finance report
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2025
The accompanying notes form part of these accounts
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2025
The accompanying notes form part of these accounts
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
The accompanying notes form part of these accounts
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2025
End 2023-24
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2025
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Simplified Disclosures of the Australian Accounting Standards Board (AASB) and the Associations Incorporation Act of 1985. The association is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.
The financial report covers the consolidated entity of Glenelg Golf Club Inc (Club) as the individual controlling entity and the controlled entity Glenelg Golf Links Limited (GGL) incorporated and domiciled in Australia.
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 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.
The principal continuing activity of the Club consisted of: - providing a golf course for member and social play; and - providing bar and dining facilities in the clubhouse
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.
a) Principles of Consolidation
The Club controls majority of the share capital of Glenelg Golf Links Limited (GGL) as such in accordance with AASB 10 – Consolidated Financial Statements the Groups consolidated accounts incorporated the assets and liabilities of GGL as at 31 March 2025 and the financial result of GGL for the period then ended. The effects of all transactions between the Club and GGL are eliminated in full on Consolidation. The remainingownership of GGL is recognised as Outside Equity Interests in the Statement of Changes in Equity and the Group’s equity is shown separately in the Consolidated Statement of Comprehensive Income and Statement of Financial Position, respectively.
Due to the different valuation approaches take by each entity, upon consolidation this causes the market value of the shares in GGL to be reverted to cost. The cost of the GGL shares have been disclosed as Free Hold Land in Note 6 of the Consolidated Financial Statements.
b) Financial Instruments
Financial assets and liabilities are initially recognised when the Club becomes a party to the contractual provisions to the instrument. For Financial assets, this is the date that the Club commits itself to the purchase or sale of the asset.Financial assets are initially measured at fair value, where the values in an active market are used to determine the value. A financial asset can be subsequently measured in three ways; amortised cost, fair value through other comprehensive income, or fair value through profit and loss.
A financial asset is subsequently measured at fair value through other comprehensive income as it is irrevocably designated by Committee of Management (note 17b) to be treated in this way, with fair value adjustments to be made against a reserve in equity. As the value of the shares do not impact the business operating performance, the fair value adjustment need not impact operating surplus/deficit.
A financial liability can be measured at amortised cost or at fair value through the Profit and Loss. In relation to the Club's loan facility they are measured at the amortised cost and the effective interest rate method is applied. This means the interest costs related to the debt are expensed in the Profit and Loss over the relevant period. Changes to accounting standard AASB 9 have impacted the way that the Glenelg Golf Link Limited shares are to be reported in the 2019-2020, and all future Financial reports. Previously shares had been recorded at purchase price.
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
c) Pr op e r t y, Pl a n t a n d E q u i p m e n t
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:
At each reporting date, the Committee of Management reviews the carrying values of its assets to determine whether there is any indicators of impairment. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell or value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is recognised immediately to the profit and loss statement.
Where it is not possible to determine the recoverable amount of an individual asset, the Committee of Management estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Provision is made for the Club'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 permanent 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. Other casual employee entitlements payable later than five years have been measured at the present value of the nominal amount.
Subscription revenue is recognised in the profit and loss statement in the Membership year it relates to. The Membership year runs in-line with the Financial year of the 1st April through to 31st March of the following year.
Entrance Fee income has been adjusted to be apportioned to the expected average tenure of the membership. Entrance Fees are put to a liability account (Note 13 - Entrance Fees - Accrued) to be apportioned over future years.
A 10 year average has been applied to Provisional, Six Day, Weekday and Company member Entrance Fees.
A 5 year average has been applied to Country, Casual and Intermediate member Entrance Fees.
Junior Entrance fees are applied at time of invoicing as the spread of these payments is already applied.
g) Income Tax
The Club is exempt from Income Tax in accordance with Section 50-5 of the Income Tax Assessment Act, 1997.
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
h) I n ve n tor ie s
Inventories are measured at the lower of cost and net realisable value. No provision has been made for slow moving inventory, but shall be accounted for if required.
Expenditure incurred on redevelopment of the course is recognised as an expense in the Statement of Comprehensive Income as incurred, unless it is capital in nature, in which case it is capitalised in accordance with the capital expenditure definition. j)
Construction work in progress is stated at the aggregate of contract costs incurred to date and included if applicable, as part of Property, Plant & Equipment.
k)
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) Com p a r a tive F ig u r e s
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.
During the financial year the Club has reviewed the allocation and classification of some transactions which has been updated in the comparative information presented. Changes in classification has resulted in no change to the previously reported financial performance and position of the Club. m) L e a se s -
At inception of a contract, the Club assesses if the contract contains or is a lease. If there is a lease present, a right-of-use asset and a corresponding lease liability are recognised by the Club where the Club is a lessee. All contracts that are classified as short-term leases (lease with remaining lease term of 12 months or less) and leases of low value assets are recognised as an expense on a straight-line basis over the term of the lease.
Initially, the lease liability is measured at the present value of the lease payments still to be paid at commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, the Club uses the incremental borrowing rate.
The right-of-use assets comprise the initial measurement of the corresponding lease liability as mentioned above, any lease payments made at or before the commencement date as well as any initial direct costs. The subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset whichever is the shortest. Where a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Club anticipates to exercise a purchase option, the specific asset is depreciated over the useful life of the
During the 2024-25 year, the Club received wage subsidies for the employment of apprentices amounting to $21,719 (2023-24: $38,212) o) Cr itica l Accou n tin g Ju d g e m e n ts
The Committee of Management evaluate judgements incorporated into the financial statements based on historical knowledge and the best available current information. p)
The Junior Foundation Fund is held for the purpose of supporting the development and growth of junior Members. Due to the nature of this Fund there is no constructive and/or legal liability of the Club as defined by Australian Accounting Standards however, the Club has an Accounting Policy to hold any unspent funds directly received for the purposes of administering its junior development programs as a liability to be quarantined for future allocation to programs undertaken. q) Oth e r I n com e - D on a tion s Re ce ive d
During the 2024-25 year, the Club recognised donations received towards the Lone Pine Pavilion amounting to $457,333 (2023-24: $0)
During the 2024-25 year, the Club recorded $64,485 of expenses relating to the infrastructure masterplan which was in preliminary stages at balance date and therefore expense in nature.
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 2 - CASH & CASH EQUIVALENTS
The effective interest rate on short-term bank deposits was 0.82% (2023-2024: 0.73%); these deposits have an average maturity of 20 days.
The Heritage Fund holds funds donated and bequeathed to the Club for specific projects that are identified and approved by the Committee of Management and are not available for funding operational activities.
Reconciliation of Cash
NOTE 3 - TRADE & OTHER RECEIVABLES
NOTE 4 - INVENTORIES
NOTE 5 - FINANCIAL ASSETS
In accordance with Accounting Standard AASB 9 in relation to Financial Instruments, the shares held in Glenelg Golf Links Ltd are recognised at Fair Value, with the value being based on the last sale price recorded. The last sale price recorded was in 2024/2025 at $360.00 per share (2023/24 $320.00 per share) the revaluation of these shares is carried through Other Comprehensive Income and shown as a reserve on the Balance Sheet.
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 6 - 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.
Glenelg Golf Links Limited which owns the land on which the golf course is situated. This will also include a
Capital of outside equity interests
Impairment Losses
Given there were no indicators of impairment, there were no impairment losses recognised in current year (2023/2024: nil).
In accordance with AASB 16 the Operating Leases in place for Golf Carts and Course Equipment are recorded as a Right of Use Asset and depreciated on a straight line basis over the life of the lease. The following amounts are recognised in the Statement of Comprehensive Income The Freehold Land at 31st March 2024 is recorded at a carry forward value from prior years. This value will increase as a result of the
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 8 - TRADE & OTHER PAYABLES
NOTE 9 - PROVISIONS (a)
RM PROVI SI ON S
(b) LONG-TERM PROVISIONS Long Service Leave
NOTE 10 - BORROWINGS
(a)
(b) LONG-TERM BORROWINGS Bank loan
The Club has a loan facility of $3,000,000 with $2,200,000 secured by registered mortgages over land owned by Glenelg Golf Links Limited. At 31 March 2025, $929,401 of the Club's facility was utilised (31 March 2024: $0).
The Club offset account reduces the Clubs liability to $929,401. The following amounts detail the net result of the balance of the loan facility and offset account. The $2,200,000 loan facility maturity date is 22/09/2026 and $800,000 loan facility maturity date is 31/08/2025.
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 15 - 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:
(b) 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 March 2025, 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:
NOTE 16 - AUDITOR'S REMUNERATION
Remuneration of the auditor of the parent entity for:
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 17 - 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 (2023-2024 - $0).
(b) The names of the persons who were officers of Glenelg Golf Club Incorporated at any time during the period ended 31 March 2025 and formed the Committee of Management are as follows:
Imelda C. Lynch (Captain)
Paul J. Grosvenor (Captain)
Scott Petherick (Vice-Captain)
Anna Standish
James Frearson-Lea
Andrew Culley
Paul M. Gander
Ben Winton
Kristin Jeffery
Term Completed June 2024
Elected June 2024
Elected June 2024
Elected June 2022
Elected June 2022
Elected June 2023
Elected June 2024
Elected June 2024
Elected June 2024
During the financial year, the Club used services from Green Goose Lawns, a business controlled by Mr Paul Gander totalling $5,755 for the purpose of Kikuya spraying on course. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties.
NOTE 18 - CONTINGENT LIABILITIES
Glenelg Golf Links Limited's objection to the land tax assessment for 2023/24 was upheld and therefore no expense or accrual has been recognised in relation to 2024/25 land tax. The Club understands that Revenue SA intends to review the eligibility for GGL's exemption from land tax at the end of each financial year.
NOTE 19 - AFTER BALANCE DATE EVENTS
There were no after balance date events that need to be brought to the attention to the users of the accounts.
NOTE
20 - ASSOCIATION DETAILS
The principal place of business of the association is 20-118 James Melrose Road, Novar Gardens, South Australia, 5040.
NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
NOTE 21 - CAPITAL EXPENDITURE COMMITMENTS
Capital expenditure commitments contracted for:
Plant & Equipment Purchases
Capital Expenditure Projects
Payable: within 12 months
between 12 months and five years
greater than 5 years
Appropriate financing is in place, and from time to time the Committee of Management reviews the debt position (and takes action as necessary) to ensure the Club remains viable and can continue as a going concern.
The Club's debt and capital includes financial liabilities, supported by financial assets.
The $2,200,000 bank loan is secured by registered mortgages over the land and this forms an imposition on capital requirements. (Note 10)
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. 2024-25 2023-24
NOTE 22 - CONTROLLED ENTITIES
Country of Incorporation
Controlling Entity Glenelg Golf Club Inc Australia Controlled Entity
*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 statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes to the financial statements for the year ended 31 March 2025 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 March 2025, 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 March 2025:
1. Paul Gander's business, Green Goose Lawns, received payments under normal commercial conditions for kikuyu spraying on course.
This report is made in accordance with a resolution of the Committee of Management and signed by two Members of the Committee.
Glenelg Golf Club
James Melrose Road
NOVAR GARDENS SA 5040
(08) 8350 3200
www.glenelggolf.com reception@glenelggolf.com
GLENELG GOLF CLUB INCORPORATED ABN 94 199 789 857
