cork and Fork
On Sunday, 15 October, a really fun and festive golf day was held with a full field of 150 members and their guests enjoying 18 holes of golf with on-course Centenary inspired food and wine tastings offered at over half of the tee off areas. The transformed 14th “party hole” complete with surround sound and a hot dog stand, was a big hit with the golfers. The weather was perfect, the course looked immaculate, food (largely created in house) and wine was sensational and the day was a great success, an impressive showcase of our team’s catering and organisational talents.
Finals Day
On Sunday, 5 November the culmination of the Club Championship competitions was held with 18 men and women vying for golfing glory in their respective categories. For men, the Club Championship, A Reserve, B Grade & C Grade finals were held, and for women, it was the Club Championship, Bronze 1, Bronze 11, Silver Matchplay and Bronze Matchplay categories. The weather wasn’t kind which resulted in a late start and ultimately a later day play off for the second 18 holes of the women’s championship round. All other matches were finalised on the day and participants, caddies, spectators and all club Members were welcomed back at the club house for live music, generous canapés and unlimited drinks, courtesy of the Club. This was the first time the men’s and women’s finals had been held on the same day and it was well supported and much enjoyed by the 120 plus Members who were present. As a consequence, it has been recommended that the Club continues with this combined format for Finals Days going forward.
Support Material
Deemed to be important records of our history using a range of media formats, the committee produced the highly acclaimed Centenary book, history displays for the adornment of the clubhouse and, with the assistance of an external film editing company, three special videos depicting the clubs history.
The stunning, pictorial Centenary book, provided to all Members and new members going forward, is a wonderful account of the Club’s history and a great synopsis of current club life.
Centenary Open (rescheduled)
On Sunday, 26 November, 116 men and women from clubs around Australia teed up for the rescheduled Centenary Open (original date was 2 April 2023 but play was disbanded due to rain). It was a stunning day from start to finish with many Club volunteers and helpers on hand, the course in great condition and clubhouse and hospitality staff organising an exciting event and spectacular lunch to follow. Commentators and localised TV coverage were deployed for the event and there were trophies and substantial prize money awarded to mens’ and womens’ winners, runners up and nett winners, and KBJF Boys and Girls winners and nett winners. A playoff to determine the winner of the men’s trophy added to the excitement of the day.
Top Gun Finale/Gala Seafood Alfresco Centenary Closing Event
On Friday, 22 December, the final celebrations for the Centenary year were held with this involving both an exciting golf and social event. Top Gun was introduced to the male field in 2023, whereas the women had competed in this fun game for the previous two years. Essentially the Top 10 players (based on the best Stableford score for each of the 7 qualifying days held throughout the year) for each group began their playoff on the 1st (men) and 10th (women) holes, with the player registering the worst Stableford score on each hole being eliminated. This continued for the next 9 holes, with one person left standing at the end. The top 5 women and men received increasing amounts of cash prizes, with all funds generated from the entry fee paid by all participants.
It was an exciting and fun play off, with many Members joining the players, caddies and referees to spectate and support.
That night, the Seafood Dinner Dance was held in the clubhouse with approx. 160 members enjoying a sumptuous seafood dinner, live entertainment from the Beatnix and the special screening of the final centenary video which provided highlights from the exciting year gone by.
For the videos, many interviews were undertaken with club Members to produce a historical video and a club experience video which were revealed to Members at the commencement of the year. These videos capture a cross section of club Members and unveil the story of our history in an informed and engaging way. The final video set to music, provides a catchy review of the various Centenary events undertaken throughout 2023.
The display panels, some of which now adorn the walls of the history room, provide a pictorial summary of the clubs first 100 years, as well as photos of Past Captains, Presidents, course changes, club house alterations in addition to other topics of interest.
The celebration of the PHGC centenary was a tremendous collaboration of volunteers from the membership group in their capacity as Committee members, with Management, Hospitality, Operations, Proshop and Course staff, and it was indeed pleasing to witness the enthusiasm and engagement with Centenary celebrations from many of the 1200 Club members throughout 2023.
Jenny
Harvey Chair of Centenary Committee
Treasurer’s Report
Revenue from Member Subscriptions
I am pleased to report the Club is in a very solid financial position on the back of strong membership numbers and good operating performance entering into a period that will require significant capital investment.
After very successful and enjoyable celebrations of the Club’s Centenary year, it was back to work putting the pieces in place to make Repairs and Maintenance Project and the NorthConnex water project a reality. Work has now commenced on these critical projects that will help secure the Club’s future.
Whilst the NorthConnex water project may seem somewhat excess to current needs, with continued record rainfall being experienced, as sure as drought follows a flood, additional water will be required to irrigate the course to achieve optimal playing conditions. During the past summer, town water was used on several occasions to flush the treatment plant water through the greens’ soil profile to prevent a buildup of harmful salts. Each time this was necessary it cost the Club upwards of $10k per week. In time, it is doubtful whether any town water will be available for use on the course, so access to essentially abundant, clean water is a major win for the Club. After capital works are completed, water will be available when needed for the cost of running a pump.
At May’s General Meeting it was extremely heartening to see Members buy into the vision of the Repairs and Maintenance Project (Project R&M), allowing it to proceed. Equally encouraging was the support of the Member Notes issue to the tune of $2.13 million. This will provide financial certainty for the Club moving forward, with less dependence on the bank plus a savings in interest charged. The inconvenience and disruption that will be experienced during the project will largely be worth it as the new holes take shape and come into play.
The successful completion of Repairs and Maintenance Project is a major step along the way to improving Members’ golfing experience. We can then turn our attention to the cart paths, irrigation and drainage systems and fully securing our boundaries. There is much still to be done in the medium to long term, but we look confidently to the future.
In the year ended 30 June 2024 the Club recorded a surplus attributable to Members of $41,255 compared with a surplus of $38,724 in the previous year. The Club’s Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) was $926,505 compared to the previous year’s $959,302 without the benefit of a $40k grant for the NorthConnex water and $41k less in other government grants.
Subscription income increased by 9.6% to $4.045 million from the previous year. After several years of intense focus on Member retention and recruitment, the Club is now in the great position of having a waiting list, with demand for membership continuing to be very strong. A total of $230k was collected in entrance fees during the year, which was $58k less than the previous year due to membership capacity being reached in the majority of playing categories. Of the $230k received only $141k was able to be recognised as income due to accounting standards.
Golf and Professional Shop Services
Revenue from Golf and Professional Shop Services was $2.016 million, an increase of $108k or 5.7%. The new carts have been extremely popular with Members and visitors with a 30% increase over the previous year. This also reflects the more favourable weather conditions experienced over the past twelve (12) months. It is also encouraging that visitor fees have increased by 19.4% from 22/23, indicating a return to pre-COVID visitor volumes.
On the cost side, the Professional Shop’s price matching policy on equipment didn’t have a major impact on margins. There was also a decision to allocate more of the competition fees to trophies and prize vouchers, resulting in a 50% increase in this expense category, which I’m sure has been welcomed by all. The improved weather and course conditions also resulted in an increase of 19.6% in Professional Shop wages due to increased staffing levels to provide high levels of customer service.
Bar and Catering Trade Food and Beverage are an essential component of the Club’s offering to Members, with value for money and excellent service being our guiding principles. An example of this has been the half price pizza offering over the winter months, which has proved to be extremely popular. As can be seen, this comes at a cost. Despite an improvement in sales and gross margin, increases in wages to provide appropriate levels of service to Members and Guests have resulted in a deficit of $286k. After extensive research and negotiations, the Club has recently joined a buying group to take advantage of significant discounts on commonly used food and beverage lines which will improve margins moving forward.
Expenditure
Total expenditure has increased from $6.313 million to $6.838 million, or an 8.3% increase. Course expenses increased in total by 6.2% due in part to higher wages expense. This has been necessary to bring the headcount up to agreed levels, ready for the preliminary stages of Project R&M. There was also a $22k increase in water costs as mentioned earlier, higher fuel costs, an increase in depreciation on plant and equipment and the need for greater expenditure on repairs and maintenance of the water reclamation plant to keep it running efficiently.
Bar and catering expenses increased by 10.1% largely off the back of higher wages. There is a fine balance in providing Members with the service they have come to expect and having staff on-hand at times when there is little activity. Please take advantage of all your Club has to offer, as often as possible. House expenses fell by 1.1% following a reduction in entertainment and social costs, however there were increases to cleaning and laundry costs and depreciation charges.
Administration costs were up by 7.8% as a result of wage increases and the appointment of a part time HR Manager, the benefits of which are seen in the improved staff engagement and retention, as well as improved personnel systems, on the job training and compliance with WHS and labour laws. The cost of insurance has again increased by almost 15% year on year, well ahead of inflation. Interest charges were also well up on the previous year due to higher interest rates on the Club’s bank facilities, the interest charged on our golf cart fleet was for a full year, as well as the interest payable on the Member Notes issue. This was offset by an increase in interest received from investing excess funds.
Balance Sheet
Cash of $2.962 million, of which $1.685 million was invested in term deposits. This was up by $2.257 million on the previous year due to the money held in Member Notes prior to the commencement of Project R&M. Trade debtors and inventory were also higher than the previous year. Property, Plant & Equipment increased by $135k after depreciation. Asset purchases totalled $862k and included the following major purchases: an excavator and bobcat for the course project; a new greens mower; course redesign fees; preliminary work on the temporary greens; work on the NorthConnex water project and a deposit on a new membrane for the WRP.
Total liabilities of $8.311 million includes the loan from Member Notes of $2.130 million. Other liabilities include Member subscriptions in advance of $3.126 million, whilst there is a further $555k and $719k in communication tower and entrance fees respectively, included in deferred income that will be recognised as income over the following years even though the funds have been received.
Net assets at year-end increased to $6.910 million from $6.874 million the previous year.
Conclusion I am very fortunate to have such a great team behind me to collectively manage the finances of the Club.
Barnaby Sumner and Craig Usher do an amazing job on a day-to-day basis, but also provide the information needed by the Finance Committee to make informed decisions. Planning and forecasting cash flows for the major projects has also required high levels of expertise, resilience and flexibility as operational plans have changed on numerous occasions to achieve efficiencies, streamline the process and to minimise disruption to Members.
To the Finance Committee, I offer my sincere thanks for your valued input, support and expertise in a year where there were many critical decisions to be made. And finally, to our Members, thank you for your continued patronage and support and for backing the Board in proceeding with Project R&M. It is a large financial undertaking and a short-term inconvenience, but your collective selflessness and commitment to the future of the Club will be long remembered and appreciated by generations to come. There is still much work to be done to ensure that vision is fully realised.
David Blackshaw FCPA Honorary Treasurer
Captain’s Report
Another year slides by very quickly again. A challenging one from a captain’s perspective.
Our head Groundskeeper resigned during the Spring of 2023 and the then 2iC Michael Hedger took on the caretaker role in what became a working interview. The Board advertised across the industry for a replacement and narrowed the applicants down to 5 candidates including Michael. Course Supers have a very close association and Michael’s presentation to the Board showed that while he may have never held a top position at a golf club, his strategies and plans to use external support and the on course works that he and his crew were doing, made it an obvious choice for Michael to take the lead role above the other candidates.
In February 2024 the decision was made for Michael Hedger to take the Club forward. Since then, things are quite stable in the Maintenance Shed, team numbers are up and they are all motivated to deliver a great course as well as rebuild our greens and tees during the Repair and Maintenance Project.
Repair and Maintenance Project
A very rewarding show of support from the Members in May in approving the budget spend to rebuild our greens and tees. It has been a long haul to reach the stage we are at. Our focus has been to achieve a quality, healthy putting surface we deserve as a “Group 1” golf club whilst from a risk mitigation perspective, addressing balls leaving the golf course without diminishing the amenity of our excellent course layout albeit sited on a very small footprint (compared to modern golf course requirements).
During the construction period we are committed to always having 18 quality and interesting golf holes to play over the three-year time span. I thank all Members again for your support. Some say it is exciting. I certainly think so. Some say it is “as exciting as watching grass grow”, which for the most part is literally what we will be doing and your golfing experience at PHGC should remain uninterrupted.
Course Care
Committees in golf clubs continue to battle with the increasing trend in lack of care for the golf course by golfers. May I remind you all we are Members of a “Group 1” golf club. We achieved that status a long time ago. Maintaining that status starts with attitude. None of us playing golf at PHGC, or anywhere for that matter, are above the menial tasks of repairing divots and pitch marks and raking bunkers smoothly for the next person behind you. Placing sand in a divot hole promotes faster regrowth. When repairing a pitch mark on the greens, bringing the grass back to the surface of the green and not the soil is the standard.
I say this every year, “please look after your mates!”
Speed of play
Unfortunately, our “refresher” video on this never-ending problem is taking a little longer to produce (Pardon the pun!). There are numerous aspects of peoples play that contribute to slow play. The PGA Tour has something to answer for, I know, but the Professionals are playing for their lively hood. We are NOT! Being aware and accepting you might be a contributor is difficult to admit to or accept. No one wants to be the “Ogre” but we are all here for a good time so please respect that others enjoy a relatively quick round. 4hr15mins should be the maximum time for any group. Let’s work at this together.
ON THE GOLF COURSE –WINNERS OF MAJOR EVENTS FOR 2023-24
The Club Championships (2023) – A Grade
Lucas Karatsiolis def Ryan Richards – 36th hole – A Res
Patrick Minogue def Andrew Davidson – 4/3 – B Grade
Mark Oppy def Ross Howarth – 3/1 – C Grade
Dan Dragecevich def Mark Purcell – 4/3
– The 2024 Junior Championships were contested between Ryan Richards who gained revenge over Lucas Karatsiolis 5/4
– The 2023 Marks Cup final was contested between John Davies and Louis Roper against Ian Macqueen and Paul Heanly. In an epic contest John and Louis won in spectacular style with an eagle on the 21st hole
– The 2023 Captains’ Cup was won by Josh Neale who defeated his good friend Matt Vile 1up
– The 2024 President’s Cup was won by Jack Sherry who defeated Andy Haigh 5/3
– Senior Championship (2023) saw Dean Caletti go back to back and defeat Damian Maguire on the 20th hole
– 2023 Pennant Hills Centenary Cup (Vardon event) was won by Jye Picken from Avondale
– 2024 Pennant Hills Cup (Vardon Event) was won by Michael Williams from Randwick GC
– The 2023 Foursomes Championship was won by David Bailey and Gabe Ormachea after many years as runners up
– 2024 Mixed Foursomes saw Peter and Jessica Sherry winning for a third time in a row
– The Gold Button for 2024 was won by Andrew Munro
Congratulations to all competitors in these Major trophy events. You can always look proudly at the Honour Boards for many years to come.
Our Team Events
Major Pennants Report
The Major Pennants team lined up for the season in Division 2 against Cumberland, Fox Hills and Liverpool. All the matches were played in good spirit and by the end of the six matches, each team had won all their home games and lost all their away games so the final results depended on the number of matches won. For Pennant Hills, we came in third. The highlight of the season came against Liverpool at home where everything clicked and we won the match convincingly. Unfortunately, the one that got away was against Cumberland at Cumberland where we were in good positions in a number of matches but couldn’t quite finish it off. Overall, it was a successful season with the standout players being Ben Saw, Andrew Lam and Matt Davidson. Members to represent the Club in the Major Pennants during the season were Matthew Davidson, Jared Dries (c), Murray Fogarty, JC Jung, Lucas Karatsiolis, Andrew Lam, Adi Nair, Grant Naylor, Michael Richards, Ryan Richards, Ben Saw, Andrew Stannard. Finally, a huge thanks goes to Chris Allen who refereed all matches and also to Michael Mills for his assistance during the season. A huge thank you to Scott Bailey who acted as Team Manager.
2023 Pack Cup
The standard of golf from our opponents is still high quality but the team competed admirably again under the watchful eye of Graeme Martin. We are perfectly positioned for a comeback year in 2024. Damian Maguire, David Blackshaw, Michael Oakley, David Edwards, Dean Caletti, Geoff Bourke, Andrew Davidson, Gabe Ormachea and Rob Bush were the basis of the team this year.
2024 Pack Plate
Pennant Hills were runners up in the PACK Plate 2024 Season. The Pennant Hills PACK Plate team had a good 2024 season with the exception of our last match! Needing only a draw in our final match against Pymble to win the Plate, sadly nerves got the better of us. The end result put us 0.5pts behind the strong finishing Concord team. The PACK Plate team for 2024 included Ray Miles, Mark Tough, Andrew Mowat, Graham Dawson, Peter Handel, Hugh Gerdes, Steve Rowe, Greg Winters, Rob Stevenson & Steve Walker. Congratulations to Ray Miles playing No1 and Hugh Gerdes who went through the season undefeated and for also acting as Team Manager.
Masters Pennant
Found the competition very competitive in 2024. St Michael’s, Cronulla and Camden were all strong opponents and much like the Major Pennant squad our team had to fight for both home and away wins. In the end it was a battle to stay out of 4th spot to avoid the relegation match. The team managed a win in the final home game against Camden and finished equal second. Gabe Ormachea, David Bailey, Murray Fogarty, Paul Watts, Scott Kennedy, Rob Bush, David Blackshaw, Michael Oakley, Andrew Lam and Damian Maguire all flew the flag for Penno and a huge thanks to Kell Ferguson for managing the side once more.
Junior Pennants 2023
The Junior Pennant Team included Riley Lam, Lucas Karatsiolis, Toby Elvy, Alfred Wang, Agatha Hui, Wenxin Wang, Jessica Sherry and James Dailly. They finished 3rd overall with our thanks to Andrew Lam for being Team Manager.
Encourage Shield 2023
Our Encourage Shield team of eight was split down the middle with experienced and first-time match players. The team played hard and enthusiastically every week and we finished the season with two wins and two (very close) losses with one rain cancellation that we would have surely won. Our team consisted of James Dailly, Jack Sherry, Leo Leitl, Angus Pearce, Sophia Benad, Danielle Hui, Isabel Mi & Cecila Ko. Thanks also to Peter Sherry for being the Team Manager.
Eric Apperley Shield 2023
The team included Ryan Richards, James Skuodas, Desiree Herden, Adi Nair, Riley Lam, Matthew Nathan. Jessica Sherry & Lucas Karatsiolis. They finished 3rd overall and our thanks again to Andrew Lam for being Team Manager.
I would like to thank my committee of Sue Fabian, Anne Eldridge, David Blackshaw, Michael Hedger, Michael Rowan, Neil Rolfe and Rachel Bailey for the valuable input in helping to maintain the standards that our Members expect. Finally, I would like to thank the Board for their support of me undertaking this Captaincy Role in this my third year.
Damian Maguire Captain
House Committee Report
The clubhouse has been very well utilised over the past 12 months, catering to Members and external visitors whose positive feedback confirms we have a great offering and ensures many return bookings.
Everyone involved in the process from first enquiry to last coffee is to be commended for their professionalism, friendliness and willingness to assist.
A Gala Dinner held in December marked the finale of the Centenary celebrations and was a fitting conclusion to a wonderful year. All who attended Centenary events will long hold treasured memories of this momentous year in the Club’s history.
After such a busy 2023, we were able to take a moment to catch our breath, but the year rolled on with events such as Mother’s Day and Father’s Day lunches, children’s Christmas party, Melbourne Cup luncheon, wine night, Sunday sessions, Nine-and-Dine, Cork & Fork, theatre outing, Olympicthemed trivia night and Youngbloods evenings, which provided a variety of entertainment throughout the year, designed to appeal to a wide-ranging audience.
The Catering team continues to develop new seasonal bar menus, offering freshly made sandwiches, take-home meals, dining options such as bistro, degustation and carvery for our Members. The pizza oven has been fired up most Wednesdays, Fridays, Saturdays and Sundays throughout the year. Half-price pizzas have been on offer through the winter months and have brought added verve to the clubhouse. We thank Peter Barter and the kitchen brigade for the quality and standard of the service they provide to the Club. All the hospitality staff do a wonderful job juggling the demands asked of them.
Clubhouse improvements continue. The men’s upstairs bathroom has been renovated. Portraits of past and current Presidents have been hung in the Founders’ Bar. The World War II commemorative plaque has been beautifully restored and rehung above the fireplace in the Founders’ Bar. New artwork, including a Tony Gresham portrait, is on display in the function rooms and corridors. A new cabinet for oversized trophies now adorns the lefthand side of the main staircase.
Two Emeritus lunches have been held during the year for our valued longstanding Members and both have been thoroughly enjoyed and appreciated by all present. We took the opportunity to present Ann Crisp and Ron Harper with awards for their valuable contribution and lengthy service to the Club in the History arena.
An inaugural lunch celebrating Members of 40 years standing was held early in the year and its success has ensured that it will become an annual event. Commemorative ties and scarves were presented to all present and a group photo now adorns the walls of the clubhouse.
Bridge continues to be a hugely popular pastime at the Club, fostering friendships far beyond golf. Young Bloods events have been well attended and enjoyed during the year.
The History Group, staffed by Ann Crisp and Joan Eyles, continues to maintain and update the Club’s historical records. Bruce Jones is tireless in his pursuit of historical facts connected to the course, which he regularly updates in the “Living History” section of the website. Bruce and Joan produced a photo book entitled “Our Course: What a Difference a Century Makes”, which can be viewed in the history room. Bruce and Joan have done a terrific job of refreshing and rearranging the history rooms and have seen a big increase in the number of visitors to the centre. Pennant Hills is leading the way on this front and is sharing knowledge with other PACK Clubs. The Membership of PHGC is very lucky to have such dedicated and committed volunteers to do this work.
Special thanks are due to Barnaby Sumner, Bronwyn Steele and Nicole Tanner who have worked tirelessly to maintain standards and improve offerings for Members, with always a ready smile and kind word. The calibre of our bar and wait staff is commendable.
My thanks to fellow Committee Members, Graeme Martin, Susie Wales, Derek Downes and Jenny Harvey for their ongoing support and efforts throughout the year.
Lesley Roberts Chairperson
VALE
We remember with affection the following Members and past Members who have passed away this year and extend our sincere condolences to their families and friends. As long-standing and valued members of the Pennant Hills Golf Club community, they are part of our history and tradition. We acknowledge and are grateful for their contribution to Pennant Hills.
Members:
Geoffrey Ashton, Fergus Doyle, Maurice Farhart, Catherine Newman, Claude Rigney, Michael Rochford and Norma Stephen
Past Members:
Mark Cordony, Wendy Cordukes, Janet Criss, Leila Doyle, William Gooley, Neil Marks, Donald Murphy, Norma Manser, Rolf Schufft, Geoffrey Selig, Robert Sneddon, Jack Sumner and Brian Taber
Membership Committee Report
It is a pleasure to present this Report on behalf of the Membership Committee, whose members are Michael Rowan (Ex Officio), David Blackshaw, Mark Bradbury, Derek Downes, Sue Fabian (Chair), Graeme Martin and Lesley Roberts.
I thank the Committee for their work and dedication to the welfare of Pennant Hills Golf Club and its Members over the past year.
I also thank Barnaby Sumner, Kim Truijens, Craig Usher and Neil Rolfe for their excellent contribution and support of the Committee. Kim, as the first contact for those considering Membership of Pennant Hills Golf Club, is outstanding in the warmth of her approach and her wealth of understanding of the opportunities, conditions and process involved in becoming a Member. Craig keeps us up to date with vital Membership category numbers and financial information. Barnaby’s untiring work in promoting Membership opportunities has produced excellent results in the past year. He and the Team are to be congratulated. Barnaby and Neil work together to provide essential guidance to the Committee about Competition field capacity, in order to maximise opportunities for Members to participate.
It is pleasing to note that there have been no occasions when Saturday and Wednesday players have not been able to secure a place in Competition play, although not always at their preferred time.
All Members are reminded of the importance of placing their names on the Waiting List if they are not able to enter the Time Sheet, as this guarantees automatic entry as soon as a space becomes available, and also enables the Committee to track participation issues
As well as its role in Policy development and review, compliance with the Constitution and serving the best interests of the Club in the process of admitting new Members, the Membership Committee continues to focus on four priority strategic areas. These form part of the Board’s Strategic Plan and contribute to its oversight of the Club and the interests of its Members.
These strategic areas are:
1. To optimise the satisfaction of Members and their ability to access the Golf Course and Competition play. This involves paying careful attention to the numbers of Members in all Competition fields, working to ensure that no Member misses out on a game, while at the same time maintaining Member numbers at a level which provides optimal essential income for the Club and minimises the impact on Member subscriptions.
2. Implementing strategies to understand the needs and expectations of all Members in order to support and increase their satisfaction and enjoyment.
3. Developing programs for the induction, engagement, information and support of new Members, so that they feel welcome and become active, enthusiastic Club Members.
4. Exploring ways to support and retain all Members by developing programs to continue to add value to their Membership, even after they have ceased to play golf.
Membership numbers continue to remain stable, despite the fact that it was necessary to establish a waiting list for new Member applications in early 2024 in order to ensure that existing Members were able to access Competition play during the winter months, particularly on Wednesdays and Saturdays. As at 30 June, 2024, there were 92 Members who had resigned and a total of 90 new or reinstated Members. Pennant Hills continues to maintain a steady stream of applications for new Membership. There has been a pleasing number of younger applicants – excellent for the future of the Club. Applicants are interviewed and if approved by the Committee, are placed on a waiting list for admission as our careful monitoring of Competition field numbers permits. The number of Absentee Members has increased, but applications have predominantly been for medical, travel or relocation reasons, with a gradual reinstatement to playing Membership categories.
At the recent Women’s President and Captain Day meeting, we were delighted to welcome 14 new women Members, in various playing categories, who have joined the Club in the past year. All these new players are being supported as they begin their golfing journey, particularly by the Professional Shop staff, the Women’s Committee and by other Members. Our efforts to add to the numbers of 6 Day1 (women) Members, including our discount policies, continue. In addition to their significant contribution to the life of the Club, increasing the number of 6 Day1 Members adds to our financial strength without impacting on the Wednesday and Saturday field sizes. We thank the Women’s Committee for their warm welcome and enthusiastic support of new Members, and for their efforts to provide challenge, fun and friendship in the women’s program.
Congratulations to Neil Rolfe and the Professional Shop Team in giving support and encouragement to new golfers through the Get Started and Get Golfing Programs. Their progress in becoming familiar with the game, improving handicaps and participating in competitions is a credit to the excellent training given in these programs. Welcome to all our new Members as they become part of the Pennant Hills Golf Club community. Saturday afternoon New Member Clinics continue to be fully booked and provide our new Members with some coaching, play on course, and an opportunity to get to know Barnaby, Neil, the Professional Shop Team and one another.
Our Emeritus Members now number 26, and we would welcome more Members in this category, which has been created to acknowledge the value Pennant Hills places on the many years of loyalty and contribution of these esteemed Members. A new category, Honorary Emeritus Membership, has been created, to recognize Members who are no longer able or wish to play golf because of age, infirmity or physical disability and who have 50 or more years of continuous Membership of Pennant Hills. Honorary Emeritus Membership incurs no fees, and is an important way of maintaining the relationship of these long-standing Members with Pennant Hills.
The Committee looks forward to another successful year for Pennant Hills in 2024/5.
Sue Fabian Chairperson
Planning Committee Report
Member feedback and the longer-term needs of our Club continue to guide the Club’s strategic planning process.
Once again, we have used Member feedback through the “Voice of the Member” survey to shape our decision-making and I would like to thank Mark Sundquist (Member) for his very generous and insightful assistance in running the survey and the analysis of the data.
We had a strong response to the survey again this year, showing that Members are interested in sharing their thoughts on the things they are happy with and those things they wish to see changed.
Pleasingly, Members indicated strong satisfaction across most areas of our Club, with a highlight being the service and pricing offered by the Professional Shop team and feedback showing our price-match guarantee continues to be well received.
The course condition we experienced last winter was clearly not up to scratch and you let us know this needed to be improved. Many Members have commented positively on the change to playing surfaces delivered by our Course Superintendent, Michael Hedger and his team this year.
We have increased the prize pools from the competitions that you requested. Initiatives designed to increase value for Members have been launched, including the hugely popular “half price pizza” deals. Subscription costs also received a few comments.
As noted in other areas of the Annual Report, the upward cost pressures on materials, utilities, insurance and wages continue to provide a challenging environment for more moderate subscription price growth.
The ongoing health of our Club requires us to recover cost increases so that we can continue to maintain the quality of course and services that you rightly expect. Be assured that tight cost management remains a priority. I encourage you to once again participate in the survey that will be sent out in September. You can see that we pay close attention to all the feedback that is sent in and Board Members read every Member comment that is submitted.
It is pleasing to be able to report that there has been significant progress in all the key areas of our Strategic Plan over the past 12 months. As a reminder, the key pillars of our Plan are shown below:
Strategic Initiatives
The interim report on the progress we are making on the strategic initiatives is summarised below.
1. Build and Deliver the Course Master Plan
The business case for “Repairs and Maintenance Project” was presented to an Extraordinary General Meeting on 28 May 2024 and received overwhelming endorsement from those Members present. We are preparing for the commencement of construction, with the focus for the remainder of 2024 being the building of the temporary greens on the 1st, 3rd, 5th and 10th holes. This will allow us to take 3 holes out of play at a time whilst retaining a high quality 18-hole layout. We will retain a spare hole to ensure we are prepared for any unforeseen circumstances. The build is planned to take 3 years and cost $5.66m. Damian Maguire and the Technical Committee have done a terrific job to deliver a plan that will see a steep change in the quality of our greens and tees, while importantly addressing the balls out-of-bounds issue. It is exciting to see this starting to come to life!
2. Create Water Security
We signed an “interface” agreement for the supply of water with NorthConnex on 5 March 2024. The build phase of this project involves three (3) components, with the first being the drilling of the under bore beneath Pennant Hills Road
connecting the NorthConnex water treatment plant with our course. The second component is the installation of the transfer tank and pumping infrastructure on the NorthConnex site that will connect to the bore pipe. The third component is the piping connection between the bore pipe that emerges behind the 14th tee and the water storage tanks. We anticipate commissioning of the project in October 2024. This will complete a milestone initiative that sits alongside the building of our water recycling plant in 2006 as the two things that give us total water independence from mains water for irrigation.
3. Optimise Membership and Member Experience
Sue Fabian, Lesley Roberts and David Thorn in conjunction with their respective committees have made good progress in both Membership recruitment and Member satisfaction. Our objective is to maximise the number of suitable new Members that we can recruit while ensuring we retain course access for our existing Members. Increased Member numbers reduce the pressure on subscription increases. We have carefully managed Full Playing Membership levels and while there have been occasions where Members may have put their name on a waitlist for a game, there have been no instances where a tee sheet has not had vacancies. New Members applying for Full Playing rights have, at times, been put on a waiting list while we manage the tee sheet capacity for our existing Members. There remains opportunity in most categories other than Full Playing and our focus will be to continue to recruit into those categories.
Our food and beverage offering remains highly regarded by Members and guests alike, with the service in this area being outstanding and both quality and value for money continuing to feature in our menu and pricing decisions.
Initiatives such as improved club cleaning and increased prize pools have been undertaken in response to Member feedback. Work on reciprocal club offerings remains ongoing, with Portsea Golf Club (VIC) and Fairhaven Golf Club (UK) becoming the most recent additions to our reciprocal roster.
4. Maintain Financial Stability
There has been a lot of focus over the past year by David Blackshaw in conjunction with the Finance Committee, Craig Usher and Barnaby to ensure we have a financially responsible plan to deliver the Repairs and Maintenance Project. Once the project was costed, we looked at the construction phasing and resultant debt levels by year to ensure we had a manageable “peak debt” level. This will occur early in 2027 as we approach completion of the project. Our financing plan involves a combination of bank debt and Member note funding. We were thrilled with the response we received from Members regarding the notes issue, with the Club securing $2.13m to assist with our debt funding. Those Members who have placed funds into the notes issue will receive a favourable interest rate compared to market rates, whilst the Club benefits from a lower cost of finance than bank debt.
We have continued to invest in capital expenditure in areas such as funding the NorthConnex water project, course maintenance equipment, Water Recycling Plant membrane upgrades and software system upgrades. It is critical that we have a balanced approach to capital investment so that we build for the future whilst ensuring we preserve the quality of our current facilities.
5. Invest for Growth
We received approval for the proposed Golf Academy in June. The Foundation will now turn their attention toward the challenge of fundraising through both Member donations and government grants to bring this project to life. The timing of any start to the project will be dependent on this fundraising process. The second memorial gates project has been put on hold for the moment because of this entrance being used for truck movements associated with the Repairs and Maintenance Project. We anticipate being able to recommence plans for the redevelopment of this entrance once the project is complete.
6. Strengthen Corporate Governance
David Thorn and Sue Fabian continue to lead the continuous improvement of our corporate governance. The Performance Management process continues to be implemented across all our Team Members. We prioritise the allocation of funds in our budget for the training of our team. WH&S has seen significant focus over the past 12 months and will be the subject of ongoing investment of time and resources in the next year. Risk reviews are an important and ongoing part of management and Board routines.
The 2024 AGM will see the first tranche of three (3) Director positions up for election as part of the move to 3-year Board Director terms. This extension from 1-year to 3-year Director terms in the Constitution was approved at the 2023 AGM. This change will give a greater degree of consistency to our Strategic Planning process and will ensure we retain Board capability over critical project implementation. The input of the entire Board has been highly valued as we have focused on the delivery of our plan. Additionally, our General Manager, Barnaby Sumner, has provided strong leadership and input in many areas that cut across all these strategies and I want to acknowledge his valuable contribution as well.
The fact that we have “stayed the course” in the pursuit of those initiatives that we identified three (3) years ago as being the most important to our future is the reason we are now on the doorstep of delivering some of the most significant changes the Club has seen in many years. The Strategic Planning process will see the plan reviewed and amended over the next 12 months. With the NorthConnex water project being delivered and the end in sight for Repairs and Maintenance Project, our focus will shift toward further initiatives and investments that move us closer to our vision of being “A Leading Sydney Private Members Golf Club”.
Mark Bradbury Chairperson
Reciprocal Committee Report
In March 2024, 14 PHGC Members travelled to New Zealand’s North Island and played at our reciprocal club, Royal Wellington Golf Club, with an additional round at picturesque Paraparaumu Beach Golf Club, about 40 kilometres north of Wellington. Then, in June 2024, another 42 PHGC Members enjoyed a visit to the Gold Coast to compete against the Members of Sanctuary Cove Golf & Country Club. An additional round at Hope Island Golf Club completed an enjoyable tour away from Sydney’s chilly winter.
The camaraderie amongst Members, particularly with our reciprocal clubs, was first class with plenty of lasting memories from these tours. This reflects our long-standing reciprocal relationships with many clubs interstate and internationally and our Members have availed themselves of these reciprocal opportunities, in some cases, for decades.
Lasting reciprocal relationships are mutually maintained by regular interaction between clubs and whilst we have relished our visits to other clubs, we have also enjoyed hosting our reciprocal club Members on our fairways and in our clubhouse.
Our existing reciprocal clubs are listed on the PHGC website and the Reciprocal Committee, comprising Board and invited Members as well as Management, has continued its momentum this year with further additions to that list.
Earlier this year, your Reciprocal Committee added to our existing UK-based reciprocal club list and welcomed new reciprocal arrangements with Fairhaven Golf Club (in Lytham, England).
We continue to conduct on-going discussions with like-minded clubs of similar standing on Victoria’s Bellarine Peninsula, in Adelaide and in Scotland. We hope to share more exciting news with Members in the New Year.
My sincere thanks to the Board Members, invited Members and Management for their continued support of the Reciprocal Committee’s activities.
David Thorn Chairman
Seaton Carew GC’s, 364 metres, par 4, 17th hole into a prevailing left-to-right wind.
Gog Magog GC’s Old Course, 407 metres, 18th hole (with clubhouse beyond). A strong finishing hole!
A Portsea local overlooking the 9th and 10th fairways from the clubhouse.
Fairhaven GC, 145 metres, 17th hole. A demanding, well-protected par 3!
Women’s Committee Report
I am pleased to present to you the annual report highlighting the activities and achievements of our Women’s Membership at Pennant Hills Golf Club. It has been a remarkable year filled with enjoyable events and great participation from our dedicated Members.
First and foremost, I would like to express my heartfelt gratitude to the Committee Members for 2023-2024:
President Susie Wales
Captain Anne Eldridge
Secretary Lilly Moore
Treasurer Belinda Milroy
General Committee
Lynne Bastock
Simone Lester
Glenda McKie
Marian Jones
These women have worked tirelessly to bring our ladies the regular yearly events and have introduced extra fun days for our enjoyment.
This year PHGC Members voted Lucie Gabb OAM, to Life Membership. Lucie has been a past Women’s President and a highly visible and involved lady in all the Club’s activities.
Fortunately, this year, we had minimal course closures and most of our events have proceeded as scheduled. Due to our Centenary Year, for the first time, the Women’s 2023 Championship Finals Day was held on Sunday, 5 November alongside the Men’s Finals.
We had the honour of Bev Archer starting all the Women’s matches. She is always willing to give her time and even stayed at the Club all morning, until the rain stopped, to start the field. Her experience and dedication set the tone for an exciting and competitive day of golf. Competing for the Club Championship was Tina Skuodas and Anne Eldridge. Due to the delayed start being from consistent rain, the women’s final completed 18 holes then returned on Thursday, 16 November to complete the final (Note: the final was completed 11 days later due to the competitors being committed to: holidays, Coronation Medal commitments and the NDPC Annual Captains meeting.)
After the final holes were played, Anne Eldridge became Club Champion for 2023. Despite the weather, it was a fabulous day, showcasing the incredible talent and camaraderie for which our Club is renowned.
In addition to our outstanding golfers, I would like to express my sincere gratitude to Sue Fabian, Moya Shepherd, Jeanette Wright, Joan Eyles and Lesley Roberts who generously volunteered their time to serve as referees for the day. Their dedication and expertise ensured the smooth and fair execution of the tournament. Their contributions were invaluable and we are incredibly grateful for their unwavering support.
We all joined for a celebration of all the talented golfers in the Club, after the men’s championship was completed in near darkness. Delicious canapés and drinks were enjoyed during the speeches.
The Pennant Hills Cup was won by Lynda Gyzen from Oatlands Golf Club and the Pennant Hills Bronze Salver was won by our own Coral Lawrence. Congratulations Coral!
Our Golf NSW 2024 Women’s Grade team consisted of:
– Anne Eldridge
– Desi Herden
– Jessica Sherry
– Tina Skuodas
– Mary-Jo Usher
– Susie Wales
– Sue Weatherley
This team had a great start to the season with 3 wins from 3. There was a slim opportunity to win the pennant on the final day, but the team needed a couple of results to fall their way. In the end, the team finished in 3rd place. It should be noted; this team finished half a point behind second place and 1 point behind the winners of the pennant. A good result for this team who will remain in Division 2 for 2025.
Again, Pennant Hills had 5 teams competing in The Northern District Pennant Competition being:
– Silver Salver
– Silver II Salver
– Bronze I Pennant
– Bronze II Shield
– Bronze III Salver
The later starting teams, Silver Salver, Bronze I, Bronze II, Bronze III all had seasons effected by course closures, but all pennants had enough matches completed for pennants to be awarded.
Our best performing team for 2024 was Silver Salver.
Lead by President Susie Wales, who finished in 2nd place. Team Members were:
– Issy Barker
– Cheryl Jones
– Amie Maguire
– Petra Mueller
– Leonie Shaw
– Amanda Tucker
– Amanda Walkerden
– Sue Weatherley
– Bev Wood
Our other NDPC teams placings were:
–Silver II Salver – 6th place –Karen Patterson (Field Captain)
–Bronze I – 5th place – Jill Goodall (Field Captain)
–Bronze II – 6th place Pam Doyle/ Rosie Artlett (Field co-Captains)
–Bronze III – 6th place – Margaret Maclean (Field Captain)
Our grade team and other representative teams have demonstrated exceptional talent and sportsmanship in various tournaments and competitions. Their hard work and enthusiasm have brought great pride to our Club. I commend each Member for their remarkable achievements and congratulate them on their continued success.
These teams were very fortunate to be supported by Jessica Noh or Rachel Bailey with a two-hour team building session prior to the first match. The teams are very appreciative of these sessions and the feedback is always positive. Praise is always high for these expert teaching professionals we are fortunate to have at our Club.
Our Sunday Women’s Pennant team are midway through their season at the time of this report. They play one Sunday a month from March to September. Tanya Whitmarsh is the Field Captain for this team and we thank Tanya for her commitment to this team.
We entered 3 teams in the following Golf NSW Events: Pewter Plate: Thursday, 6 July 2023. PHGC was represented by Margie Fairfax and Anne Hellman who finished in 10th place out of 35 teams.
Bronze Medallion: Thursday, 31 August 2023. PHGC was represented by Lynne Bastock, Jenny Harvey, Kay Lee and Belinda Milroy who finished tied 23rd out of 42 teams.
Coronation Medal:
Monday, 13 November 2023. PHGC was represented by Simone Lester, Tina Skuodas, Amanda Tucker and Susie Wales who finished in 41st place out of 46 teams.
Inter-Club success at home continues with a good win over Castle Hill. We lost to Avondale at Avondale and our match at Oatlands was abandoned for 2024 after two attempts. These representative Inter-Clubs remain very popular events on our calendar.
The Golf NSW Ambrose Event for 2024 was won by Leonie Shaw and Tina Skuodas. Due to the number of entries in this event this year, our runners up, being Cheryl Golding and Rosemary Scott, will also progress through to the regional finals.
Our teaching professionals at PHGC are exceptional. We are so fortunate to have the expertise of Neil Rolfe, Rachel Bailey, Jessica Noh and Steven Vail.
To the Professional Shop team of Neil Rolfe, Rachel Bailey, Jessica Noh, Keith Smith, Steven Vail, Finley Lawler, Georgia Main, Adi Nair, Jessica Sherry and James Skuodas - many thanks for your continual support and help with the women’s program.
Thank you also to Michael Hedger and his team. We are all very fortunate to play on this beautifully presented course every week.
–Foursomes Championship 2023: Anne Eldridge & Mary-Jo Usher
–Bronze I Foursomes 2023: Kay Lee & Fran Ritchie
–Bronze II Foursomes 2023: Ann Elsley & Sally Gooley
–Four Ball Knockout 2024: Tina Lee & Simone Lester
–Singles Knockout 2024: Karen Patterson
–President’s Cup 2024: Anne Eldridge
–Captain’s Cup 2024: Rescheduled to August 2024 due to bad weather
The Presidents cup finalists:
–Anne Eldridge – Winner
–Sue Fabian – Referee
–Jill Goodall – Runner-Up
One of the highlights of the year was the various fun days organised at the Club. These events have provided a fantastic opportunity for our Members to come together, enjoy the game of golf and foster a sense of camaraderie.
Our year of golf starts with a big event, called The High Tee Classic. Organisation for this began months before. It is open to any lady with a golf Australia handicap. This year we saw over 80 visitors attend. Our fashion parade of outfits and generous pricing was really appreciated by all. Our food and beverage staff made sure we had a delicious variety of substantial nibbles and a glass of bubbles too.
Some of the notable fun days include the High Tee Classic, St. Patrick’s Day Celebration, Greens Reno Trip to the Blue Mountains, Visitors Day, Pennants Cocktails Party, Christmas in July, Captains & Presidents Day, Charity Day and Christmas 3 Ball. The exceptional turnout and active participation in these events reflect the vibrancy and strong bond within our women’s golf community.
These days are only possible because of the dedicated committee who organise them. Thanks to Marian Jones for her huge role in organising the greens renovation trip. Ably assisted by Glenda, Lynne, Lilly and Belinda.
The charity we chose to support in 2023 was so strongly supported by our ladies, that we decided to donate to them again. It’s ”The Sanctuary – The Hills Women’s Shelter”. This organisation provides temporary supported accommodation for women and their children who are victims of domestic violence or homelessness. The PHGC women are always very generous when it comes to donating to a very worthy cause.
I would like to acknowledge the contributions of our Members who have been instrumental in fostering a warm and friendly atmosphere. The flowers in the locker room not only add a beautiful touch but also create a sense of belonging and pride in being a part of a club that cares deeply for its Members.
Our Tuesday Bridge, led by Carolyn Brereton and Sue Rogge, continues to attract a strong and dedicated following. Every Tuesday, the Bridge sessions bring Members together for an enjoyable and engaging experience. Each month Sally Tribe and Marian Kench organise a larger bridge day for all to enjoy each month.
Our library is well utilised and ably managed by Adrienne Gorme.
Additionally, the archive and history group of Joan Eyles, Ann Crisp and Bruce Jones are quietly recording and filming every snippet of history for future reference and enjoyment. They have transformed the old Professional Shop into quite the welcoming Library. They were able to furnish me with details of Shirley Baker’s Membership detail. She has been a Member for 70 years.
Shirley Baker, holds the longest women’s Membership at Pennant Hills. She was thrilled to be recognised and receive this gift on Captain’s and President’s Day.
Special thanks go to Bronwyn Steele and Nicole Tanner for their expert advice and seamless execution of our special golf days and lunches. Their contributions have elevated the overall experience for our Members and we are truly grateful for their invaluable support. Peter Barter continues to provide delectable fare that is enjoyed at every function. We, as a committee rely heavily on Kim Truijens, Craig Usher and Jodi Sparks in the office to help us navigate Membership details and accounting questions. They are always there to guide us.
We are fortunate to have a competent and dedicated General Manager, Barnaby Sumner, who keeps everything running smoothly and ensures that our Club remains a thriving community. His tireless efforts in coordinating various activities and managing the Club’s operations are greatly appreciated.
As I conclude this report, I would like to express my optimism and enthusiasm for the future of women’s golf at Pennant Hills Golf Club. With our compassionate and supportive community, dedicated committee Members, and talented golfers, I am confident that we will continue to flourish and achieve new heights in the years to come.
Thank you once again to everyone involved for their remarkable contributions and unwavering commitment.
Susie Wales Women’s President
Pennant Hills Golf Club Foundation Report
It has been another very successful and exciting year for your Foundation.
The current Board of Trustees are: Ross Jackson (Chair), Peter Abraham, Simon Tremlett, Anurag Chadha, Michael Thompson, Shanta Nair with Michael Rowan and Lesley Roberts as Nominees of the Board. With eight Trustees there remains one vacancy under our governing Deed. Mark Bradbury attends meetings in an ex-officio role as Chair of the Board’s Planning Committee.
The term of three (3) of the existing Trustees will come to an end on 25 September 2024 including Michael Rowan and Lesley Roberts as Nominees of the Board. Michael has offered to stand for a further term and Lesley has elected to stand aside. The Board confirmed the nomination of Michael to take up a position as Trustee with the second Board Nominee to be advised in due course.
Similarly, the terms of Peter Abraham and I will expire on 25 September. I have elected to stand while Peter indicates that he does not wish to continue. These movements create an additional vacancy on the Foundation Board and an opportunity for Members of the Foundation to Nominate for two (2) Trustee positions.
A notice of meeting and call for nominations will be sent to Members and a meeting of the Foundation will be held in September where the business will be to present the Annual Accounts and confirm or if necessary, elect two (2) Members as new Trustees of our Foundation.
Our purpose under the Deed of the Foundation is to promote, support, develop and maintain, generally the objects and property of our Club and its facilities. Specifically, we research and plan for the future of the Club looking at the long and medium term and what assets, infrastructure and activities Members may need in the future. Most importantly we work to raise the money to make these plans happen.
Over the course of the year, we welcomed 7 new Members of the Foundation and received $73,565 in donations to further the work we do on your behalf. As Chair, I have written to welcome all new Members as they joined us and on behalf of the Trustees, I express our deepest thanks to those who contributed funds to support our activities.
Projects currently being managed by your Foundation are: Golf Academy (GA) Toward the end of 2023 we were able commission and receive the last of the Expert Reports required by Hornsby Shire Council and submit all plans and documentation for a development application to construct the Golf Academy.
I am delighted to announce that on 11 June the Council consented to the submission and issued a notice approving the development application. An enormous amount of time and work went into the application and the consent for the building was exactly as submitted, no changes were directed by Council. The Board has conveyed their appreciation of our work and indicated that they will proceed to make payment of the development contribution required under the approval.
The Golf Academy now becomes a project of the Club under the management of the Board while we work closely together to seek funding from government grants and liaise with Members who have said in the past that they would contribute to the construction of this major step forward by our Club.
Health and Fitness Centre
The preliminary study has been completed by the Clubs Architects, including a full survey of potential position within our limited footprint. It is an amazing project that we need to put on hold while we work with the Board and Members to fund the construction of the GA.
I do understand that some of you considered that the Health and Fitness Centre might be the priority project for the Foundation and the Club, however the Board, in response to Member demand for practice facilities ruled in favour of the GA. Accordingly, our immediate task is to successfully fund construction of the GA and then direct our energies to the Health and Fitness Centre.
Kendal Binns Junior Fund (KBJF)
This program led by Rob Cornish and the KBJF Committee, fits under the Foundation in terms of an integrated approach to fund raising and compliance with our obligations to the Australian Sports Foundation. I am pleased to report that the Kendal Binns Junior Fund continues to be a success and an impetus to the recruitment and development of junior golfers.
It is especially pleasing to note Rob’s report on the generous legacy of $10,000 left by the late Kendal Binns and to learn that this money will be used to seed a corpus or future fund to sustain junior development at our Club for years to come.
Following this report is the Foundation’s Income and Expenditure and Balance Sheet for the year ended 30 June 2024 and a separate report from the Kendal Binns Junior Fund.
Ross Jackson Chairman
Pennant Hills Golf Club Foundation
Foundation Income and Expenditure and Balance Sheet
In accordance with the Foundation Deed of Trust we have included below the Foundation’s audited Statement of Income and Expenditure and Balance Sheet.
Statement of Income and Expenditure
For the year ended 30 June 2024
Balance Sheet
As at 30 June 2024
For a breakdown of the Foundation funds by project refer to Note 13 in the Pennant Hills Golf Club Financial Statements.
Pennant
Kendal Binns Junior Fund Report
The KBJF was established in 2014 and named to recognise and honour the efforts of Kendal Binns in supporting the Junior Members of Pennant Hills Golf Club.
The KBJF exists under the Trust Deed of the PHGC Foundation and is administered by the KBJF Committee comprising Rob Cornish (Chair), Ed Truscott, Hugh Gerdes, Graeme Martin, Rhonda Parkinson, Barnaby Sumner, Neil Rolfe and Rachel Bailey.
Since establishment, the charter of the KBJF has remained to promote, support and develop our Junior Members to become both better golfers and long-term contributing Members of our Club.
Currently there are over 70 participants in the Club’s various Junior Programs, of whom 22 (13 boys and 9 girls), having achieved a certain level of golfing ability, receive a KBJF Scholarship. Scholarship recipients range in ages from 9 years old to 20 years old, with GA handicaps ranging from +2.7 to 35.2.
In addition to a contribution to their annual Membership fees, a KBJF scholarship includes:
–tuition from our PHGC golf professionals –mentoring and support for the rules of golf, golfing etiquette and the PHGC ethos
KBJF scholarship holders achieved an average 37% reduction in their GA handicaps over the year.
Scholarship holders regularly play in Club competitions and during 2023-24 represented themselves and the Club with pride in the various representative teams (both Senior and Junior). Amongst other achievements:
–3 boys (Ryan Richards, Adi Nair and Lucas Karatsiolis) played in the major pennants team –2 girls (Desiree Herden and Jessica Sherry) played in the women’s grade team
–The Men’s Club Championship Final was contested between two KBJF scholarship holders (Lucas Karatsiolis and Ryan Richards) with Lucas prevailing –Junior Medal & Match Play Championship was won by Ryan Richards (Pictured above)
–The Junior Stableford Championship was won by Jolena Zheng
During the year, on the recommendation of Rachel and Neil, the KBJF implemented and supported the PHGC Junior Golf Pathways Program with a focus on player development via group and team activities and related social interaction. In addition to individual playing skills, the program focuses on developing a “friends for life” culture. Members of the various junior representative teams (Eric Apperly, Junior Pennants and Encourage Shield) plus others all participate in the program.
A second initiative, the PHGC Junior League under which teams were to compete against each other in the runup to the junior representative season was unfortunately severely impacted by weather and related course closures. The Junior League
is open to all Junior Members, irrespective of age and handicap. Initial feedback to both new initiatives has been positive and we shall continue to review, refine and repeat.
The KBJF Scholarship program is principally funded by the kind and generous support of Members, both by participation in and support of our various fundraising activities (golf events, raffle etc) and by direct donations by kind and generous Members of the Club.
104 Members and visitors played in the KBJF Team Ambrose on Sunday, 23 September, enjoying the opportunity to play with and see firsthand the KBJF scholarship holders who rotated through the field, playing several holes with each group.
Over 145 Members, visitors and their families attended the dinner afterward during which they heard from the KBJF scholarship holders together with an overview of the PHGC Junior programs from Neil and Rachel. On the Saturday prior, 178 Members played in the supplementary KBJF Fundraiser. A special thanks to Keith Smith for his efforts in spearheading the raffle sales activities.
On behalf of the KBJF Committee and the Scholarship recipients, thank you all for your past, and hopefully continuing future support.
During the year the KBJF was the beneficiary of a $10,000 donation from the estate of the late Kendal Binns and the Committee respectfully acknowledges the generosity of same. In recognition, the Committee has established the KBJF Corpus Fund using this legacy, donations from the Ex-Serviceman’s Trust and other accumulated funds as the base. The KBJF Corpus Fund will be added to from time to time as appropriate with the intention to generate income to assist in funding the KBJF activities.
Finally, and importantly, thanks to our Club’s teaching professionals (Neil, Rachel, Jess and Steve) for their dedication and support, without which the various KBJF activities would not occur.
Rob Cornish Chairperson
Ex-Services Report
Report on Remembrance Trophy and Ex-Services Golf Day 2023
The calendar does not often provide for 11 November to fall on a Saturday, the next is in 2028, but the 97th Ex-services and Remembrance Day golf competitions were held on Saturday, 11 November on a spectacular sunny day.
A field of 206 Members and Guests enjoyed the weather, the golf, the rum and the bully beef at halfway.
As a result of the day our Club has been able to forward a cheque to Legacy for $5,000 which includes direct donations from Ex-service Members of $350. In addition, the Committee was able to allocate a further $3,000 to the Second Memorial Gates Fund, $1,000 to the Kendal Binns Corpus Fund and $1,000 to the General Fund of the Foundation.
We again enjoyed the generous sponsorship of Diageo, a global leader in beverage alcohol with an outstanding collection of brands across a wide range of spirits and beers. Diageo provided prizes and sustenance in the form of the iconic Johnnie Walker Black Label whisky and the “living sprit” – Bundaberg rum. The Committee is most grateful to Diageo. We also acknowledge Woolies at Beecroft who provided the bread free of charge.
Our special group of volunteers worked the BBQ to provide a breakfast of Websters pork sausage and onions washed down with a nip of Johnnie Walker as well as the halfway sustenance of Bully Beef and Damper Rolls, taken of course with the traditional gunfire brew of Bundaberg Rum and Coffee. Our thanks to Emeritus Member Michael Williams who coordinated this enthusiastic team; the players certainly were grateful of their efforts. We have acknowledged each one of them at the foot of this report. The main raffle prize was a mixed dozen of Glandore wines donated by Peter McBeath. The raffle was drawn by our long-standing ex-Service Member Dereck Docherty and won by Mark Heffernen.
Derek Downes acted as the bookmaker for the day tempting punters with enticing odds to land their ball in the inner circle, outer circle, on the green or even over the creºek. As usual, a major part of the money raised on the day came from this source. Chris Allen teamed with Derek to issue tickets to the punters skillful enough to land their ball in a winning area. Ryan Richards won the bottle of Johnnie Walker Black landing his ball 152cm from the pin.
Ex-Service Member Lyall McLaughlin related the interesting history of the origin of the poem before reciting the verses known as the Ode with the Last Post and Reveille played prior to the presentation of trophies.
Bruce Lumsden, on behalf of the family of the late Geoff Lumsden donated the Ex-Services Trophy won by Chris Bradbury with a stableford score of 37. The 98th year of competition for the Ex-Services Trophy will be held on Saturday, 9 November 2024.
The Remembrance Trophy, known by some as the Lucknow Trophy, is a magnificent trophy kept permanently in the clubhouse and has its own interesting history with a military connection. The annual trophy is donated by the Waterson family and presented by Terry Waterson was won by Clayton Rowston.
The winning 4 Ball Members Team with a score of 53 was Andrew Sayer, Phil Prior, Gerard Lee and Evan Ingram. In accepting the trophy, Gerard made special mention of the satisfaction he had in belonging to a Club that had consistently honoured its ex-serving Members in such a respectful and fun-filled way.
The winning Ex-Services team comprised Chris Bradbury, Mark Bradbury, Michael Carasso, and Bruce Bollum.
The A, B and C Grade winners were Stephen Butler, Paul Russell and Warren Davidson. The Scratch winner was Ryan Richards.
We often think that the day runs so smoothly because of the systems we have developed over the years, but in reality, it is because of the good people we have who turn up to work with energy and a smile to make it all function so seamlessly.
A special mention to Bronwyn and Sylvana, Peter Barter, as well as Steve and James in the Professional Shop. And then we have the administrative back up from Kim in the office and the leadership of Barnaby.
Our Volunteers:
Chris Allen Marg Miles
Jill Cooper Ray Miles
Scott Cooper Bill Parkinson
Derek Downes Rhonda Parkinson
Garrett Dwyer Kevin Pike
Margaret Frith Alun Roberts
Nicki Howlett John Rogers
David McKie Michael Wiliams
Michael Rowan
Chairperson
On behalf of the Ex-Services Committee: – Peter Sprowles
– Brian Hamilton – Peter McBeath
Directors’ Report
The directors present their report together with the financial report of Pennant Hills Golf Club Limited (“the Company”) for the year ended 30 June 2024 and the auditor’s report thereon.
Directors
The Directors of the Company at any time during or since the end of the financial year are:
Information on Directors
Directors
Names Occupation Year Elected
S. Fabian Retired 2019
D. Downes Real Estate 2022
M. Rowan Retired Banker 2019
G. Martin Director 2019
L. Roberts Retired 2020
D. Maguire Registered Surveyor 2020
M. Bradbury Retired 2020
D. Blackshaw Finance Manager 2020
D. Thorn Management Consultant 2021
Resignations and Appointments
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Directors
Names Sub Committee Responsibilities
M. Rowan As President is an ex-officio Member of all Committees
S. Fabian Membership (Chairperson), Finance, Course & Playing
G. Martin House, Membership
L. Roberts House (Chairperson), Membership, Reciprocal
D. Maguire Course & Playing (Chairperson), Planning
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
Barnaby Sumner holds the position of Company Secretary and General Manager of Pennant Hills Golf Club. Barnaby has been Company Secretary and General Manager since March 2019 after joining the Club from Oatlands Golf Club where he held the position of General Manager. His previous management experience includes senior management roles with Elanora Country Club & Concord Golf Club along with roles with Australian hotel companies Mirvac and Gazebo and internationally with the Fairhaven Hotel Group (U.K.)
Principal Activities
The principal activities of the Company during the financial year were the administration and operation of a golf course and a licensed social club for Members of the Company.
These activities provided the foundation for the achievement of the short- and long-term objectives of the Company.
There have been no significant changes in the nature of these activities during the year.
Short-Term Objectives
The Company’s short-term objectives are to:
• Undertake a comprehensive Repairs and Maintenance Project on our golf course.
• Maintain Membership to a level where all golfers are able, within reason and according to their category of Membership, be assured of a game on the day of their choice.
• Develop plans to proceed with construction of the Golf Academy including fitting bays and virtual golf facilities.
• Operate profitably to a target EBITDA.
• Monitor Member satisfaction on and off the course through a social calendar of interesting events.
• Ensure high quality food and beverage choices are always available to Members and Guests.
Long-Term Objectives
The Company has the following long-term objectives:
• Continue to operate as one of Sydney’s leading private Members golf clubs.
• Prepare plans and finances to complete cart paths to all holes on the golf course.
• Prepare plans and finances to refurbish and complete drainage and irrigation of the course.
• Strengthen the financial resources of the Company.
Strategies to Achieve Objectives
The Company is pursuing the following strategies to achieve its objectives:
• Review of core Member services to identify and deliver services that foster Member camaraderie, uphold core values and make the Club attractive to new Members.
• Implementation of operational efficiency programs and to reduce fixed costs.
• Establish a Future Fund.
• Maintain continuous review of governance and management structures.
Measurement of Performance
Management provides the Board with operational reports for the Company activities which include the key performance indicators of financial results against budgeted outcomes, details of course maintenance and improvements activities, outline of Member playing and social activities and changes in Membership numbers and categories.
Directors’ Meetings
The number of directors’ meetings and number of meetings attended by each of the directors of the company during the financial year are:
Review and Results of Operations
The net surplus for the year amounted to $36,094 compared to a $24,257 surplus for the prior year.
Environmental Regulation
The Company’s operations are subject to various environmental regulations under either Commonwealth or State legislation.
The directors are not aware of any significant breaches during the period covered by this report. The Company has completed an Environmental Management Plan to assist in managing these risks and to meet its obligations.
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is included on the following page and forms part of the Directors’ Report.
Signed in accordance with a resolution of the Board of Directors.
Membership & Contribution in Winding Up
The Company is incorporated under the Corporations Act 2001 and is a company limited by guarantee and without a share capital.
If the Company is wound up, the constitution states that each Member is required to contribute a maximum of $2 each towards meeting any outstanding obligations of the entity. At 30 June 2024, the total amount that Members of the Company are liable to contribute if the Company is wound up is $2,704 (2023: $2,722)
Michael Rowan Director
Dated at Beecroft this 29th day of August 2024
David Blackshaw Director
Auditor’s Independence
Declaration
under Section 307C of the Corporations Act 2001 to the Directors of Pennant Hills Golf Club Limited
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2024, there have been:
i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
BDH Audit & Assurance Pty Limited
Gede Barone Director
Dated at Beecroft this 29th day of August 2024
Financial Report
The financial report is for Pennant Hills Golf Club Limited as an individual company, incorporated and domiciled in Australia. Pennant Hills Golf Club Limited is a company limited by guarantee.
Statement of Comprehensive Income
For the year ended 30 June 2024
(8,404,488) (7,884,039)
Statement of Financial Position
at 30 June 2024
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 2024
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 2024
Notes to the Financial Statements
NOTE 1: STATEMENT OF MATERIAL ACCOUNTING POLICIES
NATURE OF OPERATIONS
Pennant Hills Golf Club’s principal activity was to provide golf facilities to Members.
BASIS OF PREPARATION
The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards – Tier 2 Simplified Disclosures, Australian Accounting Interpretations, the Corporation Act 2001 and the Registered Clubs Amendment Act 2006. Pennant Hills Golf Club Limited is a not-for-profit entity for the purpose of preparing financial statements.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated.
The financial report has been prepared using the measurement bases specified by the Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are described in the accounting policies below.
The financial report was authorised for issue on the 29th August 2024 by the board of directors.
NET CURRENT LIABILITY POSITION
As at 30 June 2024 the company has a net current liability position of $304,706 (2023: $2,314,197) primarily due to the large balance of subscriptions paid in advance which has been significantly offset in the 2024 year by the cash contribution from Member Notes. The subscriptions paid in advance for the 2025 year are not refundable and will be recognised as revenue over the 2025 financial year. The company has access to a bank facility of $1.75 Million (2023: $2.35 Million) which it can draw down on when cash flow requires it. The facility will expire in July 2025. More details on this facility are included in Note 11 to these financial statements. Based on these factors the directors are of the opinion that the company will be able to pay its debts when they fall due.
ACCOUNTING POLICIES
(a) Income Tax
No provision for income tax has been raised as the Company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.
(b) Inventories
Inventories are measured and carried at the lower of cost and current replacement cost.
(c) Property, Plant and Equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of
Dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Cost also may include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within other income in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings.
(ii) Subsequent Costs
The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
(iii) Depreciation
Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not depreciated.
The estimated useful lives for the current and comparative periods are as follows:
• Buildings 40 years
• Plant and equipment 3 - 20 years
Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
(d)
Leases
Where the Company is a lessee, lease payments for operating leases, where substantially all the risks and benefits remain with the lessor are accounted for in accordance with AASB16 – Leases. At inception the present value of the leased asset is capitalised as an asset to be depreciated over the term of the lease. A corresponding lease liability is recorded and shown in Note 11 Borrowings. As lease payments are made the periodic principal reduction is charged to the lease liability and a charge for interest is expensed in the period in which the payment is incurred.
(e)
Impairment of Assets
At each reporting date, the Company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.
Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
(f) Employee Benefits
Short-term Employee Benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled.
Other long-term Employee Benefits
The Company’s liabilities for long service leave are included in other long-term benefits as they are not expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. They are measured at the present value of the expected future payments to be made to employees.
The expected future payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the timing of the estimated future cash outflows. Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur.
The Company presents employee benefit obligations as current liabilities in the statement of financial position if the Company does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting period, irrespective of when the actual settlement is expected to take place.
(g) Provisions, Contingent Liabilities and Contingent Assets
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.
Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related provision.
No liability is recognised if an outflow of economic resources as a result of present obligation is not probable. Such situations are disclosed as contingent liabilities, unless the outflow of resources is remote in which case no liability is recognised.
(h)
Revenue and Other Income
Revenues are recognised at fair value of the consideration received.
Revenue from sales of goods comprises revenue earned from the provision of food and beverage facilities, and the sale of golf equipment. Revenue is recognised when the goods are provided.
Revenue from rendering services comprises revenue services to Members and other patrons of the Company.
Revenue from rental income relating to the telecommunications tower lease is recorded on a straightline basis over the term of the lease.
PHGC Foundation donations and contributions made are credited to the PHGC Foundation in the year in which they are made.
All revenue is stated net of the amount of goods and services tax (GST).
(i)
Borrowing Costs
Borrowing costs other than those that relate to the acquisition of qualifying assets are recognised in income in the period in which they are incurred.
(j) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST). Receivables and payables in the balance sheet are shown inclusive of GST.
Cash flows are presented in the Cash Flow Statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
(k) Subscriptions in Advance
The Subscriptions in advance balance in Note 12 consists of 2025 Membership subscriptions received prior to 30 June.
(l) Deferred Income
The liability for deferred income relating to unutilised amounts of telecommunications tower rental received on the condition that specified conditions are fulfilled. Where the amount received is in respect of rental which is to be provided over a period that exceeds twelve (12) months after the reporting date, the liability is discounted and presented as non-current.
Deferred income relating to entrance or joining fees paid by new Members are recorded as deferred income and shown in Note 10. Entrance fees are released to income over 10 years which is the deemed average period of Membership. If a Member leaves within the 10-year period the balance of joining fees deferred is released and shown as entrance fee income in the year of departure.
(m) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.
(n) Critical Accounting Estimates and Judgments
The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company.
The Company assesses impairment at each reporting date by evaluating conditions specific to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are assessed using value-in-use calculations which incorporate various key assumptions.
(o) Government Grants
Government grants received from Federal government comprising remaining CAC Apprentice funding is recorded as grant income when received or receivable. Expenses related to these grants are shown in expenses by function.
(p) Financial Instruments
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument, and are initially measured at fair value adjusted by transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the financial asset expire, or when the financial asset and all subsequent risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged cancelled or expires.
Classification and measurement of financial assets
For the purposes of subsequent measurement financial assets of the Company are classified as loans and receivables. All financial assets are subject to review for impairment at least at each reporting date to determine if there is objective evidence that a financial asset is impaired. All income and expenses relating to financial assets that are recognised in profit and loss are presented within finance costs or finance income except for impairment of trade receivables which is presented within other expenses.
Loans and receivables are non-derivative financial assets with fixed or determinable payments. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect is immaterial. The Company’s trade and other receivables fall into this category of financial instruments.
Classification and measurement of financial liabilities
The Company’s financial liabilities include trade and other payables.
Financial liabilities are measured subsequently at amortised cost using the effective interest method.
All interest related charges, and if applicable, changes in an instruments fair value that are reported in profit and loss are included within finance costs or finance income.
(q) New and revised standards that are effective for these financial statements
AASB 2021-2 amends a number of accounting standards to improve accounting policy disclosures and clarify the distinction between changes in accounting policies and accounting estimates
AASB 2021-6 makes consequential amendments to a number of Australian-specific standards
AASB 2021-2 and 2021-6 requires the disclosure of material (previously titled significant) accounting policy information and clarifies how entities should distinguish changes in accounting policies from adjustments made due to changes in accounting estimates.
The application of the amendments did not have a material impact on the Company’s financial statements.
NOTE 2: REVENUE & OTHER INCOME
NOTE 3: INCLUDED IN DETERMINING SURPLUS FOR THE
NOTE 4: TRADE AND OTHER RECEIVABLES
Current trade receivables are non-interest bearing. A provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in the other expenses item. Provision for Impairment of Receivables
NOTE 5: INVENTORIES
NOTE 6: OTHER ASSETS
NOTE 7: CORE PROPERTY, PLANT & EQUIPMENT
In accordance with Section 41J of the Registered Clubs Amendment Act 2006 the Directors have determined that all freehold land and buildings held by the Club forms part of the Club’s premises and the facilities provided by the Club are for the use of its Members and is therefore core property.
The Valuer General land value at 1/7/22 was $7.25 million. There has not been an updated valuation issued as at the date of this report.
Included within the carrying amount of Plant & Equipment is $7,758 (2023: $22,300) of financed equipment and $223,080 (2023: $293,311) of capitalised operating leases. Refer to Note 17 for further details of operating leases and financed equipment.
Refer to Note 11 for details of security over property, plant and equipment.
NOTE 8: TRADE AND OTHER PAYABLES
NOTE 9: PROVISIONS
A provision has been recognised for employee benefits relating to long service leave for employees. In calculating the present value of future cash flows of long service leave, the probability of long service leave being taken is based upon historical data. The measurement and recognition criteria for employee benefits have been included in Note 1(f).
NOTE 10: DEFERRED INCOME
In the 2015 financial year the Company leased the telecommunications tower site for 25 years. Rental for the 25 years has been received up front. In determining the correct treatment for the transaction, the Company has taken a view that the monies received are in the nature of a receipt of future rental income. Consistent with the Company’s treatment of other deferred income received in advance the amount received is being released to revenue on a straight-line basis over the full term of the lease period. Deferred income received which will not be released in the next year is treated as long term deferred income. Entrance fees received are deferred and released over 10 years. In the event of a Member resigning within the 10 years the balance of a Member’s entrance fee not previously recognised is released.
NOTE 11: BORROWINGS
Facilities
In the current year the Company’s NAB borrowing facility reduced from $2.35 Million to $1.75 Million. The facility will reduce to $1.15 Million in April 2025. The facility expires in July 2025.
The Company has previously entered into four Commercial Loans for the purchase of course equipment. The term of each of these arrangements is five years and expire between November 2023 and May 2025.
The Company has operating leases for carts and office printers being recorded as lease borrowings.
During the current year the Company introduced borrowings from subordinated loan notes with Members. $490,000 was received from 2-year notes which mature in April 2026 and $1,640,000 was received from 3 year notes which mature in April 2027. Interest of 4.75% and 5.5% respectively is payable each six months in October and April.
Entrance fees received are deferred and released over 10 years. In the event of a Member resigning within the 10 years the balance of a Member’s entrance fee not previously recognised is released.
Security
The Company’s primary banker holds registered first mortgages and floating charges over the assets and uncalled capital of the Company.
The Company’s equipment financier holds a security interest over the equipment purchased for the duration of the financing agreement.
NOTE
12: OTHER LIABILITIES
3,423,770 3,171,809
NOTE 13: PENNANT HILLS GOLF CLUB FOUNDATION RESERVE
The Pennant Hills Golf Club Foundation is a fund operating under a deed of trust and administered by nominated trustees in accordance with the deed. The fund raises income by way of gift, donation, legacy, bequest or otherwise. The fund currently has three specific projects registered with the Australian Sports Foundation to receive donations for the development of promising junior Members, the build of the second entry memorial gates and the build of an indoor teaching facility. The Club has established a “Pennant Hills Golf Club Foundation Reserve” whereby the monies raised by way of donations from Members and contributions from Club activities are held specifically for the foundation. The foundation funds are solely for the benefit of the nominated projects where specifically identified for the project purpose or where not identified as general funding for purposes identified by the trustees. Unspent monies at the close of the financial year being the opening position for the year plus the contributions and less expenditure are represented in the Pennant Hills Foundation Reserve in the Members funds. The underlying cash is held in a separate bank account and recorded in Cash and cash equivalents. During the year net drawings of ($19,723) (2023: ($18,467)) together with the balance of the Memorial Gates Reserve contributions of $5,000 (2023: $4000) were transferred to/(from) the reserve.
NOTE 14: RELATED PARTIES
(a) Key Management Personnel
Key management personnel of the Company are those persons having authority and responsibility for planning, directing and controlling activities of the Club and consist of the General Manager, Course Superintendent, Director of Golf and the Finance Manager.
2023
(b) Transactions with Related Parties
The Company has incurred expenses related to future course repairs and maintenance from a firm over which one of the directors exercises significant influence. The amounts billed for this service amounted to $44,750 (2023: $NIL), based on normal market rates and was fully paid as of the reporting date. Apart from transactions related to activities as Members which include golf, golf services and food and beverage operations the company has incurred no other material transactions with related parties.
Kendal Binns
NOTE 15: NOTES TO THE STATEMENT OF CASH FLOWS
(a) Reconciliation of Cash
For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet.
(b) Reconciliation of Cash Flow from Operations with Net Surplus for the Year
Add/(Less) Items Classified as Investing/Financing Activities: – Profit on Sale of Non-Current Assets (10,909) (4,000)
Add/(Less) Non-Cash Items:
in
and Liabilities
NOTE 16: FAIR VALUE MEASUREMENT
Net Fair Values
Fair Value Estimation
The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying values as presented in the balance sheet. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.
Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgment and the assumptions have been detailed below.
The fair values disclosed in the above table have been determined based on the following methodologies:
(i) Cash and cash equivalents, trade and other receivables and trade and other payables are short-term instruments in nature whose carrying value is equivalent to fair value. Trade and other payables exclude amounts provided for relating to annual leave and deferred income which is not considered a financial instrument.
Borrowings includes nil drawn against a current $1.75 million bank facility. Interest will be reset at the time of the next drawdown for a period of between 30 and 180 days at the discretion of the Company.
Borrowings also includes commercial loan equipment finance for six items of course equipment. Equipment loan finance is taken over a period of five years. The carrying value of equipment finance does not include future financing costs and as such carrying value is equivalent to fair value.
The Company borrowings includes the principal amounts outstanding on leases of golf carts and office copier printers which were taken over a period of 4 and 5 years respectively and will expire in February 2027 and October 2023. The carrying value of the leases does not include future financing costs and as such carrying value is equivalent to fair value.
Borrowings includes subordinated loan notes with Members. $490,000 was received from 2-year notes which mature in April 2026 and $1,640,000 was received from 3 year notes which mature in April 2027. The carrying value of the notes does not include future interest costs and as such carrying value is equivalent to fair value.
NOTE 17: CAPITAL AND LEASING COMMITMENTS
Operating Lease Commitments
The Company’s future minimum operating lease payments are as follows:
The equipment lease commitments comprising golf cart and photocopier leases are non-cancellable operating leases with lease terms of four and five years respectively. Lease finance commitments are shown in Borrowings (Note 11) as current borrowings of $80,509 (2023: $72,784) and non-current borrowings of $154,581 (2022: $224,768). The present value of operating leases is booked as an asset and a corresponding liability raised for the outstanding principal. Lease payments are charged to the liability as a reduction in principal and interest is charged to interest expense. During the current year $23,650 (2023: $9,889) was charged to interest cost and $74,405 (2023: $57,838) allocated to reduce principal for operating leases.
Equipment Finance Commitments
Equipment finance commitments are shown in Borrowings (Note 11) as current borrowings of $8,672 (2023: $16,024) and non-current borrowings of $NIL (2023: $8,488).
NOTE 18: SEGMENT REPORTING
The Company operates predominantly in the hospitality, sporting and entertainment industry.
The Company’s operations and customers are located predominantly in Sydney, New South Wales. The Company provides golfing facilities, food, beverage and other entertainment facilities to Members and guests.
NOTE 19: COMPANY DETAILS
The Company is incorporated and domiciled in Australia as a company limited by guarantee. In accordance with the Constitution of the Company, every Member of the Company undertakes to contribute an amount limited to $2.00 per Member in the event of the winding up of the Company during the time that they are a Member or within one year thereafter. At 30 June 2024 there were 1,352 Members.
The registered office and principal place of the Company is:
Copeland Road, Beecroft NSW 2119
NOTE 20: CONTINGENT LIABILITIES
There are no contingent liabilities that have been incurred by the Company in relation to 2024 or 2023.
NOTE 21: COMMITMENTS
At 30 June 2024 the Company had material capital expenditure contracted for but not yet recognised as liabilities as follows:
Plant & Equipment Within 1 Year 354,107120,000 1 to 5 years 160,000120,000 514,107240,000
NOTE 22: EVENTS AFTER THE BALANCE SHEET DATE
There have been no significant events since the end of the financial year up to the date of this report.
The financial report was authorised for issue on the 29th day of August 2024 by the Board of Directors.
The Club maintains a register in accordance with the Registered Clubs Act 1976. This register is available for Members to view on appointment at the front office.
NOTE 24: MEMBER NOTES
Under the Corporations Act 2001– Sect 171 the Company is obliged to maintain a Register of Debenture holders. Under the Privacy Act any information collected from investors in the Note Issue to compile the Register may only be used for the purposes for which it was collected. The following list of members comprises all of the subscribers to the Note Issue and all who have consented to their names being disclosed in this Annual Report.
Peter Abraham
Ruth Binns
Paul Bleakley
Geoff Bourke
Joseph D'Andreti
Phil Gilbert
Ross Jackson
John Lawson
Simone Lester
Peter Macourt
Anthony & Debbra DragicevichDamian Maguire
Staffan Edstrom
Brett Elsley
Suzanne Fabian
Peter McBeath
Lyall McLachlan
Antony Moffatt
RobertPaver
Alun&LeslieRoberts
Michael Rowan
PeterSprowles
Glendon&LeanneStanford
Rob&SueStevenson
Thorn
MarkTough
SteveTownsend
Stuart Wagschall
Brett Walter
Ralph Waters
David
In the opinion of the Directors of Pennant Hills Golf Club Limited:
(a) the financial statements and notes, are in accordance with the Corporations Act 2001, and
(i) comply with Accounting Standards – Tier 2 Simplified Disclosures; and
(ii) give a true and fair view of the Company’s financial position as at 30 June 2024 and of the performance for the year ended on that date.
(b) in the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of the Directors:
Michael Rowan Director
Dated at Beecroft this 29th day of August 2024
David Blackshaw Director
Independent Audit Report
To the Members of The Pennant Hills Golf Club Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Pennant Hills Golf Club Limited (the Company), which comprises the statement of financial position as at 30 June 2024, the statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.
In our opinion, the accompanying financial report of Pennant Hills Golf Club Limited, is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the company’s financial position as at 30 June 2024 and of its financial performance for the year then ended; and (ii) complying with Australian Accounting Standards –Tier 2 Simplified Disclosures and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Pennant Hills Golf Club Limited, would be in the same terms if given to the directors as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Information Other than the Financial Report and Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 June 2024, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards –Tier 2 Simplified Disclosures and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
BDH Audit & Assurance Pty Limited
Gede Barone Director
Level 12, 111 Elizabeth Street Sydney NSW 2000
Dated at Beecroft this 29th day of August 2024
Compilation Report
The additional financial data presented on pages 57 to 59 is in accordance with the books and records of the Company which have been subjected to the auditing procedures applied in our audit of the Company for the year ended 30 June 2024. It will be appreciated that our audit did not cover all details of the attached financial data.
Accordingly, we do not express an opinion on such financial data and in particular no warranty of accuracy or reliability is given. We do not undertake responsibility in any way whatsoever to any person (other than the Company) in respect of such data, including any errors or omissions however caused.
BDH Audit & Assurance Pty Limited
Gede Barone Director
Dated at Beecroft this 29th day of August 2024
Summarised Trading Account
For the year ended 30 June 2024
(101,455) (74,481)
(73,479) (16,624)
Summarised Trading Account
For the year ended 30 June 2024
Summarised Trading Account
For the year ended 30 June 2024
(156,826) (216,486)
Directory
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.DerekDownes
Mr.GraemeMartinGAICD
Mrs.LesleyRoberts
Mr.DavidThornB.BusGAICD
GeneralManager, CompanySecretary
Mr.BarnabySumner
Auditor
BDHAuditandAssurancePtyLtd
LifeMember
Mr.TonyGresham
Mr.Darcy Cluff
Mr.SteveWalker
Mrs.LucieGabb OAM
DelegatetoGolfNSW
Mrs.SueFabian
Finance Committee
David Blackshaw (Chairperson)
Planning Committee
Mark Bradbury (Chairperson)
Course & Playing Committee
Damian Maguire (Chairperson)
Membership Committee
Sue Fabian (Chairperson)
House Committee
Lesley Roberts (Chairperson)
Reciprocal Committee
David Thorn (Chairperson)
Women’s Committee
Susie Wales (President)
Anne Eldridge (Captain)
Lilly Moore (Secretary)
Simone Lester
Lynne Bastock Marian Jones
Belinda Milroy
Glenda McKie
Pennant Hills Golf Club Foundation
Ross Jackson (Chairman)
Registered office
Pennant Hills Golf Club Copeland Road Beecroft, NSW 2119
