2009 Annual Report

2009

annual report PROGRESSIVE | PROUD | CHALLENGING

Glenelg Golf Club ... The Club of Choice Our Mission

Our Goals

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

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

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

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To provide outstanding value and service to members and guests

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

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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

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

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Office Bearers

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CAPTAIN

Mr Paul McGrath

VICE CAPTAIN

Mr Neil (Jim) Johnson

PRESIDENT

Mr Geoff Gitsham

VICE PRESIDENTS

Mrs Helen McMutrie

Mr John Rawson

COMMITTEE

Mr Gavan Fox

Mr David Gillespie

Mr Sam Koukourou

Mr Anthony Martin

Mrs Kay Nyland

Mr Gerard O’Brien

GENERAL MANAGER

Mr David Brand

Committee Attendance

Attendance at Committee of Management meetings for the year ended 31 December 2009

Paul R. McGrath. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Neil J. Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Sam Koukourou (elected March 2009). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Gavan M. Fox. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Ian K. Frances (term completed March 2009) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 David P. Gillespie. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Helen McMutrie (term completed March 2009). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Anthony J. Martin. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Gerard P. O’Brien. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Kay Nyland (elected March 2009). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

A total of eleven (11) Committee of Management meetings were held for the year ended 31 December 2009.

The November meeting was postponed and combined with the December meeting.

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Membership

Category

Membership numbers as at 31 December 2009

Male

Female

2009

2008

2007

2006

2005

Life

1

2

3

3

3

3

3

Full

661

87

748

711

698

710

720

46

7

53

55

55

55

54

194

78

272

326

315

332

313

Intermediate

36

5

41

42

49

53

67

Weekday

83

57

140

63

70

77

77

Veteran

4

0

4

6

5

3

6

42

2

44

28

35

43

48

0

0

0

0

0

0

0

81

7

88

99

85

102

101

Temporary

9

0

9

7

9

8

8

Corporate

3

0

3

5

7

5

6

Honorary

16

0

16

16

18

18

19

Non Playing

16

13

29

28

25

23

21

Social

63

4

67

114

120

137

175

Honorary Social

3

0

3

3

3

3

3

PGA Member

1

2

3

0

0

0

0

Try Golf

0

16

16

0

0

0

0

Casual (PAYP)

6

1

7

0

0

0

0

1,265

281

1,546

1,506

1,497

1,572

1,621

Company Provisional

Junior Junior Country Country

TOTAL

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Outstanding Performances

WINNERS: Women’s Grade 1 Pennant Heather Whitford (Non-Playing Captain), Deb Christie, Jan Dale-Harris, Jill Hodge, Josie Hodge, Sophie James, Cathy Symons and Christine Trimmer

Holes In One Peter Hoiles

16th Hole

Elise Dignan

11th Hole

RUNNERS UP: Men’s Simpson Cup

John Tully

14th Hole

Ron Wood (Manager), Danny Bache, David Brand, John Corbett, Stephen Leyshan, James McDonald, Mark McDonald, Matt McGowan, Anthony Olsen and Ben Tuohy

David Bennett

16th Hole

Graham Webster

16th Hole

NATIONAL TEAM SELECTIONS

Jane Nelson

11th Hole

Jordan Sherratt - Asia Pacific Teams Championship Jordan Sherratt - Four Nations Cup

Brenton Lane

3rd Hole

Jill Hodge

3rd Hole

STATE TEAM SELECTIONS

Chris Thorpe

11th Hole

Steve Gentle

14th Hole

Harry Larsen

11th Hole

Men’s State Team - Jordan Sherratt Women’s State Team - Josie Hodge Colt’s Team - Matt McGowan Junior Team - Jak Carter, Michael Ratajewski

Jayne Staridas

3rd Hole

AMATEUR EVENTS Jordan Sherratt - Winner, Barrett Amateur Championship Christine Trimmer - Runner Up, SA Amateur Championship

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Honour Roll Event

Winner

Runner Up

Men’s Club Championship

James McDonald

Simon Connelly

Women’s Club Championship

Christine Trimmer

Jill Hodge

RF Stevens Trophy

Lukas Richter

James McDonald

Men’s B Grade Championship

Chris Gebhardt

Ralph Faithfull

Men’s C Grade Championship

Jarrett Moyse

Richard Sheridan

Women’s B Grade Championship

Wendy Vaughan

Annette Rieniets

Women’s C Grade Championship

Julie Moir

Libby Trim

Men’s A Grade Plate

Todd Alexander

Anthony Doyle

Men’s B Grade Plate

Chris Thorpe

Richard Sheridan

Men’s C Grade Plate

John McRae

Serge Caplygin

Boy’s Club Championship

Jak Carter

Michael Ratajewski

Girl’s Club Championship

Not played in 2009

Men’s Senior Championship

Peter Owen

Wayne Humphries

Jimmy McLachlan Trophy

John Corbett

James McDonald

Men’s Foursomes Championship

Matt McGowan & David Brand

Chris Whitford & James McDonald

Women’s Foursomes Championship

Jan Dale-Harris & Ruth Martin

Janet Fleer & Cathy Symons

Men’s A Grade Foursomes

Matt McGowan & David Brand

Men’s B Grade Foursomes

Brian Daniels & Steve McKee

Men’s C Grade Foursomes

Peter Wilson & Rob Schmidt

Women’s B Grade Foursomes Championship

Dorothy Birt & Janice Fuss

Jill Gehling & Wendy Vaughan

Women’s C Grade Foursomes Championship

Helen Sallis & Jan Wheatley

Pam Bown & Margaret McCann

Mixed Foursomes Championship

Mark McDonald & Jill Hodge

James McDonald & Sophie James

Rhonda Watson Brooch (Gross)

GLENELG (Jan Dale-Harris, Jill Hodge, Cathy Symons)

Rhonda Watson Brooch (Net)

ROYAL ADELAIDE (Sarah King, Jill McEwin, Juliet Hugo)

Brian Ferris Memorial Trophy

Justin Crowder (Grange)

Chris Austin (Tea Tree Gully)

Eric Scovell Trophy

Anthony Murdaca (Grange)

Tim Baker (Kooyonga)

Women’s Vardon

Ebony Heard (Kooyonga)

Owen Whitford Trophy

Chris Whitford & Jayne Staridas

Lance Begg Trophy

Jim & Cathy Johnson

Winter Mixed Pinehurst Foursomes Trophy

Ian & Cathy Symons

Don Harris Memorial Trophy

Chris Whitford & Jayne Staridas

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John Brus & Annette Rieniets

Men’s Event

Winner

Men’s Event

Winner

Governor’s Cup

Justin Leverington

Glenelg Trophy (Juniors)

Jak Carter

Senior Cup

Dennis Whitford

Boy’s Handicap Matchplay

Henry Duregon

Anzac Trophy

Peter Astill

Rawson Memorial

Sam Hughes

Captain’s Trophy

Stephen Leyshan

Don Watson Memorial

Andrew Nash

President’s Trophy

Bryan Lewis/Clyde Simpson

Frank Collins Memorial

Bryan Turner

Glenelg Trophy

Adrian Wickstein

AH Smerdon Memorial

Bryan Lewis

Sam Percival Trophy

Darren Royals

Steve McKee Memorial

Nick Gray

Milo Sprod Trophy

Chris James

Summer Cup

Paul Grosvenor

Norm Omond Medals

A: James McDonald

Harold Wright Memorial

Caj Amadio

B: Michael Maguire C: John Tully

Women’s Event

Winner

Women’s Event

Winner

President’s Foursomes

Heather Whitford/Jayne Staridas

Shyllie Rymill Foursomes

Jill Hodge/Ruth Martin

Captain’s Trophy

Jill Hodge

Consistency Cup

Jill Hodge

Laurel Wreath

Ros Osborn

Aggregate Par Trophy

Elenor Davies

International Bowl

Silver: Christine Trimmer

Veteran’s Handicap

Nancy Craigie

Bronze: Jill Sutter

Veteran’s Handicap Gross

Fran Brown

Ron Wood Trophy

Robin Hayball

Veteran’s Handicap Net

Elise Dignan

Club Medal 1

Cathy Symons

JM Sims Trophy

A Grade: Jill Hodge

Club Medal 2

Annette Rieniets

B Grade: Di Dansie

Club Medal 3

Cathy Symons

C Grade: Suet Tang

Caddy Trophy

Cathy Symons

Past Committee Trophy

Kay McFarlane

Grandmothers Trophy

Janet Fleer

Most Improved Handicap

Marie O’Halloran

Putting Trophy

Cathy Symons

Jacka Trophy

Jan Dale-Harris

Wallace Stroke

Cathy Symons

Saturday Championship

Gross: Josie Hodge

Parfection Prize

Jan Dale-Harris

Peugeot Classic

Julie Tanti, Terry Phillis, Joan Marshman

Essex Stroke

Silver: Jill Hodge Bronze: Jane Bellgrove

Net: Josie Hodge

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Captain’s Report

There was no doubt 2009 was going to be a tough year for the Club. The year commenced with Clubhouse redevelopment work still under construction and the ASR wetland project still causing disruption to the latter holes on the back nine. Both projects had commenced in 2008 with completion expected during 2009 and were the two most important projects, strategically, that the Club had been involved with in many years.

Paul McGrath CAPTAIN

Significant financial capital had to be injected into these two projects to ensure a successful outcome and this investment, whilst managed appropriately, did have a significant impact on the Club’s financial performance in 2009. Clearly, global financial difficulties also had a significant contributing influence on many areas of revenue including reduced corporate support through functions and golf days, and membership income generally. It should be noted that strong financial results over the last four years had positioned the Club to deliver these important projects to members without the need for a “call”, which still remains one of the Club’s key strategic goals.

It was therefore a year of unknowns and uncertainties and one which saw the world crippled by deteriorating financial

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conditions. At the same time, the Club was in the final stages of infrastructure works valued at close to $5.5 million and the golf industry was seeing signs of decreasing demand for membership, increased operating costs and ongoing environmental conditions forcing clubs to rethink their course maintenance and water management strategies.

Your Committee of Management was committed to ensuring members did not feel the effects by way of reduced levels of service or course conditioning. We are proud to have been able to deliver to members a golf course which was widely recognised in the latter part of 2009 as being the best presented and conditioned layout in South Australia. This was reflected in the Australian Golf Digest rankings in early 2010 which saw Glenelg climb one spot to 45 whilst most other South Australian clubs dropped significantly.

Similarly, we have been able to offer an ongoing quality of service to members and guests equal or better to that of any other in the State.

The redevelopment of the clubhouse has resulted in a more appealing and versatile facility and the new ASR wetland project will deliver extensive benefits to the Club well into the future. A significant

investment was also carried out on the Club’s ageing irrigation system which will result in long term savings to water and Club finances.

newly renovated facilities. It was a proud occasion for everyone associated with the project and signalled the conclusion of 12 months of hard work for all involved.

Another important investment made by the Club in 2009 was the creation of a full-time Marketing and Communications role. Emma Bishop was appointed to the position in September and has worked hard to develop a marketing plan aimed at maximising the utilisation of our new clubhouse facility, developing new revenue streams and increasing existing ones. Work on the creation of branded marketing material, a new website and a succinct communication strategy also commenced.

Land Tax continues to cause concern for the Club. The land owned by Glenelg Golf Links Ltd was re-valued in 2009 by the Valuer General’s department at $9,500,000 (Capital value), an increase of almost $1,000,000 over their 2008 valuation, resulting in an increase of the Club’s Land Tax liability to almost $250,000.

By the end of 2009, we were delighted that over 150 new members had joined the Club in various categories, including 97 new Provisional members. The introduction of Entrance Fee instalment plans offered more flexibility to new members joining, with over 50% choosing to pay upfront and gaining the benefit of a 10% discount.

In April 2009, we celebrated the official opening of the Clubhouse redevelopment project. Over 140 guests, made up of Club members, officials, invited guests and project team members, enjoyed a night of quality food and wine in the

A number of meetings were held between the Club and the Company during the year in an effort to resolve the land tax issue.

These meetings resulted in changes to the Company’s Memorandum and Articles of Association being approved by shareholders at a Special Meeting in July. Subsequently, the Club lodged an objection with Revenue SA based on a successful Supreme Court case won by the Royal South Australian Yacht Squadron who faced a similar situation. It is hoped the objection will be successful, removing the significant liability faced by members.

Director Portfolios for 2009 FINANCE Tony Martin COURSE Jim Johnson MATCH Gerry O’Brien & Kay Nyland MEMBERSHIP & MEMBER FOCUS Tony Martin CAPITAL EXPENDITURE & ASSET MANAGEMENT David Gillespie & Sam Koukourou JUNIOR DEVELOPMENT David Gillespie MARKETING & COMMUNICATIONS Gavan Fox WOMEN’S GOLF DEVELOPMENT Kay Nyland

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January

February

Karen Fry appointed Clubhouse Operations Manager

Landscaping work completed on ASR wetland and project handed over

Former Club Champion, Adrian Wickstein, commences PGA traineeship

Hot weather policy amended

Clubhouse carpet replaced on upper floor E/fee instalment plan introduced for new Provisional members

Work on remodelling 17th tee and surrounds completed Christine Trimmer finishes runner-up in the SA Amateur

Finance

Associated finance costs and other major variations included:

Following four years of strong financial performances, the Club posted an operating loss of $279,966 for the year ended 31 December 2009, with total Equity decreasing to $4,032,491.

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Interest Paid - $150,948 (Loan facility of $3,450,000 now fully utilised)

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Depreciation - $81,925 (Clubhouse redevelopment and course items)

The major contributing factors related directly to the Club’s desire to invest for the future, with the ASR wetland project, Clubhouse redevelopment and other course improvements having an impact on associated finance costs. General tightening of economic conditions and a write down of the MFS Premium Income Fund investment of $150,000 also contributed.

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Government Grant - $182,750 (one-off item in 2008)

In total, the Clubhouse redevelopment project cost was $3,412,705. An additional $103,480 was allocated to the replacement of Clubhouse furniture to ensure the project was delivered in its entirety.

To date, the Club has committed $713,893 to the ASR wetland development. Whilst still under the 2-year maintenance contract, additional costs will be borne equally between the Club, State and Federal Governments – these costs are expected to be minimal.

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As a result, the cash position of the Club decreased as expected from previous years, with $371,874 in the Club bank account as at 31 December 2009.

The Committee of Management remain strong on the opinion that borrowings are the most appropriate way to fund infrastructure development, allowing costs to be shared amongst current and future members, rather than the burden placed on current members by way of “calls”.

Changes to membership structures, pricing and flexibility allowed the Club to retain more members than in previous years, but had a negative impact on membership subscription income growth. However, interest for membership in the latter part of 2009 was strong with Entrance Fee income better than expected, and the flow on from instalments will be enjoyed in the future.

Delegation of Club members attends Reciprocal Club Challenge at The Vines in WA

Major Capital Expenditure Purchases for 2009 Clubhouse Redevelopment ($1,585,108) Various Irrigation Upgrades ($286,234) ASR Wetland Project ($238,946) Clubhouse Furniture ($106,946) Machinery Grinder ($66,865) Workman Vehicles ($48,160) Ezygo Golf Carts ($41,445) Course Furniture & Accessories ($17,307) Overflow Car Park ($10,244)

March Positions of Irrigation Coordinator and Vegetation Officer advertised New Conference Room used for first time

New furniture delivered and installed in Members’ Lounge, Golfer’s Bar and Balcony 7th carry redeveloped

The recent capital investments made by the Club directly attributed to this strong interest.

Higher levels of service were a focus and were delivered despite the tougher economic environment.

As expected, Bar and Catering profits were adversely effected by the Clubhouse redevelopment project in early 2009. Having said that, sales in both departments increased markedly over 2008 figures and much of this can be attributed to improved utilisation of the clubhouse facility and solid member sales later in the year. The Club remains a popular function venue with wedding business remaining strong and conference numbers continuing to grow.

The global financial crisis had a significant effect on Corporate events through 2009 and on green fee revenue for the year with a number of major Corporate Golf Days cancelling due to a lack of sponsorship support. Importantly, bookings did improve in late 2009 and this has carried through to 2010.

In April 2007, the Committee of Management resolved to invest $250,000 in the MFS Premium Income Fund. This

Another successful Women’s Try Golf program held Problems arise with operation of ASR 1 bore

decision was made at a time when MFS was major sponsor of the Australian Open, and there had been a push by Golf Australia for clubs to invest in the fund to show support within the golfing industry. The investment amount has been impaired by $150,000 as a result of the impact of the global financial crisis and the resultant depressed property and mortgage markets in Australia. The amount of the impairment has been based on the latest available audited financial statements for the Fund which indicate that the net asset backing of the units at 30 June 2009 had reduced to 40 cents per unit. The Fund intends to pay a capital payment of 3 cents per unit in 2010 and it is their expectation that the unit value will recover in the future when the property market conditions improve.

Course A deliberate effort was made by the Club in 2009 to concentrate on the presentation and conditioning of the golf course following many years of major redevelopment and refurbishment work.

With the ASR wetland project completed and handed over in early 2009, Course

staff were given the opportunity to concentrate on grooming and tidying up areas of the golf course which had been unavoidably neglected due to the extent of redevelopment works carried out in years prior. At the same time, the Committee of Management approved the appointment of an additional two Course staff to ensure sufficient resources were available to bring the course back to the same level of presentation seen when the Club hosted the Australian Amateur Stroke Play in 2004.

Landscaping work continued around the ASR wetland project and 17th tee complex as the area slowly took shape, converting the artificial system into a natural seasonal wetland complementing the challenging layout through holes 15, 16 and 17. By early March, work had been substantially completed and the growing in period commenced for much of the rough areas on these holes.

Unfortunately, one issue that was identified during operational testing of the wetland was the infestation of European Carp. Immediate action was taken to drain the wetland system, allowing the netting of carp, however permanent control options will still need to be investigated and may include filters 2009 Annual Report | page

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April Motorised Golf Cart policies amended allow existing private cart users to continue Inaugural US Masters Breakfast & Golf Day held

James McDonald appointed to the role of Irrigation Coordinator

Clubhouse redevelopment project officially handed over on 18th April

New ball washers, bins and back block tee markers introduced

Official Clubhouse Opening Dinner held on Friday, 24th April with over 150 guests in attendance

or chemical treatment of water being pumped from Brownhill Creek, or an automated system allowing the regular draining of the wetland so that carp can be netted.

Despite this setback, we are now blessed with a stunning, environmentally friendly and challenging series of seasonal wetlands that add beauty to the golf course and also provide the Club with a long-term sustainable supply of irrigation water well into the future.

James McDonald, our newly appointed Irrigation Coordinator, oversaw the installation of new irrigation systems on the 9th, 10th, 13th and 14th holes during the latter part of 2009 and played an important role in overseeing the replacement of the Club’s ageing main line. He was ably supported by Daniel Banwell during the upgrade, resulting in much of the work coming in under budget and on schedule.

Changes to the Course Maintenance team were kept to a minimum in 2009.

Troy Tomlin left us after six years to take up a similar role at Royal Adelaide Golf Club. The position vacated by Troy was filled by Patrick Casey, another former staff member. Patrick left Glenelg in

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May

June

Landscape Management Plan introduced

European Carp infestation identified in ASR wetland

Simpson Cup and Women’s A1 Pennant matches played together at Glenelg for the first time

Junior Development Working group re-formed to help implement the Club’s Junior Development Program

2007 to pursue an exchange program in the United States and returned later to take up a role at Belair Golf Club. Patrick rejoined our team in November and brings a wealth of experience obtained during his time overseas.

Again in 2009, difficulties arose with the Club’s bores causing irrigation capacity for much of the year to be below 100% capacity, highlighting the need to have a number of suitable options for irrigation water. With the development of the Glenelg to Adelaide Pipeline supplying class A effluent water to the Adelaide Parklands adjacent the property, discussions continued with SA Water to ensure the Club was in a position to tap into this valuable resource if required.

Selective removal of Casuarina trees during 2009, identified in the Club’s Course Management Plan, added another dimension to the vistas on offer across the golf course.

In March and April, sand was mined from the course to enable civil works to be completed around the clubhouse.

A lack of cheap, available sand from external sources prompted an ingenious proposal which allowed the 7th carry to be reshaped and revegetated whilst

landscaping work could be finished on the Clubhouse redevelopment project. A significant amount of money was saved by this proposal and has resulted in a spectacular look for the clubhouse and an equally stunning improvement to the area in front of the 7th tee. At the same time, work was carried out to formalise the overflow area of the western car park, delineating car parking areas and preventing vehicles from encroaching too close to the 7th fairway.

Stage one of the entrance road redevelopment was completed in August with turf lifted and replaced immediately inside the entrance gates. I am sure you will agree this has created a dramatic entry statement defining the best of what Glenelg Golf Club offers. Further stages to be carried out over the next few years will include the selected removal of undesirable species and the dense planting of native species along the entire length of the entrance roadway, and the potential for spotlighting of significant trees.

Small things can often by the most important, and with that in mind, ball washers, bins and tee markers were replaced in 2009. Black blocks were also re-introduced, replacing blue to maintain

July The role of Marketing & Communications Officer advertised

Inaugural Winter Junior Matchplay Trophy played, with Braeden Kelly winning

Glenelg hosted Golf SA Pennant Finals, with Glenelg winning the Women’s Grade 1 pennant.

Irrigation replacement works carried out on 9th and 10th holes.

the consistency being introduced across the golf course. Further changes to course furniture and accessories are expected in 2010 to maintain a consistent image.

Member Focus The excellent work carried out by the Membership & Member Focus Working Group in 2008 continued through 2009 with a continued focus on making membership flexible and affordable.

Membership retention was an issue that caused concern early in the year so the Committee of Management acted quickly and decisively by introducing changes to some membership categories to ensure opportunities were available to members who faced difficult financial circumstances.

Changes to various membership quotas allowed an additional 50 members take up the option of Weekday membership whilst an additional 50 men were promoted from Provisional to Full membership. Absentee membership was a popular option for many members, with numbers doubling from previous years. Membership retention rates increased to more than 95%.

Changes to Glenelg Golf Links Ltd Memorandum and Articles of Association approved by shareholders, paving the way for a submission to Revenue SA in regards to Land Tax

The introduction of an Entrance Fee instalment plan for new members was a successful initiative introduced in 2009.

Throughout the year, 97 new Provisional members joined the Club with over 50% opting to pay their Entrance Fee upfront, earning a 10% discount. Other new members chose the 3, 5 or 10 year options.

By August, the Club had exhausted its waiting list and the door was opened to new members joining immediately. This had a major impact on membership interest, with almost half of all new Provisional members joining in the latter part of 2009.

A further 50 members joined the Club in various categories during the year resulting in membership numbers increasing for the second consecutive year.

New categories introduced during 2009 included Casual (Pay as you Play) membership and Women’s Try Golf membership; two categories aimed directly at a changing membership market. Changes were made to Country membership allowing most people who lived outside the Adelaide metropolitan area to join the Club, including those living interstate and overseas. These changes were aimed at attracting new members from areas such as Victor Harbor/ Goolwa, Strathalbyn, Murray Bridge and the Barossa Valley.

Summary of Major Course Works in 2009 ASR wetland development completed in January Redevelopment of 17th tee complex, pathways, carry and screen mounding of ASR infrastructure New Irrigation systems installed on 9th, 10th, 13th, 14th holes, and around the Clubhouse Replacement of main irrigation line Selected removal of Casuarina and other undesirable trees, including the large copse between the 13th & 14th holes Stage 1 of Entrance Road redevelopment and formalisation of overflow car park area Landscaping work around the Clubhouse Redevelopment of 7th carry

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August Elite & Imminent Player Recruitment Scheme introduced to attract some of the best players in SA Jordan Sherratt joins under the Club’s new recruitment scheme

ASR wetland drained to remove carp infestation Selected removal of Casuarina trees undertaken across the golf course, including a large copse between the 13th & 14th

Another successful Women’s Try Golf program was held in February and March and resulted in a small number of new female members joining the Club. The full results of this initiative will not be known for a number of years.

Policies relating to the use of motorised golf carts were amended in 2009, whilst changes to the Dress Code were introduced to better reflect the standards expected by the modern golfer, and to cater for the future requirements and direction of the Club.

House With the completion of the Clubhouse redevelopment project, we now offer members and guests with some of the finest and most modern facilities in Australia.

In April, the project was officially handed over to the Club and an official opening held on Friday, 24th April. In total, over $3.5 million was spent on improvements to the clubhouse including new locker room facilities, a new Golfer’s Foyer entry with trophy cabinet and honour boards, extensions to the buggy storage area

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Work commenced on the replacement of the irrigation system’s main line Stage 1 of Entrance Road redevelopment commenced with turf replacement inside the main gates

A new contract is signed with Lion Nathan, extending the existing arrangement for a further 4 years, and involving infrastructure works valued at over $50,000 to the beer system

to accommodate a further 100 bags, buggies and electric buggies, an extended Golfer’s Bar and Dining Room balcony, and a new Conference Facility equipped with the latest technology including a fully integrated AV system and wireless internet.

In addition to the obvious extensions, carpet was replaced throughout the upper level of the clubhouse and new furniture was purchased for the Members’ Lounge, Golfer’s Bar and balcony areas. Members and guests now have the option of relaxing in comfortable leather lounges in the Members’ Lounge or enjoying the breathtaking views across the golf course and beyond to the Adelaide Hills on the Golfer’s Bar balcony.

Amongst these changes, work continued behind the scenes by staff determined to deliver a level of service to match the new facilities. Karen Fry was officially appointed to the role of Clubhouse Operations Manager on 1st January 2009 after acting in the role for six months following the leave of absence taken by Martyn Kinsman in 2008. Karen and her staff worked hard through 2009 to develop new initiatives for members and guests such as weekly beer specials, a variety of menu options and specials,

Changes made to Country membership, and new membership categories, Women’s Try Golf and Casual (PAYP) introduced Emma Bishop commences as Marketing & Communications Officer

and continuing to provide an extensive list of affordable and quality wines for clubhouse or take-away consumption.

The annual Winery Challenge was another great success with both morning and afternoon shotgun starts. Over 200 players participated in the day with almost 50 wineries and beverage suppliers involved. Karen’s efforts in coordinating this event for members and their guests was greatly appreciated.

With help from Craig Jeffery (Executive Chef) and Phil Day (Bar Manager), an excellent team of full-time and casual staff now work closely together within the hospitality department to deliver to members, guests and function clients a service which is widely renowned as being friendly and professional.

In an effort to capitalise on the growing popularity of Twilight Golf and to encourage better utilisation of the new clubhouse facility, the new Balcony Bistro Menu was introduced in October.

Numbers at twilight events grew to over 100 by December resulting in a fantastic atmosphere at the Club on Wednesday nights.

September

October

New Dress Code introduced

New Balcony Bistro menu introduced

Another hugely successful Winery Challenge held

Inaugural men’s Club Foursomes Events held, including A Grade, B Grade and C Grade players

Work on ASR 1 carried out

Irrigation upgrade work completed on the 13th & 14th holes Josie Hodge & Matt McGowan represent SA in Interstate series

Summary of Changes to Membership policies in 2009 Changes made to the Dress Code Criteria for Country membership amended to include areas including Victor Harbor, Goolwa, Strathalbyn, Murray Bridge & Barossa Valley Introduction of new membership categories including Casual (PAYP) and Women’s Try Golf Motorised Golf Cart policies amended Full and Weekday membership quotas increased

Junior Trip to South Coast was held during School Holidays for 14 juniors

Despite the disruptions faced by staff, members, guests and function clients during the 12 month project, bar and catering revenue remained relatively strong.

Difficulties balancing wage costs with service throughout the year had an impact on profits although strong sales in late 2009 helped to deliver a Catering profit of just under $100,000. Bar performance was severely affected by additional wage costs, resulting in a profit of just over $25,000.

The Club maintained its reputation as a popular wedding venue, hosting 42 receptions in 2009, and numerous other conferences, luncheons and dinners.

An interesting by-product of the Clubhouse redevelopment was the popularity of the Conference Room for private parties and functions. Whilst Conference numbers increased significantly following the completion of the new facility, many other functions and events were held in the new Conference Room. As a result, investigations are underway to build a small bar within the Conference Room to enhance what has already become a successful facility.

The Club signed a new contract with Lion Nathan in 2009, extending our relationship with the beer maker for a further four

years beyond the Club’s existing contract.

The deal, worth as much as $150,000 to the Club over the life of the agreement, includes a commitment from Lion Nathan to approximately $50,000 worth of infrastructure investment which will see the Club’s ageing beer system replaced with a modern glycol system and new chilled keg room in 2010. The new system will allow the Club to offer additional variety to its tap beer range, including some premium beers, and should result in a colder, better pour. In addition to the new beer system, full height upright fridges will be installed in the Golfer’s Bar, replacing the existing cabinet fridges. Minor works will also be carried out to allow us to display our extensive wine selections front-of-house.

Match Many new initiatives were introduced to the Club’s match programme during 2009 as part of the Club’s strategy to increase participation in golf events, culminating in the 2009 Club Championships and Trophy Presentation Dinner on Sunday, 22nd November.

Among the new initiatives was the introduction of the men’s A Grade, B 2009 Annual Report | page

15

November Debt reduction plan strategies discussed and implemented Men’s Club Championship events were held, with James McDonald winning the Club Championship

December Inaugural Club Championship & Trophy Presentation Dinner was held Melissa Wundersitz resigns from Membership & Function Liaison Officer role

Grade and C Grade Plates; handicap matchplay events designed to encourage more members to enter our prestigious championships and provide players with an opportunity to experience a different style of golf which very few members would have ever played in their golfing careers.

Along with the Plate events, the regular Club Championship events were played, and despite a late change of date to accommodate the many members visiting Melbourne to watch Tiger Woods, entries and interest in the events were well up on previous years.

The Men’s Club Foursomes Championship was also expanded in 2009 to incorporate an 18 Hole A Grade, B Grade and C Grade Championship, as well as the traditional 36 Hole Foursomes Championship. The popularity of the event was acknowledged with almost double the number of pairings entering the 36 Hole and 18 Hole events compared with previous years.

Other events added to the calendar in 2009 included the US Masters Breakfast & Golf Day and a similar event played on a Saturday during the US Open. Both events were well attended by members and guests.

page

Jak Carter & Michael Ratajewski represent SA in matches vs Victoria

16 | 2009 Annual Report

Work commenced on the redevelopment of the Club’s website Changes made to Women’s Playing Rights on Saturdays during hot weather

In September, Josie Hodge was selected in the Women’s State Team to play at Peninsula Golf Club on Melbourne’s Mornington Peninsula, whilst Matt McGowan represented the State in the Colts side at Keysborough Golf Club in Melbourne’s southeast. Both players performed well, with the Women’s team falling just short of claiming the national title.

Also, Michael Ratajewski and Jak Carter were selected for the SA team in the SA vs Victoria Junior Match at Millicent Golf Club in the state’s south east. SA successfully defended its title.

Christine Trimmer reached the final of the SA Women’s Amateur Championship in February, but was defeated in the final by Kooyonga’s Emma Ash. An important step was taken during 2009 by combining a number of men’s and women’s events together under the banner of Golf SA. The Club played host to the Golf SA pennant finals in June, with the Simpson Cup, Women’s Grade 1 and other minor grades competing for their respective pennants. It was the first time all finals had been played at the one course and was a great success for Golf SA.

Work commenced on the development of the Club’s new Corporate Image and marketing literature

Summary of Club Champions for 2009 Men’s Club Champion James McDonald Women’s Club Champion Christine Trimmer Boy’s Club Champion Jak Carter Men’s Foursomes Champions Matt McGowan & David Brand Women’s Foursomes Champions Jan Dale-Harris & Ruth Martin Mixed Foursomes Champions Mark McDonald & Jill Hodge Men’s Senior Champion Peter Owen

Our Women’s Grade 1 team made full use of the home course advantage, taking out the title with a crushing win over Royal Adelaide. Unfortunately it was not the dream day the Club had hoped for, with the men’s Simpson Cup side losing to Grange. Other pennant teams failed to make their respective finals during the year.

Later in June, the Club again played host to players from around the state, this time for the Club’s annual Vardon events.

The Brian Ferris Memorial Trophy (Senior Vardon), Eric Scovell Trophy (Junior Vardon) and Women’s Vardon were played together for the first time. Grange’s Justin Crowder and Anthony Murdaca won their respective senior and junior vardon events, whilst Kooyonga’s Ebony Heard won the Women’s Vardon. Josie Hodge was runner up in the women’s event.

The Club hosted the Golf SA Women’s 72 Hole Stroke Play Championship, the Rene Erichsen Salver, in July. The event was won by Queensland’s Bree Arthur with a four round total of 298. The Rhonda Watson Brooch, played during August, was again won by Glenelg, with Royal Adelaide taking out the net event.

To show the Club’s ongoing commitment to its reciprocal relationship with Horsham Golf Club, competition fees raised during the month of March totalling $5,000 were donated to the club to assist in their rebuilding process following the Black Saturday bushfires which destroyed their Clubhouse and much of the golf course. We understand progress has been made on the redevelopment of the golf course, although plans are still under development to rebuild their clubhouse. We encourage members to continue to support Horsham Golf Club through their rebuilding period.

With the lengthy hot weather causing grief in South Australia in early 2009, the Club took the opportunity to address its Hot Weather Policy. Rather than cancel competitions in periods of high temperatures, it was agreed to allow golfers to continue to play, but to ensure due care was taken by players to protect themselves not only from heat, but during times of other extreme weather conditions. Associated with issues of hot weather were changes made to the playing rights for Full female members on Saturday. Recognising a need to allow players to beat the heat on warm days, a new regulation was introduced allowing women to play early on Saturdays.

Throughout 2009, the Club continued with its strategic commitment to support elite level golf by offering its facilities to Golf SA’s state squad and Golf Education Australia for coaching and training purposes. The relationships established with both programs have been excellent, and it is hoped they will lead to further commercial arrangements in the future.

Development of our own players was an important area identified by the Club in 2009. The Junior Development Working Group was re-established to capitalise on a recent influx of new junior members and to ensure the Club continued to be a popular choice for young golfers keen to take up the game. As a result, Junior membership numbers jumped from 28 in 2008 to 44 in 2009.

The Club’s Junior Development Program continued to provide great support to our juniors, with another successful trip to the South Coast attended by 14 juniors and 4 adults proving to be the most popular event on the calendar. In July, the Club introduced the Winter Junior Matchplay Trophy to coincide with the school holidays. In total, 12 juniors competed playing 30 matches over a two week period, with Braeden Kelly the eventual winner, going through 2009 Annual Report | page

17

undefeated. A matchplay challenge was held against Tea Tree Gully in the October school holidays, with a reciprocal match scheduled in 2010.

excellent practice facilities offered to members and will join our Simpson Cup team in 2010 pending his availability between tournaments.

The Junior Development Program is funded through donations to the Club’s Foundation, and is administered by the Junior Development Working Group.

Thanks must go to David Gillespie, Paul Duregon, Vicki Hynes, Fran Brown, Jill Hodge and Ron Wood for their great work, and also to all the parents and other volunteers who have helped throughout 2009. A special mention must also be made for the work carried out by our two trainee professionals, Sam Hughes and Adrian Wickstein, who have established a great rapport with all our juniors. It is good to see the objectives of our Junior Development Program being achieved, with members coming through the program, such as Sam and Adrian, maturing into fine golfers and quality leaders.

The Elite & Imminent Player Scheme aims to attract some of the best male and female golfers in the State to the Club, helping to establish the Club as a leader in golf development, assisting in the Club’s performances in Golf SA pennant competitions and promoting the Club more readily within the golf industry.

It is hoped that by having some of the best golfers in South Australia around the Club, it will create a strong breeding ground for our future members.

We welcomed Jordan Sherratt into the Club in August under the Club’s new Elite & Imminent Player Scheme.

Jordan is currently ranked in the top 50 amateur golfers in the world and one of the highest ranked players in Australia.

Jordan joined Glenelg to utilise the page

18 | 2009 Annual Report

Foundation With economic conditions not conducive to seeking support from regular sponsors, it was agreed to postpone the annual Foundation Day in 2009. The 2010 Foundation Day has been scheduled for Friday, 30th April with the aim of raising in excess of $30,000.

Fundraising activities were kept to a minimum in 2009 with only $4,598 raised through events, including $1,989 from the

popular Quiz Night. Over 200 members challenged their minds at the event which has now become a permanent fixture on the Club’s social calendar. Thanks must go to Ruth Martin for organising the night, Chris Whitford for his expertise as Quiz Master and everyone else who volunteered or sponsored the event.

Higher Junior membership numbers and participation through 2009 resulted in increased expenditure with $17,656 spent through the Club’s Junior Development Program. Funds were mainly used for specialised coaching and entry into selected events for our junior members, but also Sunday morning junior clinics, junior trial membership benefits and another trip for selected juniors to the South Coast. Michael Ratajewski represented the Club at the Australian Junior Amateur Championships played in Alice Springs with financial assistance provided through the Foundation.

Staff Despite another busy year at the Club, our staff continue to perform beyond expectations. A young, dynamic team of highly skilled and experienced workers

is slowly being brought together under the leadership of our General Manager, David Brand, and the results a starting to show.

Our hospitality team faced a number of hurdles through 2009 but still managed to deliver an excellent level of service to members and guests and at the same time returned a healthy profit through our successful function business. Karen Fry has adapted well to her new role as Clubhouse Operations Manager during Martyn Kinsman’s absence, whilst Craig Jeffery and Phil Day continue to provide her with valuable support.

The Club lost a great asset in November when Melissa Wundersitz resigned from the role of Membership & Function Liaison Officer. Melissa was with the Club for almost five years and I am sure you would have all come across her beaming smile and friendly personality, either behind the bar or in the office. Melissa’s replacement was announced in early 2010 with Mark Tan appointed to the role of Membership & Golf Operations Manager.

As always, Kerry Crossman and Carly Clough diligently carried out their administrative duties throughout the year, and were joined

by Cathy Symons, who was employed in January in a casual role whilst Carly took

some time out with the birth of her second child, William. As mentioned earlier in this report, Emma Bishop was appointed to the newly created Marketing & Communications role.

Once again, Graham Stevens performed unwaveringly throughout 2009 as Course Operations Manager. His ongoing commitment to the Club in this role has been without question through trying environmental conditions. The current conditioning and presentation of the golf course is directly associated with Graham’s skills, experience and leadership of an excellent Course Maintenance team.

Valuable advice was also sought from Daryl Sellar through his turf consultancy business.

A significant milestone was achieved in 2009 when Steve Richards reached 30 years of service with the Club. Steve joined the Club under Darrell Cahill’s guidance in 1979 and has seen many changes in his career. On behalf of everyone at Glenelg, we congratulate Steve on his great achievement, and thank him for his many years of service.

Summary of the Glenelg Golf Club Foundation activities for 2009 Junior Golf Member Donations Quiz Night Various Fundraising Expenses

$1,349.45 $1,989.46 $947.86 ($17,656.89)

Facility Upgrade Member Donations

$312.00

Current Balance (Junior Fund)

$29,386.30

Ron Wood and his staff have continued to provide valuable service to members and guests in the Pro Shop. Adrian Wickstein commenced his traineeship in January and

2009 Annual Report | page

19

has proven to be a very worthy addition to the team. Ron’s involvement with the Club’s pennant squads, juniors and women’s try golfers should not go unmentioned and has been greatly appreciated by all involved.

Once again, the Membership & Member Focus Working Group worked tirelessly throughout the year on various member service related issues. I would like to thank Tony Martin, Gavan Fox and David Gillespie for their hard work.

Committee

A special mention must be made to the Directors of Glenelg Golf Links Ltd who met on a number of occasions in an effort to assist with the Club’s submission objecting to the payment of Land Tax. Without their support, changes to the Company’s constitution could not have been approved by its shareholders.

The Club saw the departure of Helen McMutrie and Ian Frances from the Committee of Management in 2009.

Helen’s long and distinguished career at Club, State and National levels within the golf industry was recognised with her appointment to the role of Vice President along with former Captain, John Rawson.

Bernie Manser’s five year term as President ended with his replacement, Geoff Gitsham, appointed to the ceremonial role, whilst Avis Moore and John Handford completed their long association as Vice-Presidents. I would like to thank them all for their time and commitment over many years.

Former Women’s Captain, Kay Nyland, was appointed to the Committee of Management at the Annual General Meeting, whilst Sam Koukourou rejoined the group following a year off. Both have proved to be valuable additions bringing a variety of skills to the boardroom table. page

20 | 2009 Annual Report

Supporters Glenelg has had a very long and proud history of volunteers and supporters with members always willing to give up their own time to assist in the running of the Club.

With 2009 no different to other years, it is always difficult to single out individuals to thank, however it is important to recognise those who have given so much over many years.

Peter and Jan Wheatley, who managed the Club’s mixed events for more than 12 years, made the decision in late 2009 to hand the

Obituary Into the silence, we regret the loss of the following members in 2009 and extend our sympathy to relatives and friends.

Maurice King Paul Brindley Brian Bashford

reigns over to Jim and Chris Sullivan. Reg Sands continues to provide great service on Saturday mornings as Starter, whilst Michael Reynolds’ extensive historical knowledge remains an important asset to the Club.

There are many other supporters, sponsors and volunteers who help to deliver a quality experience and service to members, and it would be remiss of me not to thank them.

However, they are too many to name, but too valuable to ignore. Thank you everybody for your invaluable assistance throughout 2009.

you to be constructive in any suggestions made to the Committee of Management through our very capable General Manager, David Brand.

With my term as Captain coming to a close, I am proud to have been a part of an energetic, involved, responsive and dynamic team that has done its best to guide this wonderful Club of ours, the Club of Choice, to new levels in nearly every key indicator.

Happy golfing.

In Conclusion The Club is currently on an upward trend following the dip that corresponded with the global financial crisis. There will be more challenges and changes ahead as we move to be the modern and inclusive Club that we deserve to be. I urge all members to embrace being part of an exciting era where we build on the wonderful base that has been so painstakingly and lovingly built by our predecessors.

Be proud of your Club, bring your friends and enjoy all it has to offer. We encourage

Paul McGrath CAPTAIN 2009 Annual Report | page

21

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2009 NET INCOME Membership Subscriptions Entrance Fees Land Tax Levies Water Levy Full Paid Membership Subscriptions Match Competition Fees Locker Fees Green Fees Cart Hire Motorised Buggy Storage Affiliation Fees Trophies Professional Retainer Other Match Expenses Bar Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries and Associated Costs Replacements and Repairs Other Expenses Depreciation Catering Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries and Associated Costs Laundry Replacements and Repairs Cleaning Materials Stationery and Advertising Other Expenses Depreciation Other Income Catering Levy forfeited Interest Received Phone Tower Government Grant Miscellaneous

TOTAL NET INCOME The accompanying notes form part of these accounts

Note

Consolidated 2009 2008 $ $ 1,771,328 431,652 217,740 147,950 2,568,670

1,729,969 372,907 24,626 147,858 2,275,360

2009 $

Golf Club 2008 $

1,771,328 431,652 217,740 147,950 2,568,670

1,729,969 372,907 24,626 147,858 2,275,360

48,606 12,253 267,651 46,620 2,909 (1,263) (47,119) (45,000) (89,383) 195,274

51,425 281,870 41,719 2,514 (6,937) (45,593) (42,185) (67,233) 215,580

48,606 12,253 267,651 46,620 2,909 (1,263) (47,119) (45,000) (89,383) 195,274

51,425 281,870 41,719 2,514 (6,937) (45,593) (42,185) (67,233) 215,580

703,214 (268,367) 434,847

643,250 (250,285) 392,965

703,214 (268,367) 434,847

643,250 (250,285) 392,965

(370,853) (8,640) (25,901) (4,284) 25,169

(283,563) (4,447) (15,097) (8,869) 80,989

(370,853) (8,640) (25,901) (4,284) 25,169

(283,563) (4,447) (15,097) (8,869) 80,989

827,749 (269,179) 558,570

740,214 (272,578) 467,636

827,749 (269,179) 558,570

740,214 (272,578) 467,636

(388,290) (17,856) (4,004) (4,159) (6,537) (27,699) (10,837) 99,188

(350,270) (16,306) (4,323) (6,859) (4,422) (21,028) (14,657) 49,771

(388,290) (17,856) (4,004) (4,159) (6,537) (27,699) (10,837) 99,188

(350,270) (16,306) (4,323) (6,859) (4,422) (21,028) (14,657) 49,771

52,678 151 38,147 15,977 106,953

51,920 60,467 43,582 182,750 18,389 357,108

52,678 151 38,147 15,977 106,953

51,920 60,467 43,582 182,750 18,389 357,108

2,995,254

2,978,808

2,995,254

2,978,808

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2009 Note EXPENDITURE Administration and Support Services Salaries and Associated Costs Audit Fees Advertising Depreciation Finance Costs Bank Charges & Merchant Fees Insurance Postage, Printing and Stationery Telephone Council Rates Land Tax Legal and Consulting Travel and Accommodation Computer Consumables and Maintenance Other Administration Expenses Course Salaries and Associated Costs Maintenance Redevelopment Refurbishment Irrigation Landscape Maintenance RIVAP Machinery Other Expenses Depreciation House Laundry Repairs and Maintenance Contract Cleaning Light, Power and Water Other House Expenses Depreciation Other Expenses (Profit)/Loss on Sale of Fixed Asset Impairment of Financial Asset

TOTAL EXPENDITURE NET SURPLUS / (DEFICIT)

The accompanying notes form part of these accounts

4(a)

Consolidated 2009 2008 $ $

2009 $

Golf Club 2008 $

336,724 7,000 21,685 34,774 194,064 27,443 29,959 22,415 18,073 46,235 249,492 22,617 1,374 18,631 64,193 1,094,679

308,540 5,753 21,812 32,482 43,116 13,214 30,778 21,476 16,479 28,107 142,676 42,468 10,473 75,346 792,720

336,724 7,000 21,685 34,774 194,064 27,443 29,959 22,415 18,073 46,235 249,492 22,617 1,374 18,631 64,193 1,094,679

308,540 5,753 21,812 32,482 43,116 13,214 30,778 21,476 16,479 28,107 142,676 42,468 10,473 75,346 792,720

751,234 347,309 6,283 15,623 29,067 42,965 1,280 64,826 21,428 362,911 1,642,926

615,536 298,926 4,166 31,347 21,556 21,641 45,603 23,265 321,016 1,383,056

751,234 347,309 6,283 15,623 29,067 42,965 1,280 64,826 21,428 362,911 1,642,926

615,536 298,926 4,166 31,347 21,556 21,641 45,603 23,265 321,016 1,383,056

6,860 20,873 67,641 74,631 21,184 193,190 384,379

6,260 34,337 45,169 56,893 13,183 111,265 267,107

6,860 20,873 67,641 74,631 21,184 193,190 384,379

6,260 34,337 45,169 56,893 13,183 111,265 267,107

3,236 150,000 153,236

(28,107) (28,107)

3,236 150,000 153,236

(28,107) (28,107)

3,275,220

2,414,776

3,275,220

2,414,776

(279,966)

564,032

(279,966)

564,032

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2009 Note

Consolidated 2009 2008 $ $

2009 $

2 3

371,874 145,747 23,834 114,786 656,241

1,219,405 210,579 16,612 126,693 1,573,289

371,874 145,747 23,834 114,786 656,241

1,219,405 210,579 16,612 126,693 1,573,289

4 5

100,000 7,986,600 8,086,600

250,000 6,426,912 6,676,912

709,436 7,357,896 8,067,332

859,456 5,798,188 6,657,644

8,742,841

8,250,201

8,723,573

8,230,933

640,401 145,995 14,290 334,406

646,514 122,250 14,290 316,128

640,338 145,995 14,290 334,406

646,451 122,250 14,290 316,128

1,135,092

1,099,182

1,135,029

1,099,119

116,690 3,458,568

115,704 2,722,858

116,690 3,458,568

115,704 2,722,858

Total Non-Current Liabilities

3,575,258

2,838,562

3,575,258

2,838,562

TOTAL LIABILITIES

4,710,350

3,937,744

4,710,287

3,937,681

NET ASSETS

4,032,491

4,312,457

4,013,286

4,293,252

Retained Earnings Outside Equity Interests in controlled entity

4,004,244 28,247

4,284,210 28,247

4,013,286 -

4,293,252 -

TOTAL EQUITY

4,032,491

4,312,457

4,013,286

4,293,252

CURRENT ASSETS Cash & Cash Equivalents Trade & Other Receivables Other Current Assets Inventories Total Current Assets

Golf Club 2008 $

NON-CURRENT ASSETS Financial Assets Property, Plant and Equipment Total Non-Current Assets TOTAL ASSETS CURRENT LIABILITIES Trade & Other Payables Short-Term Provisions Short-Term Borrowings Other Current Liabilities

6 7a 8a 10

Total Current Liabilities NON-CURRENT LIABILITIES Long-Term Provisions Long-Term Borrowings

7b 8b

EQUITY

The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2009

Consolidated Entity

Retained Earnings $

Reserves

Total

$

$

Balance at 1 January 2009 Profit attributable to members of controlling entity

4,284,210

Balance at 31 December 2009

4,004,244

28,247

4,032,491

Balance at 1 January 2009 Profit attributable to members of controlling entity

4,293,252

-

4,293,252

Balance at 31 December 2009

4,013,286

-

4,013,286

Balance at 1 January 2008 Profit attributable to members of controlling entity

3,720,178

28,247

3,748,425

Balance at 31 December 2008

4,284,210

28,247

4,312,457

Balance at 1 January 2008 Profit attributable to members of controlling entity

3,729,220

-

3,729,220

564,032

-

564,032

Balance at 31 December 2008

4,293,252

-

4,293,252

(279,966)

28,247 -

4,312,457 (279,966)

Controlling Entity

(279,966)

-

(279,966)

Year End 2008 Consolidated Entity

564,032

-

564,032

Year End 2008 Controlling Entity

The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2009 Note CASH FLOWS FROM OPERATING ACTIVITIES

1,530,963 2,633,502 378,039 (3,869,697) (194,064)

Bar and Catering Sales Subscriptions and Entrance Fees Green Fees and Competition Fees Payments to Suppliers and Employees Interest Paid Donations, Fundraising and Other Sundry Receipts NET CASH INFLOW FROM OPERATING ACTIVITIES

Consolidated 2009 2008 $ $

11

Golf Club 2009 $

1,383,464 1,530,963 2,167,262 2,633,502 377,528 378,039 (2,896,567) (3,869,697) (43,116) (194,064)

2008 $

1,383,464 2,167,262 377,528 (2,896,567) (43,116)

106,953

357,108

106,953

357,108

585,696

1,345,679

585,696

1,345,679

CASH FLOWS FROM INVESTING ACTIVITIES Payments for Property, Plant and Equipment Proceeds from Sale of Property, Plant and Equipment Conversion of cash deposit to equity in investment

(2,170,127) 1,190 -

(2,923,372) (2,170,127) 39,761 1,190 (250,000) -

(2,923,372) 39,761 (250,000)

NET CASH (OUTFLOW) FROM INVESTING ACTIVITIES

(2,168,937)

(3,133,611) (2,168,937)

(3,133,611)

CASH FLOWS FROM FINANCING ACTIVITIES Repayment of Borrowing Additional Lease Established Loan Facility Debentures Repaid

(14,290) 750,000 -

(12,091) 29,040 1,500,000 -

(14,290) 750,000 -

(12,091) 29,040 1,500,000 -

NET CASH PROVIDED INFLOW (OUTFLOW) FROM FINANCING ACTIVITIES

735,710

1,516,949

735,710

1,516,949

NET INCREASE / (DECREASE) IN CASH HELD

(847,531)

Cash at Beginning of Year Cash at End of Year

The accompanying notes form part of these accounts

2

(270,983)

(847,531)

(270,983)

1,219,405

1,490,388

1,219,405

1,490,388

371,874

1,219,405

371,874

1,219,405

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting 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 and the 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 individual controlling entity comply with all Australian equivalents to International Financial Reporting Standards (IFRS) in their 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 the financial 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 into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year.

Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2009 reporting 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 assets and liabilities of Glenelg Golf Links Limited as at 31 December 2009 and the results of the Company for the period then ended. The effects of all transactions between the Club and the Company are eliminated in full. Outside equity interests in the results and group equity are shown separately in the consolidated profit and loss account and balance sheet respectively.

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

b)

Financial Instruments Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below: Available-for-sale financial assets Available-for-sale financial assets include any financial assets that are not considered to be "loans and receivables" 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, the asset is stated at its initial cost. Unreliased gains and losses arising from changes in fair value are taken directly to equity.

Financial Liabilities Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES c)

Property, Plant and Equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment 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 straight line 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 Administration furniture and fittings Bar plant and equipment Catering plant and equipment Clubhouse Building Clubhouse Other Course buildings House plant and equipment Motor vehicles Office equipment Course plant and equipment Entrance Road

d)

Useful Lives 5-11 8-11 7-11 40-50 7-11 4-25 8-11 4-5 5-7.5 4-11 15

Impairment of Assets At each reporting date, the Committee reviews the carrying values of its assets to determine whether there is any indication that those assets have been impaired. If such an 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 determine the recoverable amount of an individual asset, the Committee estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES e)

Employee Benefits Provision is made for the association's liability for employee benefits arising from services rendered by employees to balance date. Employee entitlements expected to be settled within one year together with entitlements arising from wages 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 current year to March of the following year. Any subscription fees invoiced for the quarter of January to March of the following year is 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 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.

l)

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

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 Note

Consolidated 2009 2008 $ $

2009 $

Golf Club 2008 $

361,070 10,804 371,874

361,070 10,804 371,874

NOTE 2 - CASH & CASH EQUIVALENTS Cash at Bank Cash on Hand

1,215,072 4,333 1,219,405

1,215,072 4,333 1,219,405

The effective interest rate on short-term bank deposits was 7.3% (2008: 7.9%); 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

371,874

1,219,405

371,874

1,219,405

15,696 61,956 68,095 145,747

8,734 33,012 168,833 210,579

15,696 61,956 68,095 145,747

8,734 33,012 168,833 210,579

250,000 (150,000) -

250,000 -

608,328 250,000 (150,000) 1,108

608,328 250,000 1,128

100,000

250,000

709,436

859,456

NOTE 3 - TRADE & OTHER RECEIVABLES Subscription Debtors Sundry Debtors GST Input Tax Credits

NOTE 4 - FINANCIAL ASSETS Available for sale financial assets comprise of: Shares - Glenelg Golf Links Ltd Units - Premium Income Fund Provision for Impairment - Premium Income Fund Loan - Glenelg Golf Links Ltd Total Financial Assets (a)

The Club has an investment in the Premium Income Fund, which is a managed investment scheme managed by Wellington Capital.

The investment amount has been impaired by $150,000 as a result of the impact of the global financial crisis and the winding up and legal consequences of the former responsible entity, MFS Limited.

The amount of the impairment has been based on the latest available audited financial statements for the Fund which indicate that the net asset backing of the units at 30 June 2009 had reduced to 40 cents per unit.

The Fund intends to pay a capital payment of 3 cents per unit in the forthcoming year and it is their expectation that the unit value will recover in the future when the property market conditions improve.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 Note

Consolidated 2009 2008 $ $

2009 $

Golf Club 2008 $

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT 628,704

628,704

Clubhouse Less Accumulated Depreciation

5,863,928 (726,779) 5,137,149

4,422,127 (557,238) 3,864,889

5,863,928 (726,779) 5,137,149

4,422,127 (557,238) 3,864,889

Clubhouse Plant and Equipment Less Accumulated Depreciation

249,870 (190,957) 58,913

247,156 (167,384) 79,772

249,870 (190,957) 58,913

247,156 (167,384) 79,772

Course Buildings Less Accumulated Depreciation

196,306 (92,688) 103,618

196,306 (71,308) 124,998

196,306 (92,688) 103,618

196,306 (71,308) 124,998

Administration Plant and Equipment Less Accumulated Depreciation

212,936 (189,038) 23,898

202,531 (174,096) 28,435

212,936 (189,038) 23,898

202,531 (174,096) 28,435

Bar Plant and Equipment Less Accumulated Depreciation

161,584 (148,711) 12,873

159,761 (144,427) 15,334

161,584 (148,711) 12,873

159,761 (144,427) 15,334

Catering Plant and Equipment Less Accumulated Depreciation

220,563 (182,367) 38,196

197,192 (171,531) 25,661

220,563 (182,367) 38,196

197,192 (171,531) 25,661

Motor Vehicles Less Accumulated Depreciation

131,573 (68,461) 63,112

103,809 (50,802) 53,007

131,573 (68,461) 63,112

103,809 (50,802) 53,007

Course Plant and Equipment Less Accumulated Depreciation

3,573,734 (1,774,568) 1,799,166

2,918,084 3,560,521 (1,454,456) (1,761,355) 1,463,628 1,799,166

2,904,871 (1,441,263) 1,463,608

Entrance Road Less Accumulated Depreciation

265,104 (144,625) 120,479

265,104 (123,185) 141,919

265,104 (144,625) 120,479

265,104 (123,185) 141,919

Capital Improvements Less Accumulated Depreciation

1,163 (671) 492

1,163 (598) 565

1,163 (671) 492

1,163 (598) 565

Freehold land

TOTAL PROPERTY, PLANT AND EQUIPMENT

7,986,600

6,426,912

-

7,357,896

-

5,798,188

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 NOTE 5 - PROPERTY, PLANT AND EQUIPMENT (CONT.) b)

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

Golf Club Carrying amounts at 1 January 2009

Clubhouse Clubhouse Plant & Equipment Course Buildings Administration Plant & Equipment Bar & Plant Equipment Catering Plant & Equipment Motor Vehicles Course Plant & Equipment Entrance Road Capital Improvements Work In Progress

3,864,889 79,772 124,998 28,435 15,334 25,661 53,007 1,463,608 141,919 565 5,798,188

Additions

1,441,801 2,714 10,405 1,823 23,371 34,363 655,650 2,170,127

Disposals

(6,600) (6,600)

Work in Progress

-

Depreciation

(169,541) (23,573) (21,380) (14,942) (4,284) (10,836) (19,832) (320,092) (21,440) (73) (605,993)

Write Back of Accumulated Depreciation

2,174 2,174

Consolidated Entity Carrying amounts at 1 January 2009

Freehold Land Clubhouse Clubhouse Plant & Equipment Course Buildings Administration Plant & Equipment Bar & Plant Equipment Catering Plant & Equipment Motor Vehicles Course Plant & Equipment Entrance Road Capital Improvements Work In Progress

c)

628,704 3,864,889 79,772 124,998 28,435 15,334 25,661 53,007 1,463,628 141,919 565 6,426,912

Additions

1,441,801 2,714 10,405 1,823 23,371 34,363 655,650 2,170,127

Disposals

(6,600) (6,600)

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

Work in Progress

-

Depreciation

(169,541) (23,573) (21,380) (14,942) (4,284) (10,836) (19,832) (320,112) (21,440) (73) (606,013)

Write Back of Accumulated Depreciation

2,174 2,174

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009

NOTE 6 - TRADE & OTHER PAYABLES Trade Creditors Other Creditors

Consolidated 2009 2008 $ $

2009 $

Golf Club 2008 $

436,506 203,895 640,401

478,440 168,074 646,514

436,506 203,832 640,338

478,440 168,011 646,451

122,250 90,964 (67,219) 145,995

127,907 58,111 (63,768) 122,250

122,250 90,964 (67,219) 145,995

127,907 58,111 (63,768) 122,250

115,704 11,915 (10,929) 116,690

122,012 10,934 (17,242) 115,704

115,704 11,915 (10,929) 116,690

122,012 10,934 (17,242) 115,704

14,290 14,290

14,290 14,290

14,290 14,290

14,290 14,290

3,450,000 7,568 1,000 3,458,568

2,700,000 21,858 1,000 2,722,858

3,450,000 7,568 1,000 3,458,568

2,700,000 21,858 1,000 2,722,858

NOTE 7 - PROVISIONS (a)

SHORT-TERM PROVISIONS

Annual Leave Opening Balance Additional Provisions Raised Amounts Used

(b)

LONG-TERM PROVISIONS

Long Service Leave Opening Balance Additional Provisions Raised Amounts Used

NOTE 8 - BORROWINGS (a)

SHORT-TERM BORROWINGS

Hire Purchase

(b)

LONG-TERM BORROWINGS

Bank loan Hire Purchase Debentures

The Club has a loan facility of $3,450,000 which are secured by registered mortgages over land owned by Glenelg Golf Links Limited. At 31 December 2009, $3,450,000 of the Club's facility was utilised. $1,200,000 of the loan facilities is offset for interest purposes by the balance held in the Club's transaction account.

Which means the interest on the $1,200,000 is only payable once the balance on hand falls below $1,200,000.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009

NOTE 9 - CAPITAL & LEASING COMMITMENTS

Consolidated 2009 2008 $ $

2009 $

Golf Club 2008 $

Hire Purchase Lease Commitments Payable - minimum lease payments not later than 12 months between 12 months & 5 years greater than 5 years Minimum Lease Payments

16,615 8,781 25,396

Less future finance charges

(3,538)

(5,863)

(3,538)

(5,863)

Present Value of minimum lease payments

21,858

36,148

21,858

36,148

56,764 10,905 95,601 16,893 33,453 23,767 68,553 28,470 334,406

34,250 9,115 101,596 15,913 29,199 23,625 55,911 46,519 316,128

56,764 10,905 95,601 16,893 33,453 23,767 68,553 28,470 334,406

34,250 9,115 101,596 15,913 29,199 23,625 55,911 46,519 316,128

(279,966)

564,032

(279,966)

564,032

605,993 150,000 24,731 3,236

488,284 (11,965) (28,107)

605,993 150,000 24,731 3,236

488,284 (11,965) (28,107)

64,832 20

(108,098) 20

64,832 20

(108,098) 20

12,165 (7,222) 11,907

414,375 25,233 1,903

12,165 (7,222) 11,907

414,375 25,233 1,903

585,696

1,345,677

585,696

1,345,677

16,615 25,396 42,011

16,615 8,781 25,396

16,615 25,396 42,011

NOTE 10 - OTHER CURRENT LIABILITIES Catering Deposits Green Fee Deposits Catering levy unabsorbed Wallet account Trophy account PAYG Tax Sundry GST Payable Foundation Government Grant

NOTE 11 - RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT FROM OPERATING ACTIVITIES PROFIT FROM ORDINARY ACTIVITIES Non cash flows in profit from ordinary activities Depreciation Impairment of Financial Asset Provision for Employee Benefits (Profit)/Loss on Sale of Non Current Assets Changes in Assets and Liabilities (Increase)/Decrease in Debtors Movement in Loans to Glenelg Golf Links Increase/(Decrease) in Trade Creditors and Accrued Expenses (Increase)/Decrease in Prepayments (Increase)/Decrease in Stock NET CASH INFLOW FROM OPERATING ACTIVITIES

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 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 changes in market interest rates and the effective weighted average on those financial assets and liabilities, is as follows: Weighted Average Effective Interest Rate

2009 %

Financial Assets Cash at Bank 7.3 Cash on Deposit

Financial Liabilities Borrowings 7.05 (b)

2008 %

2009 $

7.9

8.55

Floating Interest Rate

361,070 361,070

-

Fixed Interest Rate Maturing Within 1 Year

2008 $

2009 $

1,215,072 1,215,072 -

-

14,290 14,290

1 to 5 Years

2008 $

2009 $

2009 $

-

-

-

-

-

-

14,290 14,290

3,458,568 3,458,568

2,722,858 2,722,858

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

(c)

Net Fair Values The aggregate net fair values and carrying amounts of financial assets and financial liabilities are not materially different from 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 sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks.

At 31 December 2009, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows: Consolidated Golf Club 2009 2008 2009 2008 $ $ $ $ Change in Profit Increase in the interest rate by 2% $ (62,000) $ (34,000) $ (62,000) $ (34,000) Decrease in the interest rate by 2% $ 62,000 $ 34,000 $ 62,000 $ 34,000 Change in Equity Increase in the interest rate by 2% Decrease in the interest rate by 2%

$ (62,000) $ (34,000) $ (62,000) $ (34,000) $ 62,000 $ 34,000 $ 62,000 $ 34,000

NOTE 13 - AUDITOR'S REMUNERATION Remuneration of the auditor of the parent entity for: Auditing & Reviewing the financial report

7,000 7,000

6,650 6,650

7,000 7,000

6,650 6,650

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 NOTE 14 - RELATED PARTIES (a)

The Club paid rent of $20 to Glenelg Golf Links Limited in which it has a majority shareholding, for use of the Golf Course (2008 - $20).

(b)

The names of the persons who were officers of the Glenelg Golf Club Incorporated at any time during the year ended 31 December 2009 are as follows: Paul R. McGrath Neil J. Johnson Sam Koukourou Gavan M. Fox Ian K. Frances David P. Gillespie Helen McMutrie Anthony J. Martin Gerard P. O'Brien Kay Nyland

(Captain) (Vice Captain) elected March 2009 term completed March 2009 term completed March 2009

elected March 2009

During the financial year no Committee members received either directly or indirectly as a member of a firm or body corporate any payments as a result of contracts or transactions with the Club.

NOTE 15 - CONTINGENT LIABILITIES Contingent Liabilities of $1,426 exist in respect to the redeemable amounts of full paid membership subscriptions in accordance with the terms of their issue.

The members who took up the full paid membership option did so to receive full playing rights at a one off fee. This fee could be redeemed over the next 9 years at a diminishing value. After these 9 years the membership cannot be redeemed.

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 affect the operations of the entity, the results of those operations, or the state of affairs of the entity in future financial years.

NOTE 17 - SEGMENT REPORTING The consolidated entity operates predominantly in one business and geographical segment being the provision of golf course usage to its members.

NOTE 18 - ASSOCIATION DETAILS The principal place of business of the association is James Melrose Road, Novar Gardens.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009 NOTE 19 - 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 the club 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 structure in 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. This strategy is to ensure that there is sufficient cash to meet trade and sundry payables and borrowings.

2009

2008

NOTE 20 - CONTROLLED ENTITIES Country of Parent Entity Glenelg Golf Club Inc Subsidiary Glenelg Golf Links Ltd

Percentage owned (%)*

Australia Australia

*percentage of voting power in proportion to ownership

62

62

GLENELG GOLF CLUB INCORPORATED STATEMENT BY COMMITTEE

In the opinion of the Committee 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 2009 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 2009, 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 2009: (a)

(i) (ii) (iii)

no officer of the association; no firm of which an officer is a member; and no body corporate in which an officer has a substantial financial interest;

has or become entitled to receive a benefit as a result of a contract between the officer, firm or body corporate and the association. (b)

no officer of the association has received directly or indirectly from the association any payment or other benefit of a pecuniary value.

This report is made in accordance with a resolution of the committee and signed by two Members of the Committee.

Dated this 23rd day of February 2010.

PAUL McGRATH Captain

JIM JOHNSON Vice Captain

James Melrose Road NOVAR GARDENS SA 5040 Phone: (08) 8295 3793 Fax: (08) 8294 8894 www.glenelggolf.com reception@glenelggolf.com