2014 Annual Report

2014 Annual ReportPROUD | PROGRESSIVE | CHALLENGING

GLENELG GOLF CLUB INCORPORATED | ABN 94 199 789 857

2014 Annual Report | 3

Our MissionTo provide members with a quality golf course and facilities, a friendly environment and the opportunity to enjoy their golf.

Our VisionTo be recognised by members and the golfing community as providing the best overall package of golf course, service and facilities in South Australia and ranked among the best in Australia

Our GoalsTo ensure the Club’s financial strength to meet it’s short, medium and long term goals without calls on members

To develop an environmentally sustainable golf course distinguished from other championship courses by unique characteristics and recognised as among the best in Australia

To provide outstanding value and service to members and guests

To foster a sense of belonging and pride amongst members and improve the profile and reputation of the Club

To promote the enjoyment of golf and the enhancement of skill through a competition program which meets the needs and expectations of members of all skill levels and interests

4 | 2014 Annual Report

CAPTAIN Mr Gavan Fox

VICE CAPTAIN Mr Paul Duregon

PRESIDENT Mr Geoff Gitsham

VICE PRESIDENTS Mrs Helen McMutrie

Mr John Rawson

COMMITTEE OF MANAGEMENT Mr Michael Adair

Mr Brett Jarrad

Mrs Kay Nyland

Mr John Ranaldo

Mr Bevan Roberts

Mr Greg Rundle

GENERAL MANAGER Mr David Brand

OfficeBearers


Attendance at Committee of Management meetings for the year ended 31 December 2014

Anthony J. Martin (term completed March 2014) * 3

Gavan M. Fox (Captain, elected March 2014) 11

Paul B. Duregon (Vice Captain, elected March 2014) 12

Michael S. Adair (elected March 2014) 7

Brett D. Jarrad 6

Sam Koukourou (resigned March 2014) 2

Kay Nyland 11

John Ranaldo (elected March 2014) 5

Bevan Roberts 10

Greg C. Rundle (re-elected March 2014) 8

A total of twelve (12) Committee of Management meetings were held for the year ended 31 December 2014.

* The outgoing Captain is permitted to attend Committee of Management meetings in an ex-officio capacity, for a period of 12 months.

CommitteeAttendance



Captain’s ReportIt gives my great pleasure to present the 2014 Captain’s Report to members of Glenelg Golf Club.

The year started on a positive note with Golf Australia Magazine again passing accolades about our golf course in their biennial Top 100 Australian golf courses, with Glenelg one of the only courses to rise up the rankings to 28th position. A fitting recognition of the quality of our challenging golf course, which continues to be presented in outstanding condition, day in, day out.

Accolades continued throughout 2014 with the Club named “Best Golf Club” at the Clubs SA Awards night and “Best Club Reception Venue” at the ABIA Awards night.

Financially, 2014 was a very strong year with the Club posting a net operating profit of $142,882, driven by record food and beverage sales, both through our burgeoning function business and

our increasingly popular Pinehill Bistro operations.

The Club won a third straight Women’s Grade 1 pennant and our Bonnar Cup team also tasted victory, their first since 2008.

An aggressive capital improvement program, supported by strong cash flows, saw the Club’s ageing irrigation pumps replaced, refurbishments undertaken to the kitchen, improvements made to the driving range and the construction of a new practice putting green, among many other projects.

Membership continues to be steady with new initiatives introduced during the year and revenue being maintained at sustainable levels. However, it remains the most challenging part of the Club’s operations and we are continuing to work on new strategies in this important area.

Our golf operations department continues to provide service second to none in

Australia with our highly respected team of teaching professionals always available to help improve our golf game so that we can continue to enjoy our rounds with friends and family.

I hope you enjoy reading about the activities of the Club in 2014, and I look forward to seeing many of you on our wonderful golf course in the coming year.

Gavan Fox CAPTAIN


FinanceThe Club posted a net profit of $142,882 for the year ended 31st December 2014, compared with $19,845 in 2013. Total equity increased to $4,344,714 and the Club’s cash position also increased by $76,801 with $354,041 available as at 31st December 2014.

For the second consecutive year, the Club was able to exceed its debt reduction program with a further $350,000 reduced off the Club’s loan facilities and $53,296 used to reduce operating debt associated with hire purchases and lease agreements.

The replacement of the Club’s ageing ute and the acquisition of six motorised golf carts in late December saw an additional $75,501 in leases established. When accounting for this, the Club reduced its total debt level by $327,795 to $2,103,502.

An aggressive capital expenditure program saw $519,299 spent on property, plant and equipment, compared to $245,391 in 2013. Strong cash flow supported the capital improvement program with $901,647 in cash generated from operating activities (compared with $703,332 in 2013).

A key capital expenditure project for 2014 was the replacement of the main irrigation pump set, which had been identified as a high priority item and will now put the Club in good stead for its future irrigation requirements.

Other important capital projects undertaken included the installation of a CCTV system, the installation of synthetic turf on the driving range and the refurbishment of the kitchen.

Membership revenue was positive for the second consecutive year, despite another reduction in FME numbers. Subscription revenue totalled $1,882,576, an increase of 2.7% over 2013 figures. FME numbers as at 31st December 2014 were 931.8 compared with 967.8 in 2013 - a membership retention rate of 96.3%. This FME reduction was reflected in revenue received from the Infrastructure Levy of $282,507 (down from $291,248 in 2013), all of which was allocated to the Club’s debt reduction program.

Entrance fee revenue was $224,964, which was on budget for the year, although down 7.5% on 2013 figures.

Total green fee revenue for 2014 was slightly down on 2013 figures, with general green fee income up 8.7%. However, this was offset by a 10.2% drop in corporate golf day revenue.

Bar and catering produced the best result in the Club’s history, posting a combined profit of $339,372. Catering posted the strongest improvement with a net profit of $115,648 against a 2013 profit of $39,757. Revenue increased by 16.2% to $1,369,538, whilst bar sales grew to $1,033,832 – an increase of 12.8%.

Bar reported a wage percentage of 36.3% for 2014 matching the results of 2013. COGS percentage was 36.7% which was a 0.7% improvement over 2013.

Strong function sales and increased bistro sales saw catering post a COGS percentage of 37.8% with salaries and associated costs totalling $644,579, or 47.1% of total revenue.

Overall, total net income increased by 4.5% to $3,209,259.

Total expenditure grew by only 0.5% in 2014, much of which was influenced by a 37.6% reduction (or $55,719) in finance costs as the Club continues its

2014 was a very strong year with the Club posting a net operating profit of $142,882, driven by record food and beverage sales, both through our burgeoning function business and our increasingly popular Pinehill Bistro operations.


debt reduction program. Administration expenses increased only 1.2% to $912,066, again helped by reduced finance costs.

Golf course expenses increased marginally during the year, with salaries and associated costs increasing by 2.5% and maintenance costs growing from $179,402 in 2013 to $196,527 (or 9.5%). A substantial program of course enhancement works saw costs more than double from $22,261 to $53,985 whilst depreciation costs reduced significantly as various property, plant and equipment values were written down.

No material changes were seen in House expenditure during the year with only a minor increase in costs of 0.5% reported.

Trade and other payables were unusually high for the year end with a number of signficant invoices received late in December. As a result, trade and other creditors totalled $431,200 compared with $284,705 in 2013. Changes to the reporting of current and non-current liabilities was due to the Club’s finance arrangements maturing in January 2015.

No material changes to the Club’s Premium Investment Fund (PIF) composition and carrying value were noted, however a capital return payment of $2,500 from Asset Resolution Ltd (ARL) was received during the year, thus reducing the value of the PIF from $16,500 to $14,000.


Golf CourseOur golf course continues to improve year after year with accolades flowing in regularly from members, guests and industry experts.

Throughout 2014, our focus remained on conditioning and presentation, although a number of major course enhancement projects were undertaken to ensure our Club continues to meet the expectations of an active membership base.

During winter, works commenced on a long awaited upgrade to the Club’s driving range. Limited space, increased activity and ongoing shade issues had led to reduced turf quality on the range, particularly during winter months. The upgrade included the installation of 30 metres of synthetic turf with other

associated works undertaken to improve access around the gazebo area. The synthetic turf has proven to be popular and will ensure we continue to offer a world-class facility all-year round.

Another significant project undertaken was the construction of an additional practice putting green, taking advantage of unutilised land to the south west of the practice chipping green. Some minor works were also undertaken on the chipping green surrounds and bunkering to improve the facility. The new green now allows for uninterrupted access to a practice putting area at the same time as clinics are being conducted, or when areas need to be taken out of play for maintenance or recovery. This work has

also significantly enhanced the visual appeal of this area.

Our ongoing bunker refurbishment program saw works carried out on the 8th greenside bunker complex and the fairway bunkering on the right hand side of the 15th. These works were completed in accordance with the Club’s course enhancement plan, which aims to continually review and improve our wonderful golf course while preserving its distinctive character, and improve maintenance efficiency where possible.

An area of the golf course seeing significant improvement in 2014 was the 11th tee complex. The demolition of the old brick hut, a new one-way loop path and the realignment of the tee has seen a


dramatic change to this area and, as the native plantings and pine trees establish, the transformation to this tee complex will be quite stunning.

The Club’s irrigation pump set was replaced during 2014 after more than 20 years of service. The system had been identified for replacement a few years ago following major servicing. The new system, which allows for more efficient operation, was installed at a total cost of $150k and now provides certainty and security for the golf course irrigation system, hopefully for another 20 or more years.

Ongoing legislative and environmental compliance issues relating to the Club’s ageing maintenance facility saw further works undertaken to ensure the Club met its legal obligations in this area. A working group was established early in

the year to investigate site options for a new, or upgraded, maintenance facility - a necessity for the Club in future years. A number of sites were investigated by the group, considering issues relating to space, visual impact on the golf course, access, impact on adjacent residential properties and costs. A decision is yet to be made and the working group continues to review options available.

Increasing traffic on our golf course, and the associated growth in motorised cart traffic by an active, but ageing membership base, saw a blue line rule introduced to assist in the management of traffic and wear and tear on and around greens. The introduction of this rule followed feedback from members during a series of workshops for cart users and has proved to be extremely effective. Further strategies will be introduced in 2015 in an

effort to improve access for golf carts and to minimise the damaging effect of this traffic on the golf course.

There is no doubt our golf course remains the best presented and maintained in South Australia. This continual improvement is a credit to the strong planning and management processes of our course maintenance team, led by Course Superintendent, Daryl Sellar, and the strong desire of the Committee of Management to ensure that our most important asset continues to be presented in the best possible condition all year round.


Membership & MarketingStrong membership was a key focus for the Committee of Management in 2014 with new policies and procedures introduced to offer more flexibility for existing members and to ensure we continue to attract new members to our Club.

Whilst numbers continue to reduce, membership revenue increased for the second consecutive year and we saw a steady stream of new members join the Club across a range of membership categories.

Membership categories were restructured late in the year to meet the changing trends of existing and prospective members, whilst still maintaining the traditions of the game and protecting the integrity of the Glenelg Golf Club brand. New categories included Pinehill, Twilight and Introductory memberships, catering for a variety of different lifestyles and offering affordable alternatives for people wanting to join a golf club. We have seen early success in attracting new members

and we look forward to welcoming even more new members to the Club throughout 2015.

Corporate membership was also a key focus in 2014. Almost $70k in new revenue was generated through various corporate memberships and partnerships with local businesses, with this figure expected to climb to over $100k in 2015. Some key corporate memberships established included Schweppes, Adelaide Casino, Mitsubishi Electric, John Lewis Foodservice, Metcash, Bridgestone, Adelaide Central Electric, Lion Co, Starr Rubber & Plastics, OzRoll, CMI Toyota, Securatrak and LAI Industries.

Our pennant sponsors, Anvers Wines, McGrath Real Estate, SA Safe Supplies and the Watermark Hotel continued their support during the year and our partnership with the Adelaide Football Club continues to grow stronger every year.

On the administrative side, an online payment facility was introduced early in the year along with a minor upgrade to the Club’s website. Subscription renewal notices were sent electronically for the first time along with the distribution of other communications such as the Annual Report and Members Handbook. Cost savings through email distribution allowed our financial resources to be redirected to important marketing collateral used to promote our growing food and beverage operations.

Our “50-Year Club” saw new inductees Cathy Symons, Brenton Green, Geoffrey Cock and Richard Bowering, taking total current membership in this exclusive group to 62.

At the Annual General Meeting in March, SA Golf Industry Hall of Fame inductee, Bob Tuohy, was honoured with Life membership of the Club. Bob had an outstanding playing record in his formative years at Glenelg and has contributed greatly over many years with

Whilst membership numbers continue to reduce, revenue increased for the second

consecutive year and we saw a steady stream of new members join the Club

across a range of membership categories.


his considered advice and proven valuable initiatives. The honour was unanimously supported by the members.

The Club continues to see its brand awareness and reputation grow within the golf industry. The Four Reds concept, bringing Adelaide’s four major clubs together to attract interstate and overseas visitors, grew considerably during 2014 and is now delivering a steady stream of revenue for the Club. Promotions through Foxtel’s The Golf Show, Golf Australia Magazine and Australian Golf Digest saw Glenelg feature prominently and, according to a number of reports, the best golf course offering amongst the four main clubs.

Our growing reputation and the great work being undertaken by the Committee of Management and staff was highlighted late in 2014 with two key awards presented to the Club - the Clubs SA “Golf Club of the Year” and the South Australian Bridal Industry’s “Best Club Reception Venue”.


Function numbers in 2014

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTAL 2013

Weddings 3 2 4 4 1 1 0 3 0 5 5 2 30 18

Functions 5 7 8 8 7 8 8 17 16 8 11 14 117 102

Conferences 12 9 21 14 35 19 21 15 13 13 8 6 186 187

Golf Days 0 2 8 5 5 5 1 0 1 3 5 3 38 39


Clubhouse OperationsOur food and beverage operation forms an important part of the Club’s financial performance, and this was no more obvious than in 2014 with the department posting a combined profit of $339,372. This result was the best ever posted by the Club and shows the continued strength and growing popularity of both the function and bistro businesses.

The Club continued to grow its function business in 2014 with 30 wedding receptions held during the year, compared with 18 in 2013. A growing trend during the year was the hosting of wedding ceremonies in addition to receptions, generating further revenue for the Club. In total, the Club hosted 371 external functions, up on our 2013 figure of 346. Conference numbers were on par with the previous year at 186, including many repeat customers who continue to return to the Club year in, year out. The installation of an AV system in the boardroom saw an increase in smaller conferences and business meetings hosted by the Club – a niche market we are hoping to develop more in future years. Another 117 functions were also held throughout 2014, up on 2013 bookings.

Our Pinehill Bistro remains a popular choice for members and local residents with Thursday and Friday evening dinners proving to be a highlight. Numbers averaged well over 50 people week in, week out, and with the introduction of

happy hours on Friday evenings and our resident pianist, Jack Stremple, creating a unique and relaxing atmosphere, we are seeing our numbers continue to grow.

Breakfast continues to attract regular patrons, particularly during the warmer months. Whilst Sunday mornings see the most traffic, Saturdays are also proving to be a popular alternative. Where else would you want to enjoy a weekend breakfast with family and friends than on the balcony overlooking our stunning golf course?

Our Head Chef, Matt Chapman, and his expert culinary team have maintained outstanding quality and consistency in menu offerings across a wide range of dining styles throughout the year and there is no doubt this has contributed to the strong growth seen in 2014.

To support the burgeoning Pinehill Bistro business, our main kitchen received a timely refurbishment in June which saw the addition of a pizza oven and other infrastructure. Pizzas were added to the menu in July, closely followed in August by the introduction of Friday Pizza Nights, replacing the popular Fish ’n’ Chip Night. Pizzas have since become a popular choice for golfers and diners alike and we look forward to further expanding the pizza menu in 2015.

Member functions were well attended during the year with more than 160 people attending our Captain’s Lunches

held in July and November. Guest speaker for the July lunch was Raymond Spencer, chair of the State’s Economic Development Board, whilst Adelaide Football Club chairman, Rob Chapman and new Chief Executive Officer, Andrew Fagan, were special guests in November. Mother’s Day saw over 90 members and guests enjoy breakfast, with an additional 150 people attending a special three-course luncheon at the Club. A new event, the Food, Wine & Jazz Night, was held in July to rave reviews from more than 120 members who enjoyed a variety of wine tastings complemented by quality food and jazz music provided by members of the Westminster College jazz band. Our annual Winery Challenge was another huge success for the Club, raising over $7,000 for Kidney Kids SA, whilst the Let it Be Beatles concert in November attracted a small crowd of 70 members and guests.

Our hospitality team, led by Clubhouse Operations Manager, Martin Ardill, has worked tirelessly throughout 2014 to deliver on our promise to members of providing the best clubhouse facility in South Australia. The record financial result seen, and the ongoing growth of our food and beverage operations, indicates that the Club is delivering on this promise and we look forward to further improving this service for members and guests in 2015 and beyond.

Function numbers in 2014

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTAL 2013

Weddings 3 2 4 4 1 1 0 3 0 5 5 2 30 18

Functions 5 7 8 8 7 8 8 17 16 8 11 14 117 102

Conferences 12 9 21 14 35 19 21 15 13 13 8 6 186 187

Golf Days 0 2 8 5 5 5 1 0 1 3 5 3 38 39

2014 saw the the best ever food and beverage result for the Club, posting a combined profit of $339,732. The

result shows the continued strength and growing popularity of both our

function and bistro businesses.


Golf OperationsDuring 2014, the Club’s match program underwent a number of changes designed to accommodate an increasingly active membership base. Competition numbers grew significantly on popular days such as Wednesdays and Saturdays, placing increased pressure on tee time availability.

Online booking sheets remained a hot topic for discussion in 2014. Increasing playing numbers and round times, and subsequent feedback from members, resulted in booking sheets being trialled on Wednesdays during the winter months and on Tuesday mornings during the summer holiday period. The success of these trials, and the acceptance by a majority of members, led the Committee of Management to make a strategic decision in early 2015 to introduce online booking sheets on a permanent basis.

In January, a new handicapping system was introduced by Golf Australia which saw the daily handicap of players change

depending on the slope rating of the golf course they played each day. It also allowed for players to hit off from different tees in the same competition, adding further variety to the daily competition.

Our women’s try golf programs continue to introduce new female golfers to the game. A number of clinics were held throughout 2014 including shorter, rolling style clinics designed for smaller participant groups. These clinics proved successful for the Club with a number of participants joining the Club following the conclusion of each program.

The Club had a very successful Golf SA Pennant season in 2014, taking out the women’s Grade 1 title for the third consecutive year and the men’s Bonnar Cup for the first time since 2008. Our Simpson Cup, Women’s Grade 2, Junior and Cleek Stick sides failed to make the finals, but performed admirably during

the season. Solid individual performances saw Leigh Attenborough take out the men’s Pennant Player of the Year award, Elysia Yap claim the women’s trophy and youngster, Jackson Kalz, collect the inaugural Bob McLuckie Trophy as junior pennant player of the year. The Club entered a team into the Golf SA Senior Pennant competition for the first time with the side reaching the semi-finals.

Club events were once again well supported with record entries received for most championship events during the year. Campbell Rawson defended his men’s Club Championship title whilst Jenny Lee took out the women’s Club Championship. At the age of 13, Liam Kennewell became one of our youngest Boys’ Junior Champions and Matilda Wheare had a successful 2014 claiming both the Girls’ Junior Championship and Women’s Open Championship, whilst also being a member of Glenelg’s winning


Rhonda Watson Brooch and Women’s Grade 1 teams. Title defences were the name of the game in 2014, with Geoff and Leigh Attenborough successfully defending their Tuohy Trophy title in August and Campbell Rawson and Elysia Yap claiming their second consecutive Mixed Foursomes trophy together.

Annual events such as the Christmas Ambrose and US Open Ambrose were again well supported and popular amongst players along with other novelty events such as Night Golf. A new Pairs & Partners Event, the Burgandy Trophy, was played on the October long weekend, in line with the Club’s objective to provide variety and fun in the social and golfing calendar. Played as a two-ball aggregate event, players were entitled to use a “Burgandy” (or mulligan) on their tee shot. The event was generously supported by 1927 Founder’s Society member, Owen Burgan, who kindly provided drinks and nibbles for players during the prize presentations.

Our commitment to supporting our State and National golfing bodies continued in 2014 with the Club hosting the Golf SA Classic for the fifth year in succession. The event was played in April and received rave reviews from players, officials and visitors alike with the golf course once again presented in immaculate condition. Glenelg’s support of this event over the last five years has seen it grow in reputation to become one of the most popular amateur events on the national tour. Our hosting commitment concluded in 2014 with the event moving to Royal Adelaide Golf Club in 2015.


Junior GolfJunior golf remained an important strategy for the Club in 2014 and our highly regarded junior development program, managed by our golf operations team, continues to provide the necessary framework for training and skills development.

Junior membership numbers remain low, however we are starting to see our juniors develop into quality young golfers under the guidance of our world-class team of teaching professionals, including national and state coach, Gareth Jones, and Adrian Wickstein, who himself has come through Glenelg’s junior program.

Interest in our Junior Tigers Golf Program grew significantly in 2014 with most

clinics fully subscribed, some with more than 30 juniors attending the regular Sunday and Wednesday clinics. Many of the participants are still under the age of 10, so we look forward to them joining the Club in the next few years as they further develop their skills.

A key initiative introduced by the golf operations team during 2014 was the three-tiered junior high performance program. Designed to offer specific levels of training depending on skills and experience, the program has proved to be extremely beneficial and popular with players.

As a result, we saw a number of our juniors selected in either State or

development squads during 2014 including Matilda Wheare, Lachlan Barker, Will Starkey, Ben Layton, Jackson Kalz, Liam Kennewell, and brothers, Aaron and Jack Buchanan.

Our tier 1 and 2 juniors had the experience of a lifetime in November visiting Melbourne for the Australian Masters at Metropolitan Golf Club. The four day trip saw golf played at The Dunes Golf Links, Kingswood and Huntingdale golf clubs, as well as two days at the Masters event where they had a once in a lifetime opportunity to meet with the 2013 US Masters champion, Adam Scott.

Our junior golfers and elite players remain under the expert tutelage of a very


capable golf operations team, lead by our head professional, Shane Robinson.

Shane’s experience and knowledge, coupled with the technical skills of our highly qualified teaching professionals, have formed a formidable team of coaches and mentors for our players.

This is further enhanced by the Club’s commitment to both the Junior Golf & Elite Player Development program, and the newly established Ambassador High Performance Program to be rolled out in 2015.


Foundation & Heritage Fund

The Glenelg Golf Club Foundation is pivotal in the growth of our juniors and elite golfers through our Junior Golf & Elite Player Development Fund. Funding for the program comes exclusively from donations, fundraising activities and events associated with the Foundation.

In 2014, $28,659.08 was spent on activities associated with these programs. This was a significant increase from previous years, but directly relative to the increase in activity as our junior members continue to develop into quality young players as a direct result of the program.

Our major fundraising activity, the Glenelg Golf Club Foundation Golf Day, was held in August raising just over $26,000. Glenelg football legend, Graham Cornes, was guest speaker at the Foundation Dinner attended by over 170 members and guests. This day would not be a success without the support of our sponsors and, whilst the list is too long to cover here, we would like to thank all of them for their generous support of the event.

Strong support from the newly established “Bay Coterie Group” saw $7,000 in donations for the Foundation’s Infrastructure Development Fund, whilst no new activity was seen in the Club’s Heritage Fund during 2014.

Summary of Foundation activities for 2014

Junior Golf & Elite Player Development Fund

INCOME

Member donations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$350.00

Foundation golf day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $26,270.92

Quiz night . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,363.14

Captain’s Lunch raffles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,035.27

Burgandy Trophy donations . . . . . . . . . . . . . . . . . . . . . . . . . . . . $277.27

Miscellaneous income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $72.73

TOTAL INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . $32,369.33

EXPENSES

Junior lessons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,799.11

Tournament entry fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,978.22

Travel expenses for tournaments . . . . . . . . . . . . . . . . . . . . . $4,315.31

Junior Tigers & High Performance clinics . . . . . . . . . . . . . . $6,272.73

Junior High Performance squad trip . . . . . . . . . . . . . . . . . . $8,293.71

TOTAL EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . $28,659.08

Current Balance - $38,480.63 (Junior Golf & Elite Player Development Fund)

Infrastructure Development Fund

INCOME

Member Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $64.85

The Bay Coterie Group Donations . . . . . . . . . . . . . . . . . . . . . $7,000.00

Current Balance - $8,474.75 (Infrastructure Development Fund)


Opening balance:.................................................................................................... $22,084.00

Interest earned: .............................................................................................................$515.00

HERITAGE FUND BALANCE: ......................................... $22,599.00 as at 31st December 2014

Heritage Fund Members Securing the Club for Members both now and in the future.

Summary of Heritage Fund activities for 2014

1927 Founders’ Society Sapphire MemberOWEN BURGAN (2012)

Heritage Society MembersNOEL TAPLIN (2012)

JOHN MADDERN AM (2013)

GEOFF GITSHAM (2013)

GLENELG GOLF LINKS SHAREHOLDERS (2013)


Committee, Staff & SupportersYour Committee of Management continues to work diligently and professionally to balance the needs of a wide ranging membership base. Considerable hours are put in by your representatives to ensure the Club maintains a strong financial position and preserves its position as one of the premium private golf clubs in South Australia.

At the Annual General Meeting in March, our outgoing Captain, Tony Martin, concluded his eight year commitment to the Club, leaving it in a very strong financial position. Tony’s contributions during his tenure saw significant changes across many areas and we thank him for his time and the energy devoted to improving our great Club.

Sam Koukourou resigned from the Committee of Management in March,

also following eight years of dedicated service. His contribution was invaluable, particularly on major projects including the clubhouse redevelopment and ASR wetland construction.

Michael Adair and John Ranaldo joined the Committee of Management in 2014, bringing significant experience in finance, marketing and business acumen. Greg Rundle was re-elected following a one year appointment in 2013, also bringing valuable financial experience to the group. All three have proved very capable representatives and will continue to add value to the Club’s performance in coming years, along with the incumbents, Kay Nyland, Brett Jarrad, Bevan Roberts, and Vice Captain, Paul Duregon.

Our women’s sub-committee again managed a busy match program for our female members under the guidance of

Captain, Heather Waddy, whose two-year term concluded in October. Cathy Johnson took over the reins at their General Meeting, and I am sure will continue the great work seen over the last few years.

Once again, without the support and assistance received from a very long list of members, volunteers and sponsors, it would not be possible for the Club to operate effectively. It is impossible to individually thank everyone for their support, so I thank all who have, in some way, contributed their time, resources or services to the Club during 2014. You are all too valuable to ignore, but certainly worth your weight in gold.

Our hospitality team delivered an outstanding level of service to members and guests, returning record profits for the Club through a strong function and


bistro business. Martin Ardill continues to grow in his role as Clubhouse Operations Manager, with Events Manager, Lynn Kschammer, and Bar Manager, Phil Day, providing valuable support. As mentioned earlier, our Head Chef, Matt Chapman, and his expert culinary team have also contributed greatly to the growing reputation of our food and beverage operations.

The Club lost a valuable asset in December when our Membership & Marketing Manager, Anthony Olsen, resigned to take up a new role. Anthony was with the Club for just over three years and played an active role in developing a number of alternative revenue streams for the Club through corporate and networking opportunities. We wish Anthony the best of luck in his new role and thank him for his contributions. As always, Carly Clough continues to provide timely and accurate financial reporting for the Club, and she is ably supported by the Administration team of Cathy Symons and Kerry Crossman.

Our course maintenance team worked diligently throughout 2014 to keep our golf course presented in immaculate condition all year round. Course Superintendent, Daryl Sellar, and his highly skilled team have again done a superb job to present a course of which we can all be proud. Our reputation and ranking grows every year, and this is a credit to our team and their dedication to their jobs.

Our golf operations team, led by Head Professional and Director of Golf Operations, Shane Robinson, has worked tirelessly to provide members with a seamless front-of-house service. Shane’s team, including wife Sue, Matt Hickman, Gareth Jones, Adrian Wickstein and Sarah King continue to provide members and guests with friendly and expert advice, and are capably assisted by casuals including Club members, Elysia Yap and Braeden Kelly.

As our Club grows busier, our team of employees continues to perform beyond expectations. We have a dynamic team of highly skilled and experienced workers being capably led under the stewardship of General Manager, David Brand, and the results are clearly showing.

I thank everybody for their contributions, commitment and dedication to our great Club and I look forward to sharing more time with members on our wonderful golf course in the future.


Category Male Female 2014 2013 2012 2011 2010 2009

Life 2 3 5 5 5 5 5 3

Full 488 58 546 574 609 639 725 713

Full Paid 29 0 29 29 34 34 35 35

Company 49 6 55 54 53 52 53 53

Provisional 111 40 151 167 177 208 201 272

Intermediate 37 4 41 44 45 50 53 41

Six Day 60 37 97 91 73 54 0 0

Weekday 115 60 175 170 163 158 156 140

Veteran 4 1 5 9 10 8 4 4

Junior 18 4 22 22 26 46 63 44

Junior Country 0 0 0 0 1 1 2 0

Country 70 6 76 89 99 93 96 88

Corporate 18 0 18 13 12 2 1 3

Temporary 12 3 15 16 17 34 9 9

Casual 17 3 20 25 31 22 19 7

Introductory 6 0 6 0 0 0 0 0

Try Golf 0 20 20 15 26 26 26 16

Twilight 1 0 1 0 0 0 0 0

Social 47 2 49 55 62 60 79 67

Non-Playing/Pinehill 18 10 28 21 21 26 28 29

PGA Member 2 2 4 4 4 4 3 3

Honorary 16 0 16 15 16 17 16 16

Honorary Social 1 0 1 1 2 3 3 3

TOTAL 1,121 259 1,380 1,419 1,489 1,542 1,577 1,546

=

Membership StatusMembership numbers as at 31st December 2014


Category Male Female 2014 2013 2012 2011 2010 2009

Life 2 3 5 5 5 5 5 3

Full 488 58 546 574 609 639 725 713

Full Paid 29 0 29 29 34 34 35 35

Company 49 6 55 54 53 52 53 53

Provisional 111 40 151 167 177 208 201 272

Intermediate 37 4 41 44 45 50 53 41

Six Day 60 37 97 91 73 54 0 0

Weekday 115 60 175 170 163 158 156 140

Veteran 4 1 5 9 10 8 4 4

Junior 18 4 22 22 26 46 63 44

Junior Country 0 0 0 0 1 1 2 0

Country 70 6 76 89 99 93 96 88

Corporate 18 0 18 13 12 2 1 3

Temporary 12 3 15 16 17 34 9 9

Casual 17 3 20 25 31 22 19 7

Introductory 6 0 6 0 0 0 0 0

Try Golf 0 20 20 15 26 26 26 16

Twilight 1 0 1 0 0 0 0 0

Social 47 2 49 55 62 60 79 67

Non-Playing/Pinehill 18 10 28 21 21 26 28 29

PGA Member 2 2 4 4 4 4 3 3

Honorary 16 0 16 15 16 17 16 16

Honorary Social 1 0 1 1 2 3 3 3

TOTAL 1,121 259 1,380 1,419 1,489 1,542 1,577 1,546

=

50 Year ClubGlenelg Golf Club has a rich tradition and history, much of which derives from the support and loyalty of our members. We believe it is important to recognise our long-standing members who have given so much to our Club over the many years of their membership.

Below is a list of current members who have been with Glenelg Golf Club for over 50 years. We thank them for their ongoing loyalty and support and welcome them into the “50 Year Club”.

70+ Maddern AM, John

60+ Cant, DonaldDiercks, LesFaehse, BrianOmond OAM, DougShea, ElliottSteadman, PeterTaplin, Noel

Godwin, HelenLynas, MaxinePitcher, ElizabethSanderson, PaulineWatson OAM, Rhonda

50+ Barton, BillBowering, RichardBrown, ModgeChapple, GeoffCook, JonathanCock, GeoffDewar, ColinDibben, JohnDobson, MichaelDrew, PeterEllis, ChrisFollett, RodGitsham, GeoffGreen, BrentonHallion, GeoffHandford, JohnHarris, CharlesJenkins, MalcolmJervis, DavidJolley, RobertJordan, AlecLahiff, DavidLindsay, DavidManser, BernieMcDonald, PeterMcEntee, JohnMcInerney, PatMcKee, StephenMcMutrie, RodMestrov, TomNicholls, RobertNunn, DennisStanbury, DennisTamblyn, DavidThompson, GaryTully, JohnWatt, ColinWheatley, PeterWhitford, ChrisWhitford, Tony

McCann, MargaretMoore, AvisNelson, JaneOldfield, MarciaSymons, CathyWaddy, BettyWheatley, Janice

ObituaryIt is with sadness that we acknowledge the following members who passed away during 2014:

• Bruce Tidswell

• John Lamprill

• Max Phillips

• John Brus

• Maggie Stewart

• Graham Johns

• Terry Slattery

• David Marlin

May they rest in peace.

We extend our deepest sympathy to relatives and friends.

50 YEAR CLUB


Year President Captain Vice-Captain Year President Captain Vice-Captain

1927 A.J. Roberts S. Jackman F.G. Hicks 1971 N.E. Bagshaw J.R. Alderman J.D. Omond

1928 A.J. Roberts S. Jackman F.G. Hicks 1972 N.E. Bagshaw J.D. Omond M.C.E. Summers

1929 A.J. Roberts S. Jackman F.G. Hicks 1973 N.E. Bagshaw J.D. Omond M.C.E. Summers

1930 A.J. Roberts S. Jackman F.G. Hicks 1974 N.E. Bagshaw M.C.E. Summers R.B. Bennett

1931 A.J. Roberts F.G. Hicks John Hill 1975 N.E. Bagshaw M.C.E. Summers R.B. Bennett

1932 Not Appointed F.G. Hicks John Hill 1976 F.G. Collins R.B. Bennett G.A. Hodgson

1933 W. Fisk John Hill G. McLeay 1977 F.G. Collins R.B. Bennett G.A. Hodgson

1934 W. Fisk John Hill G. McLeay 1978 F.G. Collins G.A. Hodgson H.T. Slade

1935 W. Fisk J.E. Ashton G. McLeay 1979 F.G. Collins G.A. Hodgson H.T. Slade

1936 W. Fisk J.E. Ashton G. McLeay 1980 F.G. Collins H.T. Slade B.J. Manser

1937 W. Fisk K.C. Crookall Dr. A.H. Guymer 1981 F.G. Collins H.T. Slade B.J. Manser

1938 W. Fisk Dr. A.H. Guymer Dr. C.B. Maddern 1982 F.G. Collins B.J. Manser J.E.O. Handford

1939 Frank Smith Dr. A.H. Guymer J.E. McKee 1983 F.G. Collins B.J. Manser J.E.O. Handford

1940 Frank Smith J.E. McKee V.M. Thomas 1984 R.B. Bennett J.E.O. Handford G.D. Gitsham

1941 Frank Smith V.M. Thomas W.B. Holt 1985 R.B. Bennett J.E.O. Handford G.D. Gitsham

1942 Frank Smith V.M. Thomas W.B. Holt 1986 R.B. Bennett G.D. Gitsham A.K. Whitford

1943 Frank Smith V.M. Thomas W.B. Holt 1987 R.B. Bennett G.D. Gitsham A.K. Whitford

1944 Baden Pattinson V.M. Thomas W.B. Holt 1988 R.B. Bennett A.K. Whitford D.N. Barton

1945 Baden Pattinson W.B. Holt A.C. Brooke 1989 R.B. Bennett A.K. Whitford D.N. Barton

1946 Baden Pattinson W.B. Holt A.C. Brooke 1990 R.B. Bennett D.N. Barton J.L. Waddy

1947 W. Allen E.Caradoc Ashton S.N. McKee 1991 R.B. Bennett D.N. Barton J.L. Waddy

1948 H.H. Handby E.Caradoc Ashton S.N. McKee 1992 R.B. Bennett J.L. Waddy J.R. Giles

1949 H.H. Handby E.Caradoc Ashton S.N. McKee 1993 R.B. Bennett J.L. Waddy J.R. Giles

1950 C.H. Fidock S.N. McKee F.G. Collins 1994 D.N. Barton J.R. Giles J.A. Rawson

1951 C.H. Fidock S.N. McKee F.G. Collins 1995 D.N. Barton J.R. Giles J.A. Rawson

1952 C.H. Fidock F.G. Collins S.D. Harris 1996 D.N. Barton J.A. Rawson I.P. Symons

1953 C.W. Anderson F.G. Collins S.D. Harris 1997 D.N. Barton J.A. Rawson I.P. Symons

1954 C.W. Anderson S.D. Harris D.M. Watson 1998 D.N. Barton I.P. Symons D.M. Lindsay

1955 C.W. Anderson S.D. Harris D.M. Watson 1999 J.L. Waddy I.P. Symons D.M. Lindsay

1956 C.W. Anderson S.D. Harris D.M. Watson 2000 J.L. Waddy D.M. Lindsay C.R. Whitford

1957 C.W. Anderson D.M. Watson C.M. Wood 2001 J.L. Waddy D.M. Lindsay C.R. Whitford

1958 C.W. Anderson D.M. Watson C.M. Wood 2002 J.L. Waddy C.R. Whitford P.J. Norman

1959 C.W. Anderson D.M. Watson C.M. Wood 2003 J.L. Waddy C.R. Whitford P.J. Norman

1960 W.J. Parkinson C.M. Wood N.E. Bagshaw 2004 B.J. Manser P.J. Norman I.R. Brooks

1961 W.J. Parkinson C.M. Wood N.E. Bagshaw 2005 B.J. Manser P.J. Norman I.R. Brooks

1962 W.J. Parkinson N.E. Bagshaw P.T. Morton 2006 B.J. Manser I.R. Brooks P.R. McGrath

1963 W.J. Parkinson N.E. Bagshaw P.T. Morton 2007 B.J. Manser I.R. Brooks P.R. McGrath

1964 N.E. Bagshaw N.E. Bagshaw P.T. Morton 2008 B.J. Manser P.R. McGrath N.J. Johnson

1965 N.E. Bagshaw P.T. Morton J.A. Butler 2009 G.D. Gitsham P.R. McGrath N.J. Johnson

1966 N.E. Bagshaw P.T. Morton J.A. Butler 2010 G.D. Gitsham N.J. Johnson A.J. Martin

1967 N.E. Bagshaw J.A. Butler J.A. Manning 2011 G.D. Gitsham N.J. Johnson A.J. Martin

1968 N.E. Bagshaw J.A. Butler J.A. Manning 2012 G.D. Gitsham A.J. Martin G.M. Fox

1969 N.E. Bagshaw J.A. Manning J.R. Alderman 2013 G.D. Gitsham A.J. Martin G.M. Fox

1970 N.E. Bagshaw J.R. Alderman J.D. Omond 2014 G.D. Gitsham G.M. Fox P.B. Duregon

Office Bearers 1927-2014


Name Years Name Years Name Years Name Years

Adair, M.S. 1 Hartford, B.B. 1 Merrett, A.F. 6 Whitford, A.K. 12

Alderman, J.R. 24 Hendry, J.M. 2 Morton, P.T. 23 Whitford, C.R. 10

Allen, W.S. 16 Hewett, L.P. 2 Nelson, R.A. 2 Wood, C.M. 11

Ashton, E.C. 11 Hicks, F.G. 5 Newton, R. 4 Wood, L.M. 4

Ashton, J.E. 16 Hill, J. 5 Norman, P.J. 9 Wood, W.C. 2

Bagshaw, N.E. 11 Hodgson, G.A. 13 Nyland, K. 6 Woolcott, E.S. 3

Barton, D.N. 13 Hodgson, J.W. 1 O’Brien, G.P. 6 Wright, H.F. 6

Bennett, R.B. 9 Holt, W.B. 9 Omond, J.D. 21 Young, W.D. 2

Bishop, W.P. 6 Hull, S.C. 2 Palmer, J.S. 4

Briscoe, P.C.A. 11 Humphries, W.G. 5 Percival, S.T.P. 1

Brooke, A.C. 6 Jackman, A.J. 2 Phillips, D.W. 2

Brooks, I.R. 10 Jackman, J.W. 1 Phillips, M.B. 14

Brooks, L.A. 1 Jackman, S. 4 Price, W.D. 1

Burgen, O.T. 3 Jarrad, B. 5 Pritchard, W.A. 2

Butler, J.A. 11 Johnson, A.C.M. 7 Ranaldo, J 1

Campbell, K.S. 3 Johnson, N.J. 6 Rawson, J.A. 11

Chamberlain, R.R. 1 Johnson, W.G. 2 Rawson, K.A. 16

Chapple, G.B. 3 Kenny, J.P. 1 Reade, T.C. 6

Collins, F.G. 21 Kimber, A.W. 4 Roberts, B.M. 2

Connelly, P.F. 3 Koukourou, S. 8 Rundle, G.C. 2

Crookall, K.C. 2 Lacey, E.H. 2 Sando, H.H. 3

Cudmore, D.C. 2 Lewis, F.A. 24 Sands, R.G. 3

Dale, M.E. 9 Lindsay, D.M. 8 Sauerbier, L.C. 3

Darling, A.E. 12 Maddern, Dr. C.B. 1 Skinner, L.P. 5

Dignan, J.A. 1 Maddern, J.P. 5 Slade, H.T. 11

Duregon, P.B. 4 Mahoney, W.J. 5 Stanhope, B.H. 1

Ellers, L.G. 3 Mallen, L. 3 Stevens, G.B. 5

English, R.J. 10 Manning, J.A. 7 Stevens, R.F. 8

Ferris, B.T. 4 Manser, B.J. 12 Still, J.A. 4

Flehr, B.E. 4 Marshall, A.K. 1 Stone, J.C.F. 3

Follett, R.M. 7 Martin, A.J. 8 Summers, M.C.E. 20

Foster, G.C. 1 Martin, S.G. 2 Symons, I.P. 10

Fox, G.M. 8 Mausolf, N. 6 Thomas, V.M. 6

Frances, I.K. 2 McCarter, L. 5 Thompson, G.R. 4

Freeman, R.E.N. 3 McCarthy, K.J. 6 Trabilsie, F.J. 7

Giles, J.R. 10 McFarlane, A. 3 Truscott, R.W. 1

Gillespie, D.P. 3 McFarlane, K.B. 3 Vivian, A.B. 5

Gillman, J.F. 1 McGlasson, A. 6 Waddy, J.L. 6

Gitsham, G.D. 6 McGrath, P.R. 8 Walsh, T.I. 6

Goldsworthy, J.S. 2 McKee, J.E. 5 Warburton, C. 9

Guy, G.R. 3 McKee, S.N. 12 Watson, D.M. 21

Guymer, Dr. A.H. 3 McLeay, G. 2 Watson, E.J. 1

Handford, J.E.O. 10 McLuckie, R. 3 Weston, G.W. 3

Harris, S.D. 12 McMutrie, H. 6 Wheatley, J.A. 9

Committee Members 1927-2014


Performances of Note in 2014

State Team SelectionsAustralian Team (World Junior Girls Championship) - Jenny LeeWomen’s State Team - Jenny Lee, Elysia YapGirls’ State Team - Matilda WheareBoys’ State Team - Lachlan BarkerGolf SA High Performance Program (Tier 1) - Lachlan Barker, Josh Hayes, Matilda WheareGolf SA High Performance Program (Tier 2) - Aaron Buchanan, Jack Buchanan, Jackson Kalz, Liam Kennewell, Ben Layton, Will StarkeyMen’s & Junior Boys’ Interstate Series Coach - Gareth JonesSA Primary Schools Team - Jack Buchanan

Amateur EventsSA Women’s Country Champion - Deb ChristieSA Women’s Strokeplay Champion - Jenny LeeThe Vines Women’s Vardon - Elysia YapFleurieu Women’s Vardon - Elysia YapFlagstaff Hill Women’s Vardon - Elysia YapFlagstaff Hill Junior Vardon - Lachlan BarkerBlackwood Women’s Vardon - Jenny LeeGlenelg Women’s Vardon - Jenny LeeKooyonga Women’s Vardon - Jenny LeeRoyal Adelaide Women’s Vardon - Jenny LeeLake Macquarie Amateur Champion - Jenny LeeGolf SA Foursomes Champions - Jenny Lee & Kristalle BlumThe Grange Women’s Vardon - Jenny LeeVictorian Amateur Quarter-Finalists - Josh Hayes & Jenny LeeSA Secondary Schools State Champion - Liam KennewellSA Secondary Schools Metro Champion - Jackson KalzSA Primary Schools Champion - Jack Buchanan

Jenny Lee (left) had an amazing 2014, representing Australia in the World Junior Girls Championship, among other winning performances.

Lachlan Barker (below) was selected in the SA Junior Boy’s State team and won the Flagstaff Hill Junior Vardon.


Women’s Grade 1 Pennant WinnersHeather Waddy (Team Manager), Jess Burns, Sarah Griffiths, Jill Hodge, Jenny Lee, Matilda Wheare & Elysia Yap

Men’s Bonnar Cup WinnersWayne Humphries (Team Manager), Martin Ardill, James Bridgen, James Brown, Braeden Kelly, Ben Magi, James McDonald, Mat Mudford, John Noble, Sam Raschella & Will Starkey

James Brown (January) ....................................................................... 16th HolePeter Hooper (January) ........................................................................11th HoleBill Ferguson (February) .........................................................................3rd HoleSid Kookana (February) ........................................................................11th HoleGerry Ramsay (February) ....................................................................11th HoleSam Raschella (March) ...........................................................................3rd HoleSteven Wild (March) ..............................................................................11th HoleBrenton Watson (May) .........................................................................11th Hole

Trevor King (May) .................................................................................. 16th HoleChristine Sullivan (May) ...................................................................... 16th HoleSteve Wray (June) .................................................................................. 16th HoleAnnette Rieniets (July) ........................................................................ 16th HoleBrenton MacDonald (August) ...........................................................11th HoleDon Shipway (September) ................................................................. 16th HoleBrian Nash (November) ..........................................................................3rd Hole

Holes in One

Josh Hayes (above) reached the quarter finals of the Victorian Amateur and is a member of Golf SA’s Tier 1 High Performance Program squad.

Jack Buchanan (left) won the SA Primary Schools Championship and represented SA in the SA Primary Schools State team.

Jackson Kalz (below) won the SA Secondary Schools Metropolitan Championship and was runner up behind fellow Glenelg junior, Liam Kennewell, in the SA Secondary Schools State Championship.


Event Winner Runner Up

Men’s Club Championship Campbell Rawson Leigh Attenborough

Women’s Club Championship Jenny Lee Elysia Yap

RF Stevens Trophy Connor Chant Will Starkey

Men’s B Grade Championship Mark Carn Glenn Sterrey

Men’s C Grade Championship Anton Clovicko Ian Mather

Women’s B Grade Championship Barbara Deed Janet Fleer

Women’s C Grade Championship Glenys Bartlett Carmel Fairweather

Men’s A Grade Plate Sid Kookana Martin Ardill

Men’s B Grade Plate Troy Perriam Phil Miller

Men’s C Grade Plate Mitchell Ward Morrie Croucher

Boys’ Club Championship Liam Kennewell Jackson Kalz

Girls’ Club Championship Matilda Wheare Hyoyi Pyun

Men’s Senior Championship Andrew Nash Colin Wright

Jimmy McLachlan Trophy Connor Chant Josh Hayes

Women’s Open Championship Matilda Wheare Elysia Yap

Men’s Foursomes Championship Henry Duregon & Sam Raschella

Women’s Foursomes Championship Jan Dale-Harris & Jill Hodge

Men’s A Grade Foursomes Chris Burns & Mark Dignan

Men’s B Grade Foursomes Mitchell Ward & David Welling

Men’s C Grade Foursomes Harry Larsen & Dusan Nenadovic

Women’s B Grade Foursomes Championship Ros Henderson & Ros Osborn

Women’s C Grade Foursomes Championship Marie O’Halloran & Libby Trim

Mixed Foursomes Championship Campbell Rawson & Elysia Yap

Rhonda Watson Brooch (Gross) GLENELG: Jenny Lee, Elysia Yap, Matilda Wheare

Rhonda Watson Brooch (Net) NARACOORTE: Di McCully, Jane Allen, Helen Cox

Brian Ferris Memorial Trophy Jack Williams (The Grange) Heath Riches (Kooyonga)

Eric Scovell Trophy Ben Tucker (The Grange) Will Starkey (Glenelg)

Women’s Vardon Jenny Lee (Glenelg) Elysia Yap (Glenelg)

Owen Whitford Trophy Neil & Lorry Brown (Blackwood) Mark & Janet Fleer (Glenelg)

Lance Begg Trophy Leigh Attenborough & Jess Burns

Winter Pinehurst Foursomes Trophy Lee & Emma Cole

Don Harris Memorial Trophy Bruce & Eyvonne Du-Rieu

Tuohy Trophy Geoff & Leigh Attenborough

Burgandy Trophy Brenton & Jackson Kalz

Men’s Event Winner Men’s Event Winner

Governor’s Cup Jason Blucher (Police Golf Club) Glenelg Trophy (Juniors) Austin Baker

Senior Cup Chris James Boys’ Handicap Matchplay Mitchell Ward

Anzac Trophy David Marshall Rawson Memorial Chris Manser

Captain’s Trophy Michael Maguire Don Watson Memorial Michael Cirson

President’s Trophy Michael Adair & Michael Maguire Frank Collins Memorial Todd Entwistle

Glenelg Trophy Justin Dolman AH Smerdon Memorial Mark Hall

Sam Percival Trophy Mark Fleer Steve McKee Memorial Mark Domingo

Milo Sprod Trophy Ian Mather Summer Cup Jon Oatey

Reg Sands Starter’s Trophy Alan Turner Harold Wright Memorial Campbell Rawson

Norm Omond Medals A Grade: Heath Prettejohn Men’s Winter Matchplay Jackson Kalz

B Grade: Chris Manser Men’s Summer Matchplay Peter Farmer

C Grade: Michael Haynes Brian Bashford Memorial Connor Chant

Women’s Event Winner Women’s Event Winner

President’s Foursomes Imelda Lynch & Jill Gehling Shylie Rymill Foursomes Kay Nyland & Janet Fleer

Captain’s Trophy Jane Nelson Consistency Cup Peggy Lau-Flux

Laurel Wreath Nancy Craigie Aggregate Par Trophy Libby Neuling

International Bowl Silver: Joy Giles Veterans’ Handicap Cheryl Franzi

Bronze: Chris Sullivan Veterans’ Handicap Gross Ros Osborn

Shane Robinson Trophy Pat Aitken Veterans’ Handicap Net Cheryl Franzi

Club Medal 1 Jane Nelson Essex Stroke Silver: Sandy Dolman

Club Medal 2 Jill Hage Bronze: Cheryl Franzi

Club Medal 3 Jan Dale-Harris Extreme Veterans Trophy Helen Godwin

Club Medal 4 Jane Nelson Most Improved Handicap Lyn Gould

Caddy Trophy Jayne Staridas Jacka Trophy

Past Committee Trophy Jill Gehling Turkey Gobbler Nancy Bartlett

Grandmothers’ Trophy Ann Colmer Joanne Sims Trophy A Grade: Joy Green

Putting Trophy Sandy Dolman B Grade: Ros Henderson

Wallace Stroke Wendy Greig C Grade: Lyn Gould

Parfection Prize Louise Pike

Ella Cole Trophy Matilda Wheare

Club Championship & Club Trophy Winners


Men’s Event Winner Men’s Event Winner

Governor’s Cup Jason Blucher (Police Golf Club) Glenelg Trophy (Juniors) Austin Baker

Senior Cup Chris James Boys’ Handicap Matchplay Mitchell Ward

Anzac Trophy David Marshall Rawson Memorial Chris Manser

Captain’s Trophy Michael Maguire Don Watson Memorial Michael Cirson

President’s Trophy Michael Adair & Michael Maguire Frank Collins Memorial Todd Entwistle

Glenelg Trophy Justin Dolman AH Smerdon Memorial Mark Hall

Sam Percival Trophy Mark Fleer Steve McKee Memorial Mark Domingo

Milo Sprod Trophy Ian Mather Summer Cup Jon Oatey

Reg Sands Starter’s Trophy Alan Turner Harold Wright Memorial Campbell Rawson

Norm Omond Medals A Grade: Heath Prettejohn Men’s Winter Matchplay Jackson Kalz

B Grade: Chris Manser Men’s Summer Matchplay Peter Farmer

C Grade: Michael Haynes Brian Bashford Memorial Connor Chant

Women’s Event Winner Women’s Event Winner

President’s Foursomes Imelda Lynch & Jill Gehling Shylie Rymill Foursomes Kay Nyland & Janet Fleer

Captain’s Trophy Jane Nelson Consistency Cup Peggy Lau-Flux

Laurel Wreath Nancy Craigie Aggregate Par Trophy Libby Neuling

International Bowl Silver: Joy Giles Veterans’ Handicap Cheryl Franzi

Bronze: Chris Sullivan Veterans’ Handicap Gross Ros Osborn

Shane Robinson Trophy Pat Aitken Veterans’ Handicap Net Cheryl Franzi

Club Medal 1 Jane Nelson Essex Stroke Silver: Sandy Dolman

Club Medal 2 Jill Hage Bronze: Cheryl Franzi

Club Medal 3 Jan Dale-Harris Extreme Veterans Trophy Helen Godwin

Club Medal 4 Jane Nelson Most Improved Handicap Lyn Gould

Caddy Trophy Jayne Staridas Jacka Trophy

Past Committee Trophy Jill Gehling Turkey Gobbler Nancy Bartlett

Grandmothers’ Trophy Ann Colmer Joanne Sims Trophy A Grade: Joy Green

Putting Trophy Sandy Dolman B Grade: Ros Henderson

Wallace Stroke Wendy Greig C Grade: Lyn Gould

Parfection Prize Louise Pike

Ella Cole Trophy Matilda Wheare

GLENELG GOLF CLUB INCORPORATEDAND CONTROLLED ENTITY

STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2014

Note Consolidated Golf Club2014 2013 2014 2013

$ $ $ $NET INCOME

MembershipSubscriptions 1,882,576 1,833,332 1,882,576 1,833,332 Entrance Fees 224,964 243,360 224,964 243,360 Infrastructure Levy 282,507 291,248 282,507 291,248 Bag & Buggy Storage 54,258 52,204 54,258 52,204 Locker Fees 15,963 16,184 15,963 16,184

2,460,268 2,436,328 2,460,268 2,436,328 Golf OperationsCompetition Fees 67,436 68,247 67,436 68,247 Green Fees 364,427 367,543 364,427 367,543 Cart Hire 75,291 69,486 75,291 69,486 Range Income 36,241 35,034 36,241 35,034 Affiliation Fees (1,353) 2,785 (1,353) 2,785 Trophies (46,680) (49,537) (46,680) (49,537) Professional Retainer (117,876) (115,008) (117,876) (115,008) Depreciation (29,878) (26,955) (29,878) (26,955) Other Golf Operations Expenses (126,414) (107,771) (126,414) (107,771)

221,194 243,824 221,194 243,824 BarSales 1,033,832 916,112 1,033,832 916,112 Less Cost of Goods Sold (379,575) (342,780) (379,575) (342,780) Gross Profit 654,257 573,332 654,257 573,332 Less ExpenditureSalaries and Associated Costs (375,131) (332,169) (375,131) (332,169) Replacements and Repairs (15,501) (3,470) (15,501) (3,470) Other Expenses (34,492) (36,177) (34,492) (36,177) Depreciation (5,409) (6,097) (5,409) (6,097)

223,724 195,419 223,724 195,419 CateringSales 1,369,538 1,178,562 1,369,538 1,178,562 Less Cost of Goods Sold (518,051) (452,470) (518,051) (452,470) Gross Profit 851,487 726,092 851,487 726,092 Less ExpenditureSalaries and Associated Costs (644,579) (589,978) (644,579) (589,978) Laundry (27,762) (23,654) (27,762) (23,654) Replacements and Repairs (13,471) (10,188) (13,471) (10,188) Cleaning Materials (5,452) (6,049) (5,452) (6,049) Stationery and Advertising (5,812) (7,004) (5,812) (7,004) Other Expenses (20,459) (38,042) (20,459) (38,042) Depreciation (18,304) (11,420) (18,304) (11,420)

115,648 39,757 115,648 39,757 Other IncomeCatering Levy forfeited 81,131 60,118 81,131 60,118 Interest Received 10,131 14,252 10,131 14,252 Phone Tower 48,686 46,367 48,686 46,367 Miscellaneous 48,477 33,206 48,477 33,206

188,425 153,943 188,425 153,943

TOTAL NET INCOME 3,209,259 3,069,271 3,209,259 3,069,271

The accompanying notes form part of these accounts


STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2014


$ $ $ $EXPENDITURE

Administration and Support ServicesSalaries and Associated Costs 436,761 404,646 436,761 404,646 Audit Fees 9,225 8,875 9,225 8,875 Advertising 55,021 58,490 55,021 58,490 Depreciation 23,618 19,816 23,618 19,816 Finance Costs 92,327 148,046 92,327 148,046 Bank Charges & Merchant Fees 57,316 60,448 57,316 60,448 Insurance 38,858 38,593 38,858 38,593 Postage, Printing and Stationery 29,364 27,621 29,364 27,621 Telephone 15,355 14,567 15,355 14,567 Council Rates 44,232 42,210 44,232 42,210 Legal and Consulting 525 2,300 525 2,300 Travel and Accommodation - 4,434 - 4,434 Computer Consumables and Maintenance 37,822 31,666 37,822 31,666 Other Administration Expenses 71,642 39,271 71,642 39,271

912,066 900,983 912,066 900,983 CourseSalaries and Associated Costs 842,343 821,390 842,343 821,390 Maintenance 196,527 179,402 196,527 179,402 Power 60,213 73,644 60,213 73,644 Enhancement 53,985 22,261 53,985 22,261 Irrigation 19,849 20,430 19,849 20,430 Landscape Maintenance 15,284 17,612 15,284 17,612 RIVAP 400 510 400 510 Machinery 73,779 70,917 73,779 70,917 ASR Expenses 17,527 22,590 17,527 22,590 Other Expenses 93,577 77,775 93,577 77,775 Depreciation 308,780 369,880 308,780 369,880

1,682,264 1,676,411 1,682,264 1,676,411 HouseLaundry 10,216 10,873 10,216 10,873 Repairs and Maintenance 45,901 48,305 45,901 48,305 Contract Cleaning 91,210 89,430 91,210 89,430 Light, Power and Water 109,084 104,024 109,084 104,024 Other House Expenses 35,525 33,110 35,525 33,110 Depreciation 196,708 200,300 196,708 200,300

488,644 486,042 488,644 486,042 Other Expenses(Profit)/Loss on Sale of Fixed Asset (16,597) (14,010) (16,597) (14,010) Impairment of Financial Asset 4a - - - -

(16,597) (14,010) (16,597) (14,010)

TOTAL EXPENDITURE 3,066,377 3,049,426 3,066,377 3,049,426

NET SURPLUS / (DEFICIT) 142,882 19,845 142,882 19,845

Other Comprehensive Income - - - -

TOTAL COMPREHENSIVE INCOME FOR YEAR 142,882 19,845 142,882 19,845

TOTAL COMPREHENSIVE INCOME 142,882 19,845 142,882 19,845 ATTRIBUTABLE TO EQUITY



STATEMENT OF FINANCIAL POSITIONAS AT 31 DECEMBER 2014


$ $ $ $CURRENT ASSETS

Cash & Cash Equivalents 2 354,041 274,740 354,041 274,740 Trade & Other Receivables 3 180,132 161,060 180,132 161,060 Other Current Assets 81,406 87,693 81,406 87,693 Inventories 138,290 132,353 138,290 132,353 Total Current Assets 753,869 655,846 753,869 655,846

NON-CURRENT ASSETS

Financial Assets 4 14,000 16,500 623,433 625,933 Property, Plant and Equipment 5 7,015,533 7,084,585 6,386,832 6,455,884 Total Non-Current Assets 7,029,533 7,101,085 7,010,265 7,081,817

TOTAL ASSETS 7,783,402 7,756,931 7,764,134 7,737,663

CURRENT LIABILITIES

Trade & Other Payables 6 431,200 284,705 431,137 284,642 Short-Term Provisions 7a 181,594 163,687 181,594 163,687 Short-Term Borrowings 8a 551,156 900,433 551,156 900,433 Other Current Liabilities 10 552,451 534,905 552,451 534,905

Total Current Liabilities 1,716,401 1,883,730 1,716,338 1,883,667

NON-CURRENT LIABILITIES

Long-Term Provisions 7b 169,941 140,505 169,941 140,505 Long-Term Borrowings 8b 1,552,346 1,530,864 1,552,346 1,530,864

Total Non-Current Liabilities 1,722,287 1,671,369 1,722,287 1,671,369

TOTAL LIABILITIES 3,438,688 3,555,099 3,438,625 3,555,036

NET ASSETS 4,344,714 4,201,832 4,325,509 4,182,627

EQUITY

Retained Earnings 4,316,467 4,173,585 4,325,509 4,182,627 Outside Equity Interests in controlled entity 28,247 28,247 - -

TOTAL EQUITY 4,344,714 4,201,832 4,325,509 4,182,627



STATEMENT OF FINANCIAL POSITIONAS AT 31 DECEMBER 2014


$ $ $ $CURRENT ASSETS

Cash & Cash Equivalents 2 354,041 274,740 354,041 274,740 Trade & Other Receivables 3 180,132 161,060 180,132 161,060 Other Current Assets 81,406 87,693 81,406 87,693 Inventories 138,290 132,353 138,290 132,353 Total Current Assets 753,869 655,846 753,869 655,846

NON-CURRENT ASSETS

Financial Assets 4 14,000 16,500 623,433 625,933 Property, Plant and Equipment 5 7,015,533 7,084,585 6,386,832 6,455,884 Total Non-Current Assets 7,029,533 7,101,085 7,010,265 7,081,817

TOTAL ASSETS 7,783,402 7,756,931 7,764,134 7,737,663

CURRENT LIABILITIES

Trade & Other Payables 6 431,200 284,705 431,137 284,642 Short-Term Provisions 7a 181,594 163,687 181,594 163,687 Short-Term Borrowings 8a 551,156 900,433 551,156 900,433 Other Current Liabilities 10 552,451 534,905 552,451 534,905

Total Current Liabilities 1,716,401 1,883,730 1,716,338 1,883,667

NON-CURRENT LIABILITIES

Long-Term Provisions 7b 169,941 140,505 169,941 140,505 Long-Term Borrowings 8b 1,552,346 1,530,864 1,552,346 1,530,864

Total Non-Current Liabilities 1,722,287 1,671,369 1,722,287 1,671,369

TOTAL LIABILITIES 3,438,688 3,555,099 3,438,625 3,555,036

NET ASSETS 4,344,714 4,201,832 4,325,509 4,182,627

EQUITY

Retained Earnings 4,316,467 4,173,585 4,325,509 4,182,627 Outside Equity Interests in controlled entity 28,247 28,247 - -

TOTAL EQUITY 4,344,714 4,201,832 4,325,509 4,182,627



STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2014

Retained Outside Equity TotalEarnings Interest

$ $ $Consolidated Entity

Balance at 1 January 2014 4,173,585 28,247 4,201,832 Profit attributable to members of controlling entity 142,882 - 142,882

Balance at 31 December 2014 4,316,467 28,247 4,344,714

Controlling Entity

Balance at 1 January 2014 4,182,627 - 4,182,627 Profit attributable to members of controlling entity 142,882 - 142,882

Balance at 31 December 2014 4,325,509 - 4,325,509

Year End 2013Consolidated Entity

Balance at 1 January 2013 4,153,740 28,247 4,181,987 Profit attributable to members of controlling entity 19,845 - 19,845

Balance at 31 December 2013 4,173,585 28,247 4,201,832

Year End 2013 Controlling Entity

Balance at 1 January 2013 4,162,782 - 4,162,782 Profit attributable to members ofcontrolling entity 19,845 - 19,845

Balance at 31 December 2013 4,182,627 - 4,182,627



STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2014

Note Consolidated2014 2013 2014 2013

$ $ $ $CASH FLOWS FROM OPERATING ACTIVITIES

Bar and Catering Sales 2,403,370 2,094,674 2,403,370 2,094,674 Subscriptions and Entrance Fees 2,441,196 2,404,624 2,441,196 2,404,624 Green Fees and Competition Fees 543,395 540,310 543,395 540,310 Payments to Suppliers and Employees (4,582,412) (4,342,173) (4,582,412) (4,342,173) Interest Paid (92,327) (148,046) (92,327) (148,046) Donations, Fundraising and Other Sundry Receipts 188,425 153,943 188,425 153,943

NET CASH INFLOW FROM OPERATINGACTIVITIES 11 901,647 703,332 901,647 703,332

CASH FLOWS FROM INVESTINGACTIVITIES

Payments for Property, Plant and Equipment (519,299) (245,391) (519,299) (245,391) Proceeds from Sale of Property, Plant and Equipment 22,248 21,089 22,248 21,089 Return of Capital from ARL - - 2,500 -

NET CASH (OUTFLOW) FROMINVESTING ACTIVITIES (497,051) (224,302) (494,551) (224,302)

CASH FLOWS FROM FINANCINGACTIVITIES

Repayment of Borrowing (53,296) (94,190) (53,296) (94,190) Additional Lease Established 75,501 46,500 75,501 46,500 Repayment of Bank Loan (350,000) (350,000) (350,000) (350,000) Debentures Repaid - - - -

NET CASH PROVIDED INFLOW (OUTFLOW) FROM FINANCING ACTIVITIES (327,795) (397,690) (327,795) (397,690)

NET INCREASE / (DECREASE) IN CASH HELD 76,801 81,340 79,301 81,340

Cash at Beginning of Year 274,740 193,400 274,740 193,400

Cash at End of Year 2 351,541 274,740 354,041 274,740


Golf Club

GLENELG GOLF CLUB INCORPORATED

NOTES TO AND FORMING PART OF THE ACCOUNTSFOR THE YEAR ENDED 31 DECEMBER 2014

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a general purpose financial report that has been prepared in accordance with AustralianAccounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporations Act of South Australia.

The financial report covers the consolidated entity of Glenelg Golf Club Inc as the individual controlling entity andthe controlled entity, Glenelg Golf Links Limited.

The financial report of Glenelg Golf Club Inc and the controlled entity and Glenelg Golf Club Inc as an individualcontrolling entity comply with all Australian equivalents to International Financial Reporting Standards (IFRS) intheir entirety except where compliance is not mandatory for non-corporate entities.

The following is a summary of the material accounting policies adopted by the consolidated entity in preparation of thefinancial report. The accounting policies have been consistently applied unless otherwise stated.

The financial report has been prepared on an accrual basis and is based on historical costs and does not take intoaccount changing money values or, except where stated, current valuations of non-current assets. Cost is based onthe fair values of the consideration given in exchange for assets. Unless otherwise stated, the accounting policies adoptedare consistent with those of the previous year.

Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2014reporting periods. The consolidated entity's assessment is that there will be no impact from these new standards and interpretations.

a) Principles of Consolidation

The Club controls the share capital of Glenelg Golf Links Limited. The consolidated accounts incorporated the assetsand liabilities of Glenelg Golf Links Limited as at 31 December 2014 and the results of the Company for the periodthen ended. The effects of all transactions between the Club and the Company are eliminated in full. Outside equityinterests in the results and group equity are shown separately in the consolidated profit and loss account and balancesheet respectively.

The cost of acquiring shares in Glenelg Golf Links Limited have been accounted for as an interest in the land owned bythat company and reflected accordingly.

b) Financial Instruments

Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the relatedcontractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as setout below:

Available-for-sale financial assetsAvailable-for-sale financial assets include any financial assets that are not considered to be "loans andreceivables" or held for selling in the short term.Available-for-sale financial assets are reflected at fair value. Where fair value cannot be reliably estimated, theasset is stated at its initial cost. Unrealised gains and losses arising from changes in fair value are taken directlyto equity.

Financial LiabilitiesNon-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal paymentsand amortisation.




c) Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation andimpairment losses.

Property

Freehold land is shown at cost. Building is shown at cost less any accumulated depreciation and impairment losses.

Plant and Equipment

The depreciable amount of all fixed assets including building, but excluding freehold land, is depreciated on a straightline basis over their useful lives to the consolidated entity commencing from the time the asset is held ready for use.The depreciation rates for each class of depreciable assets are based on the following estimated useful lives, expressed in years:

Category Useful Lives

Administration furniture and fittings 5-11Bar plant and equipment 8-11Catering plant and equipment 7-11Clubhouse building 40-50Clubhouse other 7-11Course buildings 4-25House plant and equipment 8-11Motor vehicles 4-5Office equipment 5-7.5Course plant and equipment 4-11Entrance road 15

d) Impairment of Assets

At each reporting date, the Committee of Management reviews the carrying values of its assets to determine whether there isany indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, beingthe 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 determine the recoverable amount of an individual asset, the Committee of Management estimatesthe recoverable amount of the cash-generating unit to which the asset belongs.




e) Employee Benefits

Provision is made for the association's liability for employee benefits arising from services rendered by employees tobalance date. Employee entitlements expected to be settled within one year together with entitlements arising fromwages and salaries, annual leave and long service leave which will be settled after one year, have been measured at their nominal amount. Other employee entitlements payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those entitlements.

f) Subscription Income

Members subscriptions are included as income in the year the invoice is raised. Subscription year is from April of the currentyear to March of the following year. Any subscription fees invoiced for the quarter of January to March of the following yearis recognised as income of the current year. This has been treated consistently from year to year.

g) Income Tax

The Club is exempt from Income Tax in accordance with Section 50-5 of the Income Tax Assessment Act, 1997.

h) Inventories

Inventories are measured at the lower of cost and net realisable value.

i) Course Redevelopment Expenditure

Expenditure incurred on redevelopment of the course is charged to operating profit as incurred.

j) Construction - Work In Progress

Construction work in progress is stated at the aggregate of contract costs incurred to date.

k) Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investmentswith original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowingsin current liabilities on the balance sheet.

l) Comparative Figures

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




$ $ $ $

NOTE 2 - CASH & CASH EQUIVALENTS

Cash at Bank 320,152 238,456 320,152 238,456 Cash on Hand 11,290 14,200 11,290 14,200 Heritage Fund - Bank Account 22,599 22,084 22,599 22,084

354,041 274,740 354,041 274,740

The effective interest rate on short-term bank deposits was 7.26% (2013: 7.26%); these deposits have an average maturity of 20 days.

Reconciliation of Cash

Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the balance sheet as follows:

Cash & Cash Equivalents 354,041 274,740 354,041 274,740

NOTE 3 - TRADE & OTHER RECEIVABLES

Subscription Debtors 35,144 41,786 35,144 41,786 Sundry Debtors 52,928 57,034 52,928 57,034 GST Input Tax Credits 92,060 62,240 92,060 62,240

180,132 161,060 180,132 161,060

NOTE 4 - FINANCIAL ASSETS

Available for sale financial assets comprise of:

Shares - Glenelg Golf Links Ltd - - 608,328 608,328 Premium Income Fund 14,000 16,500 14,000 16,500 Loan - Glenelg Golf Links Ltd - - 1,105 1,105 Total Financial Assets 14,000 16,500 623,433 625,933

(a) The Club has an investment in the following:250,000 units in the Premium Income Fund, which is a managed investment scheme managed by Wellington Capital; and250,000 shares in Asset Resolution Limited.

Whilst the Premium Income Fund is listed, the shares in ARL are not, so an exact carrying value is not available, so there has been no adjustment for impairment ($150,000 in 2009, $83,500 in 2010, nil in 2011, nil in 2012, nil in 2013).

A Capital Return Payment of $2,500 from Asset Resolution Limited was received during the 2014 year.




$ $ $ $

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT

Freehold land 628,704 628,704 - -

Clubhouse 6,017,068 6,017,068 6,017,068 6,017,068Less Accumulated Depreciation (1,565,500) (1,404,458) (1,565,500) (1,404,458)

4,451,568 4,612,610 4,451,568 4,612,610

Clubhouse Plant and Equipment 396,156 363,757 396,156 363,757Less Accumulated Depreciation (314,426) (278,797) (314,426) (278,797)

81,730 84,960 81,730 84,960

Course Buildings 393,260 366,919 393,260 366,919Less Accumulated Depreciation (225,944) (194,816) (225,944) (194,816)

167,316 172,103 167,316 172,103

Administration Plant and Equipment 301,615 279,151 301,615 279,151Less Accumulated Depreciation (272,879) (249,260) (272,879) (249,260)

28,736 29,891 28,736 29,891

Bar Plant and Equipment 153,902 149,742 153,902 149,742Less Accumulated Depreciation (135,699) (130,292) (135,699) (130,292)

18,203 19,450 18,203 19,450

Catering Plant and Equipment 337,037 272,669 337,037 272,669Less Accumulated Depreciation (243,566) (225,261) (243,566) (225,261)

93,471 47,408 93,471 47,408

Golf Carts 140,730 131,033 140,730 131,033 Less Accumulated Depreciation (40,190) (55,689) (40,190) (55,689)

100,540 75,344 100,540 75,344

Course Plant and Equipment 4,394,142 4,254,961 4,380,929 4,241,748 Less Accumulated Depreciation (3,046,072) (2,915,016) (3,032,856) (2,901,800)

1,348,070 1,339,945 1,348,073 1,339,948

Entrance Road 273,697 273,697 273,697 273,697 Less Accumulated Depreciation (224,604) (215,313) (224,604) (215,313)

49,093 58,384 49,093 58,384

Capital Improvements 1,163 1,163 1,163 1,163 Less Accumulated Depreciation (918) (881) (918) (881)

245 282 245 282

Range Assets 78,032 35,821 78,032 35,821 Less Accumulated Depreciation (30,175) (20,317) (30,175) (20,317)

47,857 15,504 47,857 15,504

TOTAL PROPERTY, PLANT AND EQUIPMENT 7,015,533 7,084,585 6,386,832 6,455,884



NOTE 5 - PROPERTY, PLANT AND EQUIPMENT (CONT.)

b) Movement in Carrying amountMovement in the carrying amounts for each class of property, plant and equipment between the beginning and the end ofthe current financial year.

Golf Club

Carrying amounts at 1 January 2014 Additions Disposals Depreciation

Write Back of Accumulated Depreciation

Carrying amount at 31 December

2014

Clubhouse 4,612,610 - - (161,042) 4,451,568 Clubhouse Plant & Equipment 84,960 32,399 - (35,629) 81,730 Course Buildings 172,103 26,341 - (31,128) 167,316 Administration Plant & Equipment 29,891 22,463 - (23,618) 28,736 Bar & Plant Equipment 19,450 4,160 - (5,407) 18,203 Catering Plant & Equipment 47,408 64,368 - (18,305) 93,471 Golf Carts 75,344 45,218 (35,521) (20,022) 35,521 100,540 Course Plant & Equipment 1,339,948 276,488 (129,158) (268,363) 129,158 1,348,073 Entrance Road 58,384 - - (9,291) 49,093 Range Assets 15,504 47,862 (13,800) (9,858) 8,149 47,857 Capital Improvements 282 - - (37) - 245

6,455,884 519,299 (178,479) (582,700) 172,828 6,386,832

Consolidated Entity

Carrying amounts at 1 January 2014 Additions Disposals Depreciation

Write Back of Accumulated Depreciation

Carrying amount at 31 December

2014

Freehold Land 628,704 - - - - 628,704 Clubhouse 4,612,610 - - (161,042) 4,451,568 Clubhouse Plant & Equipment 84,960 32,399 - (35,629) 81,730 Course Buildings 172,103 26,341 - (31,128) 167,316 Administration Plant & Equipment 29,891 22,463 - (23,618) 28,736 Bar & Plant Equipment 19,450 4,160 - (5,407) 18,203 Catering Plant & Equipment 47,408 64,368 - (18,305) 93,471 Golf Carts 75,344 45,218 (35,521) (20,022) 35,521 100,540 Course Plant & Equipment 1,339,945 276,488 (129,158) (268,363) 129,158 1,348,070 Entrance Road 58,384 - - (9,291) 49,093 Range Assets 15,504 47,862 (13,800) (9,858) 8,149 47,857 Capital Improvements 282 - - (37) - 245

7,084,585 519,299 (178,479) (582,700) 172,828 7,015,533

c) Impairment Losses

Total impairment loss recognised in the income statement during the year is nil.



Consolidated Golf Club 2014 2013 2014 2013

$ $ $ $NOTE 6 - TRADE & OTHER PAYABLES

Trade Creditors 336,176 200,552 336,176 200,552 Other Creditors 95,024 84,153 94,961 84,090

431,200 284,705 431,137 284,642

NOTE 7 - PROVISIONS

(a) SHORT-TERM PROVISIONS

Annual LeaveOpening Balance 163,687 149,217 163,687 149,217 Additional Provisions Raised 75,069 69,016 75,069 69,016 Amounts Used (57,162) (54,546) (57,162) (54,546)

181,594 163,687 181,594 163,687

(b) LONG-TERM PROVISIONS

Long Service LeaveOpening Balance 140,505 116,438 140,505 116,438 Additional Provisions Raised 34,994 30,855 34,994 30,855 Amounts Used (5,558) (6,788) (5,558) (6,788)

169,941 140,505 169,941 140,505

NOTE 8 - BORROWINGS

(a) SHORT-TERM BORROWINGS

Bank Loan 500,000 850,000 500,000 850,000 Hire Purchase 51,156 50,433 51,156 50,433

551,156 900,433 551,156 900,433

(b) LONG-TERM BORROWINGS

Bank loan 1,500,000 1,500,000 1,500,000 1,500,000 Hire Purchase 51,346 29,864 51,346 29,864 Debentures 1,000 1,000 1,000 1,000

1,552,346 1,530,864 1,552,346 1,530,864

The Club has a loan facility of $2,700,000 which is secured by registered mortgages over land owned by Glenelg Golf Links Limited. At 31 December 2014, $2,000,000 of the Club's facility was utilised ($2,350,000 in 2013).

While it is noted that some of the Club's debt has become payable within the next 12 months, a portion of this debt facility was renewed on 19.12.14 for a further three years.

$1,200,000 of the loan facilities is offset for interest purposes by the balance held in the Club's transaction account. This means theinterest on the $1,200,000 is only payable once the balance on hand falls below $1,200,000.



Consolidated2014 2013 2014 2013

$ $ $ $NOTE 9 - CAPITAL & LEASING COMMITMENTS

Hire Purchase Lease CommitmentsPayable - minimum lease payments

not later than 12 months 56,561 57,072 56,561 57,072 between 12 months & 5 years 55,701 33,488 55,701 33,488 greater than 5 years - - - -

Minimum Lease Payments 112,262 90,560 112,262 90,560

Less Future Finance Charges (9,760) (10,263) (9,760) (10,263) Present Value of Minimum Lease Payments 102,502 80,297 102,502 80,297

Operating Lease Commitment - Toro EquipmentPayable - minimum lease payments

not later than 12 months 64,029 33,285 64,029 33,285 between 12 months & 5 years 179,871 100,427 179,871 100,427


NOTE 10 - OTHER CURRENT LIABILITIES

Catering Deposits 41,150 66,700 41,150 66,700 Green Fee Deposits 21,822 16,492 21,822 16,492 Catering levy unabsorbed 218,021 203,265 218,021 203,265 Wallet account 29,720 26,759 29,720 26,759 Trophy account 26,037 27,087 26,037 27,087 PAYG Tax 27,949 33,169 27,949 33,169 Sundry - - - - GST Payable 118,197 103,144 118,197 103,144 Foundation 46,956 36,205 46,956 36,205 Heritage Fund 22,599 22,084 22,599 22,084

552,451 534,905 552,451 534,905

NOTE 11 - RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT FROM OPERATING ACTIVITIES

PROFIT FROM ORDINARY ACTIVITIES 142,882 19,845 142,882 19,845

Non cash flows in profit from ordinary activitiesDepreciation 582,700 634,476 582,700 634,476 Impairment of Financial Asset - - - - Provision for Employee Benefits 47,343 38,537 47,343 38,537 (Profit)/Loss on Sale of Non Current Assets (16,597) (14,010) (16,597) (14,010)

Changes in Assets and Liabilities(Increase)/Decrease in Debtors (19,072) (31,704) (19,072) (31,704) Movement in Loans to Glenelg Golf Links - - - - Increase/(Decrease) in Trade Creditors and Accrued Expenses 164,041 54,505 164,041 54,505 (Increase)/Decrease in Prepayments 6,287 2,780 6,287 2,780 (Increase)/Decrease in Stock (5,937) (1,097) (5,937) (1,097)

NET CASH INFLOW FROM OPERATING ACTIVITIES 901,647 703,332 901,647 703,332

Golf Club



Consolidated2014 2013 2014 2013

$ $ $ $NOTE 9 - CAPITAL & LEASING COMMITMENTS

Hire Purchase Lease CommitmentsPayable - minimum lease payments

not later than 12 months 56,561 57,072 56,561 57,072 between 12 months & 5 years 55,701 33,488 55,701 33,488 greater than 5 years - - - -


Less Future Finance Charges (9,760) (10,263) (9,760) (10,263) Present Value of Minimum Lease Payments 102,502 80,297 102,502 80,297

Operating Lease Commitment - Toro EquipmentPayable - minimum lease payments

not later than 12 months 64,029 33,285 64,029 33,285 between 12 months & 5 years 179,871 100,427 179,871 100,427


NOTE 10 - OTHER CURRENT LIABILITIES

Catering Deposits 41,150 66,700 41,150 66,700 Green Fee Deposits 21,822 16,492 21,822 16,492 Catering levy unabsorbed 218,021 203,265 218,021 203,265 Wallet account 29,720 26,759 29,720 26,759 Trophy account 26,037 27,087 26,037 27,087 PAYG Tax 27,949 33,169 27,949 33,169 Sundry - - - - GST Payable 118,197 103,144 118,197 103,144 Foundation 46,956 36,205 46,956 36,205 Heritage Fund 22,599 22,084 22,599 22,084

552,451 534,905 552,451 534,905

NOTE 11 - RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT FROM OPERATING ACTIVITIES

PROFIT FROM ORDINARY ACTIVITIES 142,882 19,845 142,882 19,845

Non cash flows in profit from ordinary activitiesDepreciation 582,700 634,476 582,700 634,476 Impairment of Financial Asset - - - - Provision for Employee Benefits 47,343 38,537 47,343 38,537 (Profit)/Loss on Sale of Non Current Assets (16,597) (14,010) (16,597) (14,010)

Changes in Assets and Liabilities(Increase)/Decrease in Debtors (19,072) (31,704) (19,072) (31,704) Movement in Loans to Glenelg Golf Links - - - - Increase/(Decrease) in Trade Creditors and Accrued Expenses 164,041 54,505 164,041 54,505 (Increase)/Decrease in Prepayments 6,287 2,780 6,287 2,780 (Increase)/Decrease in Stock (5,937) (1,097) (5,937) (1,097)

NET CASH INFLOW FROM OPERATING ACTIVITIES 901,647 703,332 901,647 703,332

Golf Club



NOTE 12 - FINANCIAL INSTRUMENTS

(a) Interest Rate Risk

The Club's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changesin market interest rates and the effective weighted average on those financial assets and liabilities, is as follows:

2014 2013 2014 2013 2014 2013 2014 2013% % $ $ $ $ $ $

Financial AssetsCash at Bank 7.26 7.26 320,152 238,456 - - - -Cash on Deposit - -

320,152 238,456 - - - -

Financial LiabilitiesBorrowings 4.45 4.45 - - 551,156 900,433 1,552,346 1,530,864

- - 551,156 900,433 1,552,346 1,530,864

While it is noted that some of the Club's debt has become payable within the next 12 months, a portion of this debt facility was renewed on 19.12.14 for a further three years.

(b) Credit Risk

The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognisedfinancial assets is the carrying amount, net of any provisions for doubtful debts, as disclosed in the Balance Sheet and notes to thefinancial statements.

(c) Net Fair Values

The aggregate net fair values and carrying amounts of financial assets and financial liabilities are not materially differentfrom those disclosed in the Balance Sheet and in the notes to and forming part of the accounts.

(d) The Club has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. The sensitivityanalysis demonstrates the effect on the current year results and equity which could result from a change in these risks.

At 31 December 2014, the effect on profit and equity as a result of changes in the interest rate, with all other variablesremaining constant would be as follows:

2014 2013 2014 2013$ $ $ $

Change in ProfitIncrease in the interest rate by 2% (42,070)$ (48,626)$ (42,070)$ (48,626)$ Decrease in the interest rate by 2% 42,070$ 48,626$ 42,070$ 48,626$

Change in EquityIncrease in the interest rate by 2% (42,070)$ (48,626)$ (42,070)$ (48,626)$ Decrease in the interest rate by 2% 42,070$ 48,626$ 42,070$ 48,626$

NOTE 13 - AUDITOR'S REMUNERATION

Remuneration of the auditor of the parent entity for:

Auditing & Reviewing the financial report 9,150 8,875 9,150 8,875 9,150 8,875 9,150 8,875

Within 1 Year 1 to 5 Years

Fixed InterestRate Maturing

Consolidated Golf Club

FloatingInterest

Rate

Weighted AverageEffective Interest

Rate



NOTE 14 - RELATED PARTIES

(a) The Club paid rent of $0 to Glenelg Golf Links Limited in which it has a majority shareholding, for use of the Golf Course(2013 - $0).

(b) The names of the persons who were officers of Glenelg Golf Club Incorporated at any time during the year ended31 December 2014 are as follows:

Gavan M. Fox (Captain) Elected March 2014Paul B. Duregon (Vice Captain) Elected March 2014Brett D. JarradKay NylandJohn Ranaldo Elected March 2014Bevan RobertsGreg C. Rundle Elected March 2014Michael S. Adair Elected March 2014Sam Koukourou Resigned March 2014Anthony J. Martin Term completed March 2014

During the year the following related party transactions occurred:

1 Paul Duregon's company received payments under normal commercial conditions for maintenance works performedby PASA Building sub-contractors.

NOTE 15 - CONTINGENT LIABILITIES

The Club's objection to the land tax assessment for 2013/14 was upheld and therefore no expense or accrual has been recognised in relation to 2014/15 land tax. The Club understands that Revenue SA intends to review the eligibility for an exemption from land tax at the end of each financial year.

NOTE 16 - AFTER BALANCE DATE EVENTS

No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affectthe operations of the entity, the results of those operations, or the state of affairs of the entity in future financial years.

NOTE 17 - ASSOCIATION DETAILS

The principal place of business of the association is 20-118 James Melrose Road, Novar Gardens.



NOTE 18 - CAPITAL EXPENDITURE COMMITMENTS$

Capital expenditure commitments contracted for:

Plant & Equipment Purchases - Capital Expenditure Projects -

-

Payable:not later than 12 months - between 12 months and five years - greater than 5 years -

-

The committee members control the capital of the Club in order to maintain a good debt-to-equity ratio and to ensure that theClub can fund its operations to continue as a going concern.

The Club's debt and capital includes financial liablities, supported by financial assets.

There are no externally imposed capital requirements.

The committee members effectively manage the Club's capital by assessing the Club's financial risks and adjusting its capital structurein response to changes in these risks and in the market. The responses include the management of debt levels.

There have been no changes in the strategy adopted by management to control the capital of the Club since the prior year. Thisstrategy is to ensure that there is sufficient cash to meet trade and sundry payables and borrowings.

2014 2013

NOTE 19 - CONTROLLED ENTITIESCountry of

IncorporationParent Entity

Glenelg Golf Club Inc AustraliaSubsidiary

Glenelg Golf Links Ltd Australia 62 62

*percentage of voting power in proportion to ownership

Percentage owned (%)*


STATEMENT BY COMMITTEE

In the opinion of the Committee of Management of Glenelg Golf Club Incorporated: (a) The attached consolidated statements of Glenelg Golf Club Incorporated, comprising the balance sheet, income statement, statement of

changes in equity, statement of cash flows and notes to the financial statements for the year ended 31 December 2014 are, in our opinion, properly drawn up so as to give a true and fair view of the state of affairs of the Club and the consolidated entity as at 31 December 2014, and of their results for the year then ended.

(b) At the date of this statement there are reasonable grounds to believe that the Club will be able to pay its debts as and when they fall due. The accounts have been made out in accordance with applicable Accounting Standards. In accordance with section 35(5) of the Associations Incorporations Act, 1985, the Committee of Glenelg Golf Club Incorporated hereby states that during the financial year ended 31 December 2014:

1. Paul Duregon's company received payments under normal commercial conditions for maintenance works performed by PASA Building

sub-contractors.

This report is made in accordance with a resolution of the Committee of Management and signed by two Members of the Committee. Dated this 27th day of January, 2015. GAVAN FOX BEVAN ROBERTS Captain Chair of Finance


STATEMENT BY COMMITTEE

In the opinion of the Committee of Management of Glenelg Golf Club Incorporated: (a) The attached consolidated statements of Glenelg Golf Club Incorporated, comprising the balance sheet, income statement, statement of

changes in equity, statement of cash flows and notes to the financial statements for the year ended 31 December 2014 are, in our opinion, properly drawn up so as to give a true and fair view of the state of affairs of the Club and the consolidated entity as at 31 December 2014, and of their results for the year then ended.

(b) At the date of this statement there are reasonable grounds to believe that the Club will be able to pay its debts as and when they fall due. The accounts have been made out in accordance with applicable Accounting Standards. In accordance with section 35(5) of the Associations Incorporations Act, 1985, the Committee of Glenelg Golf Club Incorporated hereby states that during the financial year ended 31 December 2014:

1. Paul Duregon's company received payments under normal commercial conditions for maintenance works performed by PASA Building

sub-contractors.

This report is made in accordance with a resolution of the Committee of Management and signed by two Members of the Committee. Dated this 27th day of January, 2015. GAVAN FOX BEVAN ROBERTS Captain Chair of Finance

James Melrose Road NOVAR GARDENS SA 5040

Phone: (08) 8295 3793 Fax: (08) 8294 8894

[email protected]

2014 Annual Report

Documents