Manly Golf Club Annual Report 2023

M ANLY

G O L F

C L U B

M LY AN

118th ANNUAL REPORT 2023 ABN 18 000 007 465

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MANLY GOLF CLUB LIMITED ABN 18 000 007 465

President J LUTZE

Treasurer R COCKERILL

Club Patron E L CAVILL

Vice President A ANDREWS

Directors D BREWER G LORD L LEA D NEWELL *

Life Members E L CAVILL G B ELKAN KJW MUNRO R EVANS

General Manager D CONSTABLE

Auditors CABEL PARTNERS

Captain D CLEARY Vice Captain L LEA

*Subsequent to the reporting period Mr Newell passed away.

PRESIDENT’S REPORT F

inally, we were able to enjoy a year uninterrupted by floods and pestilence.

This enabled us to enjoy a full year of golf, the new Maintenance Facility has been completed, the membership structure has been more fairly aligned and our representative teams did us proud.

Within the constraints of our budget, we have made good progress on the Vegetation Master Plan, the Bunker Plan, and the Clubhouse Master plan. These key planning documents form an integral part of objectives within our 2023-2028 Strategic Plan *. Much remains to be done on these projects as funds become available.

Most of all we have a wonderful club, with great staff, gregarious members, and a very pleasant ambience. Long may it continue.

So, what happened this year:

The Club’s Finances Results: The financial results for the 12 months ended 30 September 2023 reflect a return to normal operations after the fire, floods, and pandemic. Rising inflation has impacted our costs and the significant reduction in external functions has reduced the subsidy they provided for members F&B. In addition, the Board continued to limit the new member intake and associated revenue. Consequently, a number of capital projects have been placed on hold temporarily.

Outlook: The budget for the next 12 months is again a conservative approach on expenditure, in view of the uncertain economic outlook, this will entail a review of our cost structure. The focus, as always, is to continue to improve members facilities both on and off the Golf course within the constraints of our budget.

Details of the Financial year and the outlook are provided under the Treasurers Report.

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Capital Projects: Following several years of endless testing and planning, the construction of the Course Maintenance Facility has been completed on cost and on time. The works involved the old 1935 machinery shed being demolished, new concrete hard surfaces across the compound, new sand/soil bays and construction of a new machinery storage and workshop space. Members will shortly be invited to celebrate the official opening with an opportunity to view the new facility.

Funds for capital projects for 2024 will be limited to around $670K. The priority for 2024 will be to rebuild the fairway bunkers in accordance with the Craig Parry Bunker Plan, continuing work on the Vegetation Master Plan and to progress renovation of the Clubhouse, which will be 100 years old in 2024.

There is no appetite or capacity for further large borrowings to fund major projects.

Membership Motivated by an anti-discrimination case, the Board established a Playing Rights Panel to ensure that our playing categories and rights were fair and equitable. As a result, a revised structure was successfully trialed for 3 months and implemented thereafter. It now appears to be operating well, although of course, you can never please everyone.

At the end of our golfing year, we had some 187 transfer requests, all of which were approved. Mindful of the stress on the golf course of over 60,000 rounds per year (target 50,000) we have lowered the 7 Day Caps by 10 and the 5 Day caps by 25. This will still allow us to offer more than 20 new memberships this coming year and still be well under our caps.

My thanks to Alison Andrews, Sally Breakwell and all the Membership Committee and the Review Panel for their sterling efforts in a difficult year.

The Course The condition of our golf course is a tribute to the tremendous work of Leon Blacker, Brendan Benad and all the course staff who have fought POA, dealt with a shortage of bunker sand and the continuous disruption of working in a construction site.

Leon and his team have made considerable progress on the Vegetation Master Plan. Led by Tom Bradley, much has already been done to alleviate the overgrown and unsightly vegetation areas and has opened up pleasing vistas across the course.

With the onset of El Niño we remain conscious of the need to ensure water self-sufficiency. Led by Dennis Brewer, we are continuing exploration into the use of the Hawkesbury Sandstone Aquifer which sits between 100 and 150 metres deep and promises to be more reliable in drought times and deliver considerably more water.

The Golf Undoubtedly the highlight of the year was our Men’s Interclub Team winning for the first time in 20 years.

Congratulations also to our women’s team winning the Bronze Plaque and the Bronze II Shield.

Another golfing highlight of the year was fielding our Junior Pennants Team and our Eric Apperly Team for the first time in a number of years.

And finally, congratulations to our new Club Champions Chris Connolly and Gemma Amate A special thanks to David Cleary, our Captain and Linda Lea, our Vice Captain, Phil Baird and Ben Hearsch who do so much work behind the scenes to help our golf program run smoothly.

The Clubhouse Our venerable building turns 100 years old in 2024 and the old gal needs lots of TLC. The House Committee led by Gary Lord, is developing the Clubhouse Master Plan that addresses ongoing maintenance requirements as well as identifying projects for enhancement, all the while preserving the historic characteristics of this grand old building.

Unfortunately redesigning or enhancing the interior will have to be put on hold while we address the urgent requirements for the exterior renovation, repairs to the roof and guttering, windows and doors, security, exterior painting and lighting.

Depending on available funds, we will progress as much of this as possible in the centenary year.

Vale With considerable sadness, I mention those of our Manly Golf Club family who have passed away during the last 12 months.

They may be gone but their spirit remains and is part of the great Manly Golf Club tapestry - hopefully always a work in progress: Dean Newell, Dennis Benson, John Fitzhardinge, Warren Hurt, Jean Kirk, Doris Thompson.

Acknowledgements To all our staff we thank you for your efforts in improving the Club and providing excellent service to the Members throughout the year. To our senior leadership team, Daniel (General Manager), Kate (Finance & Admin), Catherine (House), Leon (Course) & Phil (Golf) thank you for your much valued guidance, direction, and support to the Board.

I offer special thanks to the Women’s Committee who represent such an important section of our club. Led by Alison Andrews and Linda Lea and supported by Gemma Amate, Julie Newell, Kathryn Cistulli, Vicky Cotter and Sue Salvage, they have done a wonderful job in organising the women’s golf program in this difficult year.

I personally wish to thank each of the members of the 2023 Board for their dedication and enthusiasm both individually and collectively. They have given their time generously to ensure that this Club thrives. Sadly, our Board member and good friend Dean Newell passed away recently having given his best to the Club right to the very end - we shall miss him dearly.

Manly Golf Club is a wonderful Club – I share with you a love for this place, for its members and for its staff.

Jack Lutze President

* Scan the QR code for the strategic plan 2023 to 2028

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CAPTAIN’S REPORT

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year free of pandemics and floods allowed the golfing calendar to proceed uninterrupted. Our biggest challenges were a significant outbreak of Poa (Winter grass), a lack of available sand for our greenside bunkers and a major trial of revised playing rights.

With regard to the Poa issue, I would very much like to thank all those members who assisted getting on top of the problem by hand weeding during the peak of the outbreak.

A special thank you to those members who attended the working bees on Monday mornings during August/ September. I am confident the efforts of these members were well appreciated by the general membership, Course Staff and will pay dividends going forward.

The lack of sand to replenish our newly renovated greenside bunkers was far from ideal. The Course Staff, who spend an average 20% of their labour resources on preparation of the bunkers did their very best to ensure sand was evenly distributed. Having said that, we the Members need to play our role in better raking the bunkers. We need to

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develop better habits of raking the sand back into the area we just played from (or in fact just raking the bunkers at all!). As fast as the Course Staff reposition the sand, we the Members continue to rake the sand towards the exit point of the bunker.

The trial of the revised playing rights that took place during the year was conducted largely without any significant adverse impacts. I would like to thank Alison Andrews and her working group who were tasked with coming up with the revised playing rights. These new playing rights have in my view, taken our Club forward and at the same time simplified the weekly golfing calendar.

Club Culture One of the key focuses for myself and the Match Committee this year was to strengthen our Club Culture. What I mean by this is best summed up as “the way we do things around here”. We adopted a self-regulated pace of play which as we know relies on a policy of each group being responsible for maintaining their position in the field (being immediately behind the group in front and not simply in front of the group behind).

I am sorry to say our level of Course Care is not where it should be for a private golf club such as ours.

Notwithstanding, I know the vast majority of the

Membership are doing their best to make up for others. Can I please ask that within your own playing groups that you gently remind each other of your responsibilities.

Walking around the Club during the year, I felt the vast majority of Members were enjoying their golf, the excellent service provided by our staff and the friendships we all highly value. We should never underestimate the importance Manly Golf Club plays in our social lives.

Representative Golf All our Men’s and Women’s representative teams did themselves and the Club proud during the year. On behalf of the Match Committee, I would like to sincerely thank all the players, caddies and team managers for giving so freely of their time. I hope you all enjoyed the opportunity and experience. The Match Committee signed off on a formal selection policy for the Men’s Teams during the year (The Women’s Team policy was already in place). Among other things, the policy talks about a Member only being selected in one team per year. This is designed to ensure as many Members as possible get an opportunity to represent our wonderful Club.

first time in a number of years. This was largely due to the past efforts of people like Gavin Fish, Jodie Lord, Richard Evans, past Captains and our Director of Golf, Phil Baird and his team. If I have missed someone, please accept my apologies.

Thanks I need to thank a number of people for their support and guidance this year. Firstly, to my fellow Match Committee Members (Alison Andrews, Linda Lea, Jack Lutze) who made my job a pleasure during the year. To our General Manager, Daniel Constable and his team for putting up with my inexperience following the excellent job of our past Club Captain, Phil Howard. I would like to make special mention of Ben Hearsch (Golf and Projects Manager). Ben does an enormous amount of behind the scenes work to ensure the weekly diary of golf events runs smoothly. He also had the added burden of getting what seemed like daily emails from myself seeking assistance.

Kind Regards David Cleary MGC Club Captain

While there were many highlights, I wanted to make special mention of the Men’s Interclub Team who won their first interclub title after over 20 years of trying. We were able to field a Junior Pennants Team as well as an Eric Apperly Team for the

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GREENS' REPORT Scan the QR code to read our vegetation and bunker plans

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ithout doubt the highlight of 2023 for the Greens Committee has been the successful completion of our new Maintenance Facility which was delivered on time and within the approved budget.

Unfortunately, the delays that we experienced while we sought D.A. approval from the local council meant that the construction of the building occurred much later than we had anticipated pushing us into a period of high cost escalation and driving up the cost of our work.

This project has been our largest undertaking since the rebuilding of our golf course and congratulations are due to all those who contributed to this successful outcome.

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This year saw a return to normal weather conditions.

Compared to 2022 when we received 2400mms of rain causing the course to be closed for approximately 6 weeks, this year we received 740 millimetres of rain and had the course closed on only one day.

Unfortunately, the extreme wet weather experienced in the previous year provided the ideal conditions for the wide spread germination of weeds, particularly the highly invasive Poa annua grass across our fairways and rough during this winter. No affordable effective herbicide is currently available to control the Poa. This weed is a common problem across all Sydney golf courses and requires time consuming efforts by our greens staff to manage it.

Many thanks are due to all those members who provided their time and energy to the working bees helping our

greens staff to physically remove as much of the Poa from our fairways as possible.

Members will have observed the progress being made on implementing the vegetation management plan that was developed last year resulting in the gradual opening up of vistas on our course. Much remains to be done but initial results have been well received.

Unfortunately, due to personal circumstances our course Superintendent Luke Partridge took the decision to move on from Manly during the year and the committee appointed his deputy Leon Blacker to the Superintendent’s position. Leon is being assisted by Brendan Benad in the role of Senior Assistant Course Superintendent and we have promoted Taine Townshend, who completed his apprenticeship with Manly, to the position of Assistant Course Superintendent.

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GREENS’ REPORT

Greens Despite the Poa infestation of the fairways our greens remained relatively free of the weed this winter and have presented true putting surfaces throughout. This can be attributed to the use of the herbicide Poa Cure last year which has proved particularly effective in keeping our greens Poa free and which we will continue to apply biannually as needed.

Given the age of our greens and following USGA recommendations we have decided to revert to twice annual core renovations. In addition, greens in heavily shaded areas (12,13 and 15) will require additional aeration due to their shady microclimates.

Bunkers While the extensive rainfall that we experienced in 2022 demonstrated the effectiveness of the greenside bunker renovation in greatly improved drainage unfortunately this year our bunkers have suffered from our inability to procure sand that meets the correct specification to allow us to regularly top up our greenside bunkers Sand for use in bunkers requires very specific grading characteristics to permit drainage and reduce plugging of balls and unfortunately the sand that we have traditionally used became unavailable during the year and it is uncertain when available supply will return.

To this end we are investigating other possible sources of sand including importing sand from as far away as Queensland.

As a result of the consistent inundation of our fairways bunkers in previous years they no longer drain as necessary

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and in many cases the linings have become exposed. The committee has decided to renovate all the fairway bunkers using the same system as we previously used on the green side bunkers.

Prior to embarking on this exercise, we engaged Craig Parry to review the suitability of all fairway bunkers and we're now in a position to proceed with this work next year.

Fairways As a result of the work carried out last year on improving the drainage on our fairways, this year has seen them handle what rainfall we received with little or no problems and as noted previously the course only required closing on one day.

Notwithstanding the obvious improvement in drainage, we intend to regularly carry out sand grooving of fairways during the annual renovations to constantly improve the course drainage.

As noted previously, the extreme weather conditions experienced in the previous years created the ideal conditions for the unprecedented invasion of Poa annua grass into our fairways. The powerful annua strain that we are finding has developed resistance too many of our commonly applied herbicides and as such is extremely difficult to eradicate. Current overseas experience informs us that the only reliable way of eliminating the weed is physical removal which we commenced during the year with the assistance of volunteer members.

Thanks again to all the members who assisted in this task.

Landscaping

8TH Tee

Following on from widespread member acceptance of the vegetation management plan the greenkeeping team has commenced implementation of the plan.

Members will have noted the drastic improvements in the short time we have been undertaking this work with the opening up of vistas from the 1st Tee, along the 5th,6th, and 9th fairways and besides the 12th green and 16th Tee. Work is currently ongoing around the approaches to the 11th Tee.

Following pressure from a local resident and after lengthy negotiations with Northern Beaches Council we were forced to undertake remedial work around the 8th Tee removing material from the front of the tee and replacing it with landscaping. This was not the outcome that our experts had expected however with the assistance of our member Alan Lyne the work was completed to council’s satisfaction.

Water Management Our search for a reliable long term source of water is ongoing. The bores we put down on the north paddock last year yielded a sufficient volume water for our use however the quality of the water in the bores would require installation of a small desalination plant and while water continues to be available for purchase from Sydney Water this was deemed to be an impractical solution. We are currently investing in the sinking of two additional bores on the South paddock on the advice of our consultants and in the hope that this area may yield water of a sufficient quality and quantity to service our needs.

Bowling Green The team undertook the replacement of the surface of the Bowling Green during the year and it is now performing to the standard expected of our club.

FinallyThanks once again to Leon Blacker, Brendan Benad, Taine Townshend and all of the entire Course Maintenance team for the terrific job that they continue to do in looking after our golf course.

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MEMBERSHIP REPORT

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he Membership Committee works closely with other Club stakeholders to ensure a balance between often competing objectives, i.e. to have increased access to the timesheets, to manage the number of rounds and course usage and to support the financial stability of the Club.

Member numbers are monitored against course and timesheet pressures whilst being mindful of total subscriptions and joining fees. Each category of membership has a cap on numbers which is generally reviewed annually, with minor adjustments during the year. The number of rounds is monitored, by day of the week, weekly, monthly, and annually. There is also a commitment to implement change in response to social and legal considerations whilst being mindful of the traditions of the Club.

The waitlist for new membership applications has remained closed this year. At the time of writing 187 internal transfer requests have been received. As the payment period is still open the final number is yet to be confirmed. Following the processing of these requests, new memberships will be offered to the waitlist by priority. It is anticipated that the waitlist will again open for various categories of membership.

The total number of playing members in the 7day and 5day playing categories will be slightly lower compared to the same time last year.

For many years the Club, through various committees and panels, has reviewed and made recommendations for updating the playing categories, particularly given the historic inconsistency between the playing rights of 5 day women and 5 day men. This year a Panel was formed to

again review the playing categories with particular attention to anti-discrimination issues and timesheet considerations.

Based on the recommendations of the Panel, a 3 month trial was implemented in May, June and July with simplified timesheets, more optional competitions and social times and to address discrimination claims. An Extraordinary General Meeting held during the trial was not successful and on completion of the trial the Board accepted and implemented in full the recommendations made by the Panel. The revised membership categories have been adopted including an agreed adjustment to the subscription ratios of the primary categories. Many thanks to the Panel members comprising Bruce Phillips, Nick Debenham, Denise Ford, Brent Hedges, Phil Howard, and myself (chair) with significant assistance from Jack Lutze and Daniel Constable.

After the challenging pandemic years, it has been wonderful to return to regular social offerings at the Club. The popular Chefs Tables, visitor days, hosting days, golf/function events, Melbourne Cup Day, and the introduction of ‘happy hour’ on Fridays have been well supported.

One of the highlights this year was the Long-Standing Members Lunch. These members have attained 50 years or more of membership. Member reflections about the Club highlighted the significant changes at the Club and in society, over the last 50-60 years. Expressions of appreciation and affection for MGC moved everyone in attendance. It was a great opportunity for connection and recognition of this inspiring group of members.

Thank you to the members of the Membership Committee Phil Howard, Dean Newell and President, Jack Lutze for your ongoing support and insights. Thank you also to General Manager, Daniel Constable and Membership Co-ordinator, Sally Breakwell for your continued contributions and time commitment throughout the year.

With my best wishes for happy golf and camaraderie in 2024.

Alison Andrews Membership Committee Chair

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CLUB SECTIONS

House Committee Report

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ince the disruptive golf storage area fire in August 2022 there have been a few strategic reappraisals of how best to maximize the utility of the Clubhouse and enhance services to our members.

The following capital projects have been deemed important and need to be prioritized over the coming years:

Golf Shop Due to the fire, the Golf shop was temporarily operating from the board room whilst restoration works occurred.

During this time a permanent relocation to this area was considered and as such the board engaged Ross Haron from Transform Interior projects to complete architectural plans. Should funding allow in the future these plans may be implemented if it is felt it is a more viable location for efficiency and member experience.

Men’s Bathroom Vanities Plans have been drawn up and funds committed to replace the sinks and vanities in the men’s locker room. This work may proceed towards end of 2023 and early 2024.

Halfway Servery Plans have been drawn up by U&I Building Studio and have been included in the DA that has been submitted to Council.

The new halfway servery would be in the alcove opposite its current location. Access to back of house would be enhanced by creating a doorway in the side wall to give staff easier access behind the bar and to the dumb waiter.

The new servery will be equipped with better plumbing, electrics, refrigeration and more bench space and also allow us to replace the floor coverings with a tile or hard surface.

The F&B offering will increase with the inclusion of additional kitchen equipment and more bench space for staff to use when preparing and serving.

The old cool room will be removed, and this will allow for additional storage of dry goods and serving equipment and provide better flow lines for staff. The location of the servery connected to existing bar and café service areas will deliver efficiencies that a remote half way house cannot.

Funds have been set aside in 2024 budget and we expect work to commence mid 2024.

Clubhouse from the Outside.

F&B

The Board believes the exterior of the Clubhouse requires urgent attention. Our gorgeous old heritage building needs repainting, roof and guttering repairs, a new front entrance, a lift, new side entrance including security, replacement or repair of all windows and doors, a tidy up of the delivery area as well as replacement of all exterior lighting.

As a result of the great weather, it’s great to see so many Members and their guests enjoying the F&B facilities offered by the Club.

In addition, we need a sheltered area to stand under with our golf clubs when there is a sudden downpour of rain.

The upstairs terrace area needs to be weather proofed so members can enjoy this special area even when it’s too hot or too wet.

Plans and illustrations have been prepared with costings to show members what these improvements could look like.

If we undertake this extensive renovation of the Clubhouse it will coincide with the 100-year anniversary of this majestic building.

Our beer selection has kept up with changing community trends and the wine selection has also added some depth.

There have been some other great initiatives introduced

by Catherine and Shariq this year which have all been well received.

These include: • Friday Night Happy Hour • Regular Champions bar lunch specials • Light breakfast and coffee available from first tee time • Saturday lunchtime carvery • Pizzas

More information will become available over the next few months.

• Rotating quarterly menu

Other Projects that are on hold include:

Finally, I’d like to thank all the F&B staff for the wonderful effort they put in trying to look after us each and every day.

• Kitchen renovation with replacement of equipment.

• Downstairs terrace extension onto the lawn area including new furniture and paving.

Gary Lord House Committee

• Remodeling of the Champions Bar and replacement of furniture.

• Extension and remodeling of the Terrace Bar. • Upgrade to the back of house area.

• Renovation to the upstairs bathrooms.

• Internal lighting and air conditioning upgrade.

There are no shortage of prospective projects.

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CLUB SECTIONS

Bridge Club

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ridge has gone ahead this year with a few changes. We sadly lost our Director of 17 years, Linda Abbenbroek, who was an integral part of our community. She gave the Bridge Club fantastic service and is sorely missed.

With great change comes new opportunities and we welcomed Cath Whiddon as our new Director. Cath is very experienced and has been a great asset for the club.

Thanks to Cath for her contribution so far.

We would also like to thank Barbara Lane, our past President, and Sue Salvage, our past Treasurer, for all their time and dedication to the Bridge Club. We wish our new President, Debbie Cambridge, and our new Treasurer, Jenny Allison, all the best in their new positions.

The Bridge Club meets regularly on the 1st and 3rd Wednesdays of each month, playing Duplicate Bridge. If there is a 5th Wednesday, we play a Teams game, which is great practice for our Interclub Teams.

This year we had two teams playing Interclub Bridge. The Blue Team (Manly, Cromer, Long Reef, Pymble) playing on Fridays, managed by Gail Thompson, came a creditable second. The MERK team (Manly, Elanora, Roseville, Killara) playing on Mondays, managed by Barbara Lane, came a

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commendable first. Thanks Gail and Barb for all your hard work organizing these teams.

A new competition was commenced for those players with a Masterpoint score of under 25. They played just one match this year and were successful. Next year we are looking at expanding this competition.

We also participated in a couple of friendly matches.

Firstly we played Elanora and were successful. Later in the year we played Cromer but unfortunately lost this match.

Cath Whiddon conducted a series of lessons for Bridge beginners earlier in the year. Hopefully we will see some of these players join our Wednesday group next year.

Cath has also, on occasions, given lessons to the more experienced players on the finer points of Bridge.

Bridge Buddies continue to meet on Thursday mornings.

This is a group for the less experienced players to hone their skills.

We would like to thank Catherine Williams and her team, chef Shariq and his team and all the office staff for all their help this year.

We would love to see more Bridge players next year.

Jenny Allison Treasurer Manly Golf Club Bridge Club

The Open Draw Competition

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his year the “Open Draw” moved with the times and invited ladies to join the competition; it is early days but has been embraced by 4 ladies. It is expected that number will grow, reflecting the diversity of the MGC member mix.

Entry is open to all MGC members, old and young, ladies and gentlemen, high and low handicap. The competition has been going for 60 plus years and gives the new members an opportunity to get to know other members and for existing members a chance to ‘rock up’ on a Monday and Thursday and get a game. The tee time on Monday is 9.24am and Thursday 9.16am. Registration closes a half an hour before the above tee times to enable a draw to be made.

The “Open Draw” competition is run in conjunction with the ‘Pro-shop’ stableford comp on the day and for a modest fee of $5, you are included in the “Open Draw”.

The “Open Draw Links Trophy” was won by Ross Batstone and at the time of writing the Bon Hawke Trophy and the Ron Norris Cup have yet to be played, it’s an end of October event. The Christmas Gala Day will happen in December.

Men Bowlers

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he Men Bowlers are having a very successful year.

The new “tifdwarf” grass is a great improvement on the tired old surface of previous years and shows even greater potential as it grows in.

The Greens staff are in the process of covering the end and side walls with a synthetic grass which is gradually making the whole bowls area into a very attractive place.

We are now bowling twice a week, on Tuesdays and Fridays, with a regular group and a few new faces appearing from time to time.

We hold a monthly barbecue at the Bowls Pavilion and a monthly Bowlers lunch in the Clubhouse, both events proving to be very popular.

We have held very successful days bowling with the ladies and just recently a barbecue and bowls event with the Greens Staff.

The bowling green is available to all members of MGC and anyone who would care to join us can be assured of a warm welcome.

The bowls calendar can be found on the Club website.

Ken Reed President Men Bowlers

Thanks go to Leon and his staff for their efforts in making the course as playable as possible and the guys in the Pro-shop for helping us get the players organised and on the course.

John Finlay

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CLUB SECTIONS

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Ex-Services Report

he Ex-Services section concentrated its efforts in the past year in developing an Anzac Day format that would be a vehicle to:

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banner to be displayed for all to appreciate, mounted, and framed empathetic to its intended surroundings.

• Thank ex Service MCG members for their service to Australia and to be able to remember those passed.

There are only about 20 ex-Service people registered as such by the Club. Of them, only 2 of us are active in achieving the aims set out in the opening paragraphs of this report.

• Celebrate the Day by holding a Dawn Service followed by a remembrance golf competition.

• Raise a charitable funds donation to EX Service charity by fundraising at a special luncheon following the golf competition.

Anzac Day 2023 at Manly Golf Club achieved all three aims and as such we recommend that the Club facilitates future Anzac days using a similar format.

At the 2023 Luncheon our historic score card banner was displayed and appreciated by all, but it was very evident that preservation was required after some 80 years in a tube! Thus, the Ex-Services section approved out of its accumulated funds for this work to happen and for the

With this achieved, the Section only has some $2000 in its account which needs to be preserved and built up, as we have traditionally used the fund to send floral tributes to passing member’s family.

It was with regret that in August 2023 with age bounding up on me and a desire to march with my shipmates next Anzac Day, that I have submitted a letter of resignation as Ex- Service President to myself, and it has been accepted.

I have been unable to find a successor and thus I hope that the Club itself can see its way to keep Anzac Day going to achieve its important place in Club history and its community service. In this endeavor I am happy to support the club in any way Management requests.

Ken Tuckey Commander RAN Rtd, president, Ex-services

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WOMEN'S GOLF

WOMEN PRESIDENT’S REPORT F

ollowing the pandemic in preceding years and the extreme wet weather last year it has been a relief to return to a more regular schedule in 2023.

Happily, we were able to hold our traditional Opening Day at the end of January, with a shotgun start and ‘upstairs’ lunch to follow. It is always a busy start to the year hosting the prestigious annual Champion of Championship event and preparing for the Grade and Pennant season. All our representative teams performed very well this year with special congratulations to the Bronze and Bronze ll teams for both winning their competitions.

An important day on the calendar is Discussion Day. Discussion Day provides the Women’s Section with the opportunity to receive an update on happenings at the Club and to provide feedback to the Committee and initiate discussion on any topic. The conversation this year focused on the maintenance facility, the vegetation management plan, the bunker review, the pro shop

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renovation and particularly the category review and timesheet trial. The contribution of each department was acknowledged.

Thanks to Course Superintendent, Leon Blacker and his team for all their efforts in presenting the course each week, to House and Functions Manager, Cath Williams and her team for the variety and quality of offerings and to our Director of Golf, Phil Baird and staff in the Pro shop for their assistance and advice to members.

Communication between the Women’s section and various subcommittees and the Board has continued to improve this year and I would like to thank General Manager, Daniel Constable for his ongoing interest and time given to the Committee.

Throughout the year there are many competitions to enjoy; stroke, stableford, par and team events including the Autumn Cup, Foursomes, Director of Golf Trophy, Gold Course Championship, Buttons and the Brooch. Competitions including the Ferrier Bowl, Club Captains, Founders and Encourage Cup are played throughout the year and culminate in matches being played on Finals Day in November. Of course, the Championships are the highlight of the golfing calendar and I wish all the participants and finalists the best for their upcoming rounds.

Our ‘pink and aqua day’ - President and Captains Day, is a great opportunity to play a relaxed team’s event and to support a worth local charity. Funds raised this year exceeded $2000 and were donated to the Northern Beaches Women’s Shelter. Representatives from the Shelter attended the lunch and gave a very professional overview, including a video presentation, of the work undertaken at the shelter. Many thanks to those who provided raffle prizes and to everyone who supported the day.

This year we were pleased to welcome some new members to the Club and know that these members are quickly becoming part of the MGC community. Many thanks to Julie Newell for being a point of contact for these women and for her time to help integrate members new to golf.

Our Women’s Committee, Linda Lea (Captain), Gemma Amate (Vice Captain), Julie Newell, Sue Salvage, Vicki Cotter and Kathryn Cistulli provide invaluable support and advice and make a significant time contribution to the Club. It has been an absolute pleasure to be part of such a positive team. Operations

Manager, Ben Hearsch has also attended our meetings this year and his ongoing contribution is also much appreciated.

It is with a tinge of sadness that I write this my last report for the Women’s Committee. After 8 years on the Committee and with my sincere best wishes and support, it is time to hand over to the next President. In my role as a committee member, including 2 years as Captain and the last 2 years as President, I have had the opportunity to meet and play golf with many of you. I have thoroughly enjoyed hearing your feedback and suggestions and working with the Committee, the management, and the Board to deliver the Women’s program.

With my very best wishes for a happy and healthy 2024!

Alison Andrews Women’s President

www.manlygolf.com.au

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WOMEN'S GOLF

WOMEN CAPTAIN’S REPORT A

fter several disrupted years, we settled into the relative calm of the 2023 golfing year.

As ever, the year began with Manly and Golf NSW Champion of Champions tournament which has been hosted by Manly since 1931. Our Champion of Champions for 2022 was Belinda Ji representing Concord Golf Club, carding a gross score of 139 (66+73) off a handicap of +3. In the process, Belinda set a new course record of 66 (par 74) which presents a significant challenge in years to come!

Regrettably, our own club champion, Kym English, was unable to participate having sustained a nasty knee injury!

Without further ado, the season moved into full swing: Opening Day, Barrenjoey Week of Golf and then Women’s Grade beginning in February.

The Women’s Grade Pennant was convincingly won by Monash GC, who fielded a very strong side. Manly finished in 5th position, and we hope to improve on that performance in 2024.

In the Northern District Pennant competitions, Manly had an excellent season: • Silver Shield was won jointly by Avondale and Oatlands – Manly finished 3rd by just ½ game point to Elanora.

• Manly won the Bronze Plaque, beating Mona Vale by 2½ game points in the last round.

• Manly won the Bronze II Shield, beating Wakehurst by 4½ game points.

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Our Pennant Representatives this year were: • Women’s Grade: Gemma Amate (Capt), Isabella Garay, Kylie Tallack, Jodie Lord, Caroline Gibbons, Tam Dougherty, Suzanne Simaitis.

• Silver Shield: Dee Paul (Capt), Peta Bird, Jane Williams*, Beth Haskins, Suzanne Brown, Nicola Parsons, Caryn Wallis, Marianne Rudd • Bronze Plaque: Kathryn Cistulli (Capt), Frances MacDonagh, Alison Andrews, Anneliis Matthews, Gina Sutton, Deb Laidlaw, Tanya Jones, Sarah Hawke, Narelle Phillips*, (Jenny Schenk – selected but dropped below handicap limit) • Bronze II Shield: Kirsten Collier (Capt), Jenny van Munster, Lynne Amos, Anne Allsopp, Ingri Madsen*, Helen McMurray*, Kylie Southwell, Sarah Bedingfield*, Robyn Cockburn • Selectors: Alison Andrews, Gae Larcombe, Gemma Amate, Linda Lea * Maiden Representation My sincere thanks to our team captains and the selectors for their commitment and hard work behind the scenes.

Thanks also to Phil Baird for his well appreciated clinics for these teams. As always, we commend the players for their commitment, and I particularly congratulate the two Bronze teams for their incredible team spirit and loyalty to the Club.

We fielded club representatives in several other events: Golf NSW Pewter Plate, Bronze Medallion and Coronation Medal.

Our Silver players finished in 3rd place in the annual Founder’s Plate in September, which was won convincingly by host club, Royal Sydney. In our annual Manly-Concord Challenge, 13 pairs from each club contested the trophy. Manly happily walked away with the silverware with a final score of 25 to 12.

The Women’s Club Foursomes Championships were played in May. Congratulations to Janet O’Hagan and Jodie Lord on their win, scoring a gross score of 178 over two rounds.

The Bronze Foursomes Championships ended in a tie (on 223 gross) between Anne Allsopp and Lynne Pressley and Gail Fitzhardinge and Jan Murray. Gail Fitzhardinge and Jan Murray were successful in the sudden death playoff that followed. Congratulations to all our winners!

Our major matchplay event, The Founders Cup, continues to be well supported and highly contested. So too the increasingly popular Mixed matchplay event, The Elizabeth Cavill Cup. Club and Bronze Championships are currently underway.

Best wishes to all remaining competitors.

We did not run a Women’s Learn to Golf (WLTG) Program this year, following a decision to discontinue the Introductory category of membership.

Julie Newell continued to support our newer players with assistance from Sue Salvage, Anneliis Matthews, Kylie Tallack and Carolyn Gibbons. Phil Baird ran a fully subscribed series of lessons and the Women’s Committee continues to investigate options to assist new players with on-course rules, etiquette and competition experience, the ultimate objective being to fully integrate them into the club.

In the new year, we plan to continue to assess the women’s golf program to ensure that we provide a good spread of competition options, including ongoing review of handicap divisions. In addition, having noted declining attendance at some of our formal Play and Stay events, we intend to conduct a review to provide an optimal mix of social and playing opportunities for members to meet one another.

This year has thrown a number of personal challenges at several of the Women’s Committee Members. I would like to thank each member of the Committee for their

smiling support no matter their circumstances. Our Women’s President, Alison Andrews, has once again been a rock. Gemma Amate has been a great addition to the Committee in her role as Women’s Vice-Captain and has assisted at every opportunity, particularly with the Pennant teams. Julie Newell, along with Sue Salvage, Vicki Cotter and Kathryn Cistulli have contributed towards numerous activities, including assisting the new golfers, participating (and captaining) the Pennant teams, and assisting with trophies, prizes, and many other aspects relating to club competitions and events.

It has been a pleasure serving on Committee with each of these talented women and I thank those members who have made a point of expressing their appreciation.

Alison Andrews and I served on the Board for a second year, sitting on Membership, Greens (Gemma Amate), Finance and Match committees respectively. This has provided a broad perspective on club matters, and we hope to continue contributing in the future.

A special thank you to the management and staff of the club who have provided ongoing support to the Women’s Committee throughout the year. In particular, Ben Hearsch and Barry Bradford (Golf Administration), who are vital to our golfing programme. Our sincere thanks to Daniel Constable, Catherine Williams, Phil Baird and Leon Blacker for their work in front of and behind the scenes. A personal thank you to David Cleary, Club Captain, for his calm and decisive approach to golf at our club.

I wish everyone a successful golfing year in 2024.

Linda Lea Women’s Captain

www.manlygolf.com.au

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REPRESENTATIVE TEAMS Major Pennant

H

aving enjoyed a pennant win in 2022, the team were excited by the challenge of being promoted to division 2. The competitors in our section were North Ryde, Dunheved and Cumberland.

The step up in divisions is very real as evidenced by some of our opponents having 12 players on scratch or better to select from.

The men's pennant season goes for 6 weeks and comprises 3 home matches and 3 away matches and then potentially into playoffs for winning the pennant or relegation. The squad this year had more golf experience than recent years, and we were keen to blood two highly talented youngsters in Sam Gale and Will Yeaman. Congratulations to each of them for making their Men’s major pennant debut for the Manly Golf Club this year The playing squad for 2023 in alphabetical order is as follows:

Eddie Blake Chris Connolly Will Crisp Kieran Flynn

Julian Jackson Sam Gale Brodie Herring Dean Richards

Andrew Tunny Max Webber Wayne Wright (C) Will Yeaman

Whilst a rotation of Captains is common, it made total sense to go against the tide and appoint Wayne Wright as our captain for the second year. He has a wonderful repour with all of the players, prepares well, is a quality example to the team and competes so fiercely, yet always looks relaxed!

Thank you again Wayne for your superb leadership and support throughout the 2023 season.

It’s difficult to win any pennant match and a win away from your home course is very special but also required if you are to enjoy a successful season. That we did by wining 4/3 in our first match away at North Ryde. Unfortunately, the return bout at home the following week reversed the result from the week prior losing 4/3. The match saw Dean Richards unbeaten record from his last 9 matches come to an end, what a performance.

We trekked out the 52 kms in 35 degree heat excited at the prospect of defeating Dunheved and position ourselves at

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the top of our section. Dunheved were rock solid defeating us 5/2 and then drawing with us 3.5/3.5 the following week at home: we now have our backs to the wall after 4 matches!

Week 5 at Cumberland and week 6 at home resulted in draws 3.5/3.5 against Cumberland leaving us in a relegation playoff against Pennant Hills, asituation we were keen to avoid!

Unfortunately, our promotion to division 2 was short lived as we were unsuccessful in our playoff match against Pennant Hills on the neutral Muirfield golf course.

Again, a wonderful season by Dean Richards at the difficult No1 spot finishing the season with two wins, two squared and two. losses. Max Webber deserves special mention winning or squaring six of his seven matches and the experienced players in Eddie Blake with four wins from his five matches and Julian Jackson winning two of his three matches were special individual performances. Brodie Herring played wonderful golf at the number two position, and it seemed like every week his opponent was on top of their game, but Brodie still found a way to win or draw there of his five matches.

Not with standing every player contributed with high spirits, a team mentality and unquestionable preparation, as a club we couldn't ask for more, they are a wonderful group we can all be very proud of!

Our Caddies again were so committed enduring long distances to travel and hot days and we owe them a great deal of thanks and appreciation: Paul Volke, Darryl Tweedale, Richard Evans, Suzanne Brown, Tony Smith, Darryl Hearsch, Phil Howard, Mark McDougall, Cooper Wright, and David Cleary A massive thank you to Darryl Hearsch who refereed our 3 matches at home, drove the bus whilst Tony Smith was holidaying and also caddied at our away games!

Likewise, Tony Smith who arranged the bus, drove it, and caddied as well, again making a significant contribution to our team and one that is greatly appreciated.

We now lose a number of young players for next year and that becomes an opportunity for some new players to grab their opportunity.

A very proud manager Dave Brown

Northern Peninsula Inter-Club Challenge

A

fter being the recipient of the wooden spoon in 2022 the Manly team improved to 4th place in this year’s competition, I am confident that we will continue to improve next year.

Unfortunately, due to health, family and travel commitments, we were unable to field consistent teams during the competition which I believe had a big impact on our performance, but not our enjoyment. In all we had 19 members representing our club in this year’s competition. I would like to thank all players for their efforts and particularly those who put their hands up to fill in at late notice.

For 2024 I would like to limit our team numbers to 12 who will be able to commit to the majority of games. I will aim to have players with handicaps between 6-12, as the total handicap for each team of 8 is minimum 72.

If you would like to be considered for the team and will be available in February and March 2024 and did NOT play in Masters Pennants or Inter-club in 2023, please do contact me.

It is a wonderful competition played in a great spirit and it is an honour to represent our great Club.

Lastly, I would like to thank Bob Tuckerman, Gavin Fish, Ben Hearsch and Barry Bradford for their guidance and support during my first year as Manly Team Captain and NPICC Convenor.

Simon Waters

www.manlygolf.com.au

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REPRESENTATIVE TEAMS

Master Pennant

T

The Master Pennant follows the same format as the Major Pennant with divisions comprising sixteen clubs in four equal sections. The winners of each section play a semifinal with the two winners promoted to the higher division and contesting the Division Pennant Flag.

The last placed teams play a relegation match with the two losing sides being relegated.

We are in Division 2, with Camden Lakeside, Lynwood and Woolooware making up our section this year. With a competitive squad, we were quietly confident of vying for the top spot in our section.

In the home and away format, winning home games is a must and then picking up an away win often means a sectional win is a real possibility.

Unfortunately, our first match against Woolooware didn’t go to plan with a loss away and then a very narrow loss at home the following week.

Under pressure, the team responded very well with a strong home and away win against Lynwood to put us back in the reckoning.

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Our last away match was a must win against a strong Camden Lakeside team (the eventual section winner). Although a number of matches were close, Camden proved too good on the day, and we went down 5 1/2 to 2 1/2.

Now facing the possibility of a relegation playoff, the team needed to win the return home fixture to ensure we remain in the division. Once again, the team responded under pressure by reversing the previous week’s result for an excellent win and securing our place in Division 2 for next year.

Overall, it was an enjoyable season, and the competition was always played in a very good spirit. The experience gained this year should hold the squad in good stead for next year’s event.

Thank you to all those who represented Manly this year.

The squad: Wayne Wright, Andrew Webber, David Brown, Sean Collins, Mason Paynter, David Watkins, David Ross, Ken Swanson, Craig Smith, Paul Volck, Craig O’Hagan, Steve Day, Michael Shugg.

Phil Howard Team Manager

Interclub Challenge Cup 2023

T

hanks to a favourable draw, 2023 was earmarked very early on as the year that we would have our best chance to finally get across the line to win the club’s very first Interclub Challenge title. The draw in our favour and a strong and well-balanced squad had us feeling very confident going into the season.

Our squad for this year was: Kieran Flynn, Sammy Grose, Timmy Webber, Tom Karemacher, Ben Farmer, Michael Hill, Garrick Bryant, Andy Stevenson, Paul Davis, Lucas Jordan, Dave Allara, Nick McMurray and Darryl Tweedale. The team manager was the effervescent Alex Hunter.

Before we could think too much about lifting the trophy there was a lot of golf to play against some tough competition. In our draw this year were Royal Sydney, NSW and Bonnie Doon. All strong clubs with golf courses much “bigger” than ours. First up we took on Bonnie Doon at Royal Sydney. A resounding win from Kieran Flynn our top seed and a great showing from the bottom 4 of Michael Hill, Andy Stevenson, Paul Davis and Dave Allara saw us get an invaluable 5 – 3 win to kick the season off in perfect style. Little did we know how crucial that win would turn out to be!

Round 2 saw the team head out to a cold and blustery Bonnie Doon to take on NSW. The pin positions were tricked up and in 60kmph winds it was an extremely tough test of golf and character. With early wins from Andy Stevenson and Paul Davis it came down to the last putts of the last 2 matches on the 18th. Timmy Webber secured a 1 up victory, but Kieran’s opponent holed a 4 footer to end his match tied. This meant we lost by the skin of our teeth 3.5 – 4.5.

Regardless we were still in a great position needing only to beat a winless Royal Sydney at NSW to secure an allimportant spot in the top 2 of the group. But we all know that in golf as in life the best laid plans… Despite strong wins from Sammy Grose, Timmy Webber and Dave Allara the rest of the team stumbled, and we were beaten 3 – 5.

This meant that NSW topped the group with Bonnie Doon and Manly equal second on ladder points. And equal on matches for/against. After some frantic reading of the Interclub countback rules, the jubilation was real when we realised, we would progress to the group play-offs by virtue of having beaten Bonnie Doon in our first match!

So, to the play-offs at Manly we went to take on an undefeated (and very confident) NSW team. Home course

advantage is massive in match play which is why this year was such a good opportunity for us to progress deep into the competition. And so, it came to pass as the team played some great golf on our home track to win 6.5 – 1.5 with wins from Kieran Flynn, Sammy Grose, Timmy Webber, Michael Hill, Dave Allara and Nick McMurray. Not to mention a hard fought tied match from Tom Karemacher.

Buoyed by that strong result we arrived at Killara to take on Pymble in the semi final. We were seemingly in control for most of the day, but the pressure and nerves crept in to bring Pymble back into the match. Another good win from Dave Allara and wins for Michael Hill and Timmy Webber gave us hope that we’d sneak the win. But a loss of the 18th hole gave Sammy Grose a tied match and the overall result was 4 – 4. So back to the 1st tee we went where we sent Timmy Webber off to do the job for us in a sudden death play-off. “Tragically” for Pymble their player 4 putted from the front of the 1st green for a bogey and lost to Timmy’s solid par. Again, seemingly against all odds we had won and we were through to the final at Royal Sydney!!

The team were super pumped for the final and all the support and messages of good luck from members past and present only added to the sense of occasion and brought home how important the day was for us representing MGC. Our opponents in the final were Oatlands who were also playing in their first final. History was going to be made – but who would lift the trophy?? Again, it felt like we were in control for most of the day and good wins by Dave Allara, Andy Stevenson and Michael Hill put us in the box seat. And then when Ben Farmer made a great up and down on the 18th for a half point, we could almost smell the win. But again, the nature of Matchplay is that nothing can be taken for granted and again it came down to the final group on the final hole!

With nerves shredded and the weight of Manly Golf Club on their shoulders Timmy Webber (1 up) and Sammy Grose (tied) both made great up and downs on the last to give us the 1.5 points we needed, and the title was ours!!! Needless to say, the team celebrated hard and long into the night. And also, needless to say our loyal manager Alex Hunter made a truly memorable acceptance speech.

A number of people to thank. To the Board and Phil Baird for their support. To Ben Hearsch for his help with admin and logistics. To Cath and the hospitality team for a fabulous lunch. To the members for their fantastic support through the season and for reading Alex’s match reports.

And finally, to the team for being such a great bunch of blokes – what an amazing season boys! Well done! Oh, and to Alex - the best manager a team could ask for. Mostly.

Darryl Tweedale Interclub Captain

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TREASURER’S 2023 REPORT

D

ear Members, I am pleased to present the Treasurer's Report for the year ending 30th September 2023.

Legal advice costs for members constitutional matters, as well as organizing the Members EGM, incurred expenses of $38,000, excluding the opportunity costs.

Golf Services Overview After two challenging years of dealing with the COVID-19 pandemic and one year of adverse weather conditions, it's refreshing to finally witness a return to what we can consider a more typical year at Manly Golf Club. However, the presence of El Niño is a concern.

Despite the fire in the Pro Shop and the overall increase in costs, ranging from 10% to 20% in various areas of the club's operations, including necessary course additives, it was a financially steady year, aligning with the recommendations from our auditors in their 2022 report.

Golf Club Operations The profit from Golf Club Operations for the year amounted to $231,573, slightly below the budgeted surplus of $237,942, but a considerable improvement from last year's surplus of $81,395.

This result is attributed to expenditures in the golf course, clubhouse, and administration, which were offset by income from Member subscriptions, visitor fees, and corporate golf events. We generated $211,567 from visitor fees and corporate events, a valuable addition to our annual revenue.

Depreciation, a significant non-cash expense, accounted for $699,284, hinting at potential future expenses for asset replacement.

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Golf Services reported a loss of ($49,124), with income primarily generated from golf shop sales, cart hire, club and buggy storage, and range usage, including golf lessons. The relocation of the Pro Shop to a temporary location with limited space for golf attire impacted trading. Nevertheless, the Golf Services team should be commended for their dedication to serving our members throughout this period.

Food & Beverage With an understanding and agreed principle that provision of a Food & Beverage service in a private Club setting is primarily viewed as a service to members, the annual result for our Food & Beverage trading with a recorded loss of $398k, slightly over the budgeted loss of $396k is an acceptable outcome. The department is not immune to inflationary increases in produce costs and labour costs to provide table service all year round contributed to this result. The trading year saw the introduction of café service 15 minutes prior to every tee time and the very well received Friday evening happy hour offerings with live music each week, each at a cost but an additional service or Club community building measure undertaken.

Additional planned marketing is scheduled over the coming months to hopefully attract additional External Functions at MGC.

Importantly, considerable efforts have been made to now obtain timely trading results, ensuring that cost increases can be applied in a timely manner while maintaining the quality of dining experience and service.

New Members Entrance Fees New Members entrance fees contributed $447,439. Over the past three years, we've seen a minimal influx of new members in the 5/7-day playing category, due to an attrition rate of approximately 1.25%. In past years the annual attrition rate has been approximately 4.5%. Membership intake is carefully balanced with tee time availability, and a waitlist remains in place to accommodate new members when space allows.

Entrance fees play a crucial role in funding capital projects when surplus yearly operational funds are available.

Capital Works Expenditure During the year the Club undertook the development of the much-needed Maintenance Facility at a Project Construction Cost of $3.6 million.

As of October 2023, the project has officially been completed, on time and within the contracted price.

There had been prior costs assigned to the Project going back 3-4 years, such as consulting and design fees, Council fees and compliance matters the council required of the Club to obtain the Development approval. These costs total $352k and were expensed in the years incurred though shown as Assets Under Construction in each years Balance Sheet.

There were numerous delays in obtaining the eventual approval by Northern Beaches council, and in fact without these delays the club could have commenced the project some 2 years earlier, and locked in a Fix Loan facility when interest rates were considerably lower than what is currently available.

However, if construction had commenced at the start of 2022, the unprecedented rain experienced throughout most of the year would have delivered additional and unquantifiable costs and made the day-to-day course operations that needed to continue through the development, almost unworkable for the ground staff.

So, in short, this year delivered the perfect weather conditions for the Project and allowed the daily course operations to mostly continue unaffected, which is something the Members should have seen the benefit of, with wonderful golfing conditions.

The rectification costs of the 8th Tee which needed approval by council and other governing bodies currently stands at $157,595.

And while completed, it is still awaiting council sign off against the agreed rectification design.

COST SUMMARY: Works to build to compliance:

$89,112

Additional costs to building works due to mediation

$68,483

(i.e., Legal, earthworks repeated) Total Cost

$157,595

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TREASURER’S 2023 REPORT

It should be noted that as part of the initial Course redevelopment approval given by Northern Beaches Council some 10 years ago, there was a clear instruction given to the Club to be responsible for ensuring that the waterways are kept clear of any erosion from the course proper and the plan of undertaking a retaining wall as per the initial 8th Tee construction was undertaken. During the works the construction was viewed by a council representative with the only feedback at the time to install additional sediment control mesh.

It was the involvement of a local resident who was also an environmental Barrister along with tighter environmental guidelines and powers around waterways, that brought upon the Club additional works to rectify. All these environmental matters directed at the 8th Tee, initiated by this local resident had considerable cost implications to both the Manly Members and Manly residents, which have led to the 8th Tee design we have today.

Other significant works undertaken during the year have been: • Cleaning out the existing bore by the 13 Green, along with drilling new bores seeking greater water flow at a cost of $135,000. This delivered marginal success.

• The Bowling green was resurfaced mid-year at a cost of $20,000 delivering an improved playing surface, which had been neglected for many years.

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Cash Flow A 12-month Forecast has been prepared in line with expected revenues and operational expenses along with planned capital projects, ensuring Manly Golf Club has the capacity to meet its financial obligations for the coming year.

Cash on Hand at the end of the year was $2.2m including 2024 Subscriptions received in advance.

A detailed design report along with costing estimates have been received for the much-needed repairs, maintenance and beautification of the Club House and surrounds. With the upcoming 100-year Club House celebration, it is anticipated that some of the identified works will be undertaken during the coming 12 months.

A 10-year forecasting model is being prepared, to give current and future Boards an insight into the identified capital projects and associated financial demands facing the Club.

To undertake much-needed Capital Projects in the future, MGC will need to increase cash reserves significantly.

Balance Sheet The balance sheet continues to be healthy with net assets standing at $9,012,894. This is an increase of $231,573 over the previous year which is predominantly a result of a reduction to liabilities with paying down loans and lease equipment commitments.

MGC hold a short-term cash deposit of $1,000,000 with the Commonwealth Bank.

MGC’s fixed loan facility for the Course Redevelopment has continued to be reduced at the rate of $250,000 per year, with the final balance of $250,000 to be paid on the 31st of October 2023.

Total Assets are $24.5 Million with most of the Clubs liability related to Entrance Fees and Leases.

Current Assets including debtors but excluding stock is $5 Million of which $2.4million relates to the 2023/2024 subscription payments received in advance.

Being self-sufficient in water and using our Nano Bubble technology, Manly Golf Club could reduce any future need to draw from precious town water supplies that is becoming more expensive each year if in fact its available.

Finance Committee I want to express my gratitude to the members of the Finance Committee and our Finance Manager, Kate Sanders, for their invaluable contributions in navigating our financial operations.

The collaboration between the MGC Board, management, and staff has been instrumental in maintaining the financial stability of Manly Golf Club.

The Year Ahead

I appreciate the support the membership has provided during my third year as a Board Member and Treasurer.

Key Capital projects already underway, or planned to commence this year are:

Sincerely,

• Golf Course refinement of bunkers and surrounds working with Craig Parry & Associates at a $250,000.

•

Robert Cockerill Treasurer, Manly Golf Club

We are currently undertaking further investigations with drilling for the Hawkesbury Aquifer to commence soon down the side of the 11th fairway, once some preliminary testing has been completed, at a fee of approximately $100,000.

Other potential albeit longer term water sources are also under investigation.

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MANLY GOLF CLUB LIMITED

ABN 18 000 007 465 DIRECTORS’ REPORT

The Directors of Manly Golf Club Limited submit herewith the Financial Report of the company for the year ended 30 September 2023 and report as follows:1. Board of Directors

Name

Years experience as a Director

Special Responsibilities

Jack Lutze Aeronautical Engineer Retired GE Aviation Sales

9

President, Chair - Executive Remuneration Committee, exofficio member of each of the sub-committees

Alison Andrews Retired

2

Vice President, Chair - Membership Committee, Women’s Committee, Greens Committee

Phil Howard Qantas Pilot (retired)

7

Match Committee, Greens Committee

Gary Lord Company Director

2

Chair - House Committee, Finance and Audit Committee

Robert Cockerill Company Director IT Executive Accounting and Audit background

3

Treasurer, Chair - Finance and Audit Committee, Executive Remuneration Committee

Dennis Brewer Civil Engineer, Senior executive John Holland (retired)

8

Chair - Greens Committee, Works Advisory Panel

Linda Lea Chartered Accountant

2

Finance and Audit Committee, Match Committee, Women’s Committee

Dean Newell * Lawyer

2

House Committee

David Cleary Banking & Finance

3

Captain, Chair - Match Committee, Greens Committee

Darryl Hearsch Resigned

9

Match Committee, Membership Committee

*Subsequent to the reporting period Mr Newell passed away.

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MANLY GOLF CLUB LIMITED

ABN 18 000 007 465 DIRECTORS’ REPORT

2. Board Meetings The following is a schedule of meetings attended by each of the Directors of the company during the financial year:

No. of Board Meetings Eligible to Attend

No. of Board MeetingsAttended

J Lutze

11

11

A Andrews

11

9

P Howard

11

10

L Lea

11

9

R Cockerill

11

9

D Brewer

11

9

D Hearsch

4

4

G Lord

11

9

D Newell

11

9

D Cleary

9

3

3. Principal Activities The principal activity of the Club during the period was the provision of golfing and social facilities for members. There was no change in the principal activity during the year.

The Club’s short-term objectives are to continue to maintain the Club’s healthy trading profits to: • reduce debt; • maintain the golf course and facilities to a high standard.

The Club’s long-term objectives are: • to promote and conduct the game of golf and such other activities as the membership may require from time to time;

To achieve these objectives the Club: • employs suitable management, consultants and professionals committed to achieving its objectives.

• maintains rigorous financial controls over the activities of the Club and enforces a high level of corporate governance.

• constantly monitors trends in the golfing industry to ensure up to date practices.

• to provide excellent facilities to enable members to enjoy both the sport of golf and the social conviviality associated with membership of a private golf club.

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MANLY GOLF CLUB LIMITED

ABN 18 000 007 465 DIRECTORS’ REPORT

The Club is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the Club is wound up, the constitution states each member is required to contribute a maximum of $2.00 each towards meeting any outstanding obligations of the Club. At 30 September 2023, the collective amount members would contribute was $2,970 (2022: $3,052).

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS and in accordance with its resolution:

………………………………………………………..........

J Lutze – President

……………………………………………………….

R H Cockerill – Treasurer

Dated at Manly this 9th day of November, 2023

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AUDITOR’S AUDITOR’S INDEPENDENCE INDEPENDENCE DECLARATION DECLARATION UNDER UNDER SECTION SECTION 307C 307C OF OF THE THE CORPORATIONS CORPORATIONS ACT ACT 2001 2001 To To the the Directors Directors of of MANLY MANLY GOLF GOLF CLUB CLUB LIMITED LIMITED II declare declare that, that, to to the the best best of of my my knowledge knowledge and and belief, belief, during during the the year year ended ended 30 30 September September 2023 2023 there there has has been: been: (i) (i)

AUDITOR’S INDEPENDENCE no no contraventions contraventions of of the the auditor auditor independence independence requirements requirements DECLARATION as as set set out out in in the the Corporations Corporations Act Act 2001 2001 in in relation relation to to the the audit; audit; and and

AUDITOR’S DECLARATION UNDER SECTION 307C OFINDEPENDENCE THE CORPORATIONS ACT 2001

(ii) (ii)

UNDER SECTION 307C OF THEin ACT 2001 no no contraventions contraventions of of any any applicable applicable code code of of professional professional conduct conduct inCORPORATIONS relation relation to to the the audit. audit.

To the Directors of MANLY GOLF LIMITEDof MANLY GOLF CLUB LIMITED ToCLUB the Directors I declare that, to the best of my knowledge and belief, during the year ended 30 September 2023

I declare that,been: to the best of my knowledge and belief, during the year ended 30 September 2023 there has been: there has

CABEL CABEL Partners Partners i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001

no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to Chartered Chartered(i) Accountants Accountants in relation to the audit; and the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit.

(ii)

no contraventions of any applicable code of professional conduct in relation to the audit.

Ray Ray Khalil Khalil CABEL PARTNERS Partner Partner Chartered Accountants

CABEL Partners

Chartered Accountants

Manly Manly November 2023 2023 Dated Dated 99thth November

Ray Khalil Ray Khalil Partner Partner

Manly Dated 9th November 2023 Manly

Dated 9th November 2023

Providing Providing certainty certainty 11 James James Place, Place, North North Sydney Sydney NSW NSW 2060 2060 T. T. +61 +61 (2) (2) 8071 8071 0300 0300 www.cabel.com.au www.cabel.com.au

ABN ABN 16 16 602 602 260 260 757 757 Liability Liability limited limited by by aa scheme scheme approved approved under under Professional Professional Standards Standards Legislation Legislation

33 Providing certainty

www.manlygolf.com.au

DIRECTORS’ DECLARATION The Directors declare that: 1.

2.

The financial statements comprising the Statement of Profit or Loss and Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements are in their opinion in accordance with the Corporations Act 2001: (a)

comply with the Australian Accounting Standards; and

(b)

give a true and fair view of the Company’s financial position as at 30 September 2023 and of its performance for the year ended on that date.

In the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This Declaration is made in accordance with a resolution of the Directors.

………………………………………………………...........

J Lutze – President

………………………………………………………...........

R H Cockerill – Treasurer Dated at Manly this 9th day of November 2023

34

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INDEPENDENT AUDITOR’S REPORT AUDITOR’S AUDITOR’S INDEPENDENCE INDEPENDENCE DECLARATION DECLARATION TO THE MEMBERS OF MANLY GOLF CLUB LIMITED ACT UNDER UNDER SECTION SECTION 307C 307C OF OF THE THE CORPORATIONS CORPORATIONS ACT 2001 2001

To To the the Directors Directors of of MANLY MANLY GOLF GOLF CLUB CLUB LIMITED LIMITED

Report on the Financial Report

II declare declare that, that, to to the the best best of of my my knowledge knowledge and and belief, belief, during during the the year year ended ended 30 30 September September 2023 2023 there there has has been: been: Opinion audited the financial ofindependence Manly Golf Club Limited (the Company), which comprises the (i) (i) We have no no contraventions contraventions of of the thereport auditor auditor independence requirements requirements as as set set out out in in the the Corporations Corporations Act Actstatement 2001 2001 in in relation relation to to of financial position the the audit; audit; and and as at 30 September 2023, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial

including a summary of significant policies, and the director's (ii) (ii) statements, no no contraventions contraventions of of any any applicable applicable code codeaccounting of of professional professional conduct conduct in in relation relation to to declaration. the the audit. audit.

In our opinion, the accompanying financial report of Manly Golf Club Ltd is in accordance with the Corporations Act 2001, including: (i)

giving a true and fair view of the Company's financial position as at 30 September 2023 and of its financial

performance for the year then ended; and CABEL CABEL Partners Partners

Chartered Chartered Accountants Accountants

(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the company in accordance with the auditor independence requirements of the Corporations Act 2001 Ray Rayand Khalil Khalil the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110: Code of Ethics Partner Partner for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Manly Manly th th We99confirm that 2023 the independence declaration required by the Corporations Act 2001, which has been given to the November November 2023 Dated Dated director of the Company, would be in the same terms if given to the director as at the time of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Report and Auditor’s Report Thereon The Directors of the Company are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 September 2023, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Providing Providing certainty certainty 11 James James Place, Place, North North Sydney Sydney NSW NSW 2060 2060 T. T. +61 +61 (2) (2) 8071 8071 0300 0300 www.cabel.com.au www.cabel.com.au

ABN ABN 16 16 602 602 260 260 757 757 Liability Liability limited limited by by aa scheme scheme approved approved under under Professional Professional Standards Standards Legislation Legislation

www.manlygolf.com.au

35

MANLY GOLF CLUB LIMITED

AUDITOR’S AUDITOR’S INDEPENDENCE INDEPENDENCE DECLARATION DECLARATION UNDER UNDER SECTION SECTION 307C 307C OF OF THE THE CORPORATIONS CORPORATIONS ACT ACT 2001 2001 To To the the Directors Directors of of MANLY MANLY GOLF GOLF CLUB CLUB LIMITED LIMITED INDEPENDENT AUDITOR’S REPORT II declare declare that, that, to to the the best best of of my my knowledge knowledge and and belief, belief, during during the the year year ended ended 30 30 September September 2023 2023 there there has has been: been: Responsibilities of the Directors’ for the Financial Report

(i) (i) (ii) (ii)

no contraventions contraventions of of the the auditor auditor independence independence requirements asthe set setfinancial out out in in the the Corporations Corporations Act 2001 in in relation relation to to Theno Directors of the Company are responsible for therequirements preparation ofas report that gives aAct true2001 and fair view the the audit; audit; and and in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the director determines is necessary to enable the preparation of the financial report that gives a true and fair view andno is contraventions free from material misstatement, due to fraud conduct or error. in no contraventions of of any any applicable applicable whether code code of of professional professional conduct in relation relation to to the the audit. audit.

In preparing the financial report, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

CABEL CABEL Partners Partners The Directors of the Company are responsible for overseeing the Company’s financial reporting process.

Chartered Chartered Accountants Accountants

Auditor’s Responsibility for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Ray Ray Khalil Khalil Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or Partner Partner error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

Manly ManlyAs part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and November 2023 2023 Dated Dated maintain 99thth November professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors of the Company.

Providing Providing certainty certainty 11 James James Place, Place, North North Sydney Sydney NSW NSW 2060 2060 T. T. +61 +61 (2) (2) 8071 8071 0300 0300 www.cabel.com.au www.cabel.com.au

ABN ABN 16 16 602 602 260 260 757 757 Liability Liability limited limited by by aa scheme scheme approved approved under under Professional Professional Standards Standards Legislation Legislation

36

www.manlygolf.com.au

INDEPENDENT AUDITOR’S REPORT

AUDITOR’S AUDITOR’S INDEPENDENCE INDEPENDENCE DECLARATION DECLARATION UNDER SECTION SECTION of 307C 307C OF OF THE THEuse CORPORATIONS CORPORATIONS ACT 2001 2001 • Conclude UNDER on the appropriateness the directors' of the going concern ACT basis of accounting and, based on the aud

evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt o To Tocontinue the the Directors Directors of of MANLY MANLY GOLF GOLF CLUB LIMITED LIMITED INDEPENDENT AUDITOR’S REPORT the Company’s ability to as a going concern.

If weCLUB conclude that a material uncertainty exists, we are required t draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate II declare declare that, that, to to the the best best of of my my knowledge knowledge and and belief, belief, during during the the year year ended ended 30 30 September September 2023 2023 there there has has been: been: to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s repor However, future events or conditions cause the to toCorporations continue as aAct going concern. (i) (i) no contraventions contraventions of of the the auditor auditor independence independence requirements requirements as as set setconcern out outcease in in the the Corporations Act 2001 2001 in in relation relation to to • no Conclude on the appropriateness of the may directors' use ofCompany the going basis of accounting and, based on the the audit; audit; and the auditand evidence obtained, whether a material uncertainty exists related to events or conditions that may

(ii) (ii)

cast significant doubt presentation, on the Company’s abilityand to continue going concern.

If we conclude material • Evaluate the overall structure contentas ofathe financial report, includingthat thea disclosures, and whether th uncertainty exists, are required to draw attention in our auditor’s report to the related disclosures in the no no contraventions contraventions of ofwe any any applicable applicable code code of of professional professional conduct conduct in in relation relation to to the the audit. audit. financial report represents the underlying transactions and events in a manner that achieves fair presentation. financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall structure among and content the financial report, including the disclosures, andaudit and significan We communicate with thepresentation, directors regarding, otherofmatters, the planned scope and timing of the

whether the financial report represents the underlying transactions and events in a manner that achieves fair CABEL CABEL Partners Partners audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Charteredpresentation.

Accountants Accountants

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

CABEL Partners CABELAccountants PARTNERS Chartered

Chartered Accountants

Ray Ray Khalil Khalil Partner Partner

Manly Manly November 2023 2023 Dated Dated 99thth November

Ray Khalil Ray Khalil Partner Partner

Manly DatedManly 9th November 2023 Dated 9th November 2023

Providing Providing certainty certainty 11 James James Place, Place, North North Sydney Sydney NSW NSW 2060 2060 T. T. +61 +61 (2) (2) 8071 8071 0300 0300 www.cabel.com.au www.cabel.com.au

ABN ABN 16 16 602 602 260 260 757 757 Liability Liability limited limited by by aa scheme scheme approved approved under under Professional Professional Standards Standards Legislation Legislation

Providing certaint

1 James Place, North Sydney NSW 206 T. +61 (2) 8071 0300 www.cabel.com.a www.manlygolf.com.au 37

FINANCIAL REPORT 2023

38

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MANLY GOLF CLUB LIMITED

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2023

NOTE

2023

2022

$

$

Revenues

2

8,662,879

7,454,883

Government grants & subsidies

2

-

91,866

Other income

2

417,013

365,640

Raw materials and consumables used

3

(1,071,425)

(776,668)

(4,504,115)

(4,017,254)

Employee benefits expense Depreciation and amortisation expenses

3

(699,284)

(727,471)

Finance costs

3

(165,951)

(56,835)

(133,518)

(106,051)

(2,047,637)

(1,973,704)

457,962

254,406

(226,389)

(173,011)

Profit for the year

231,573

81,395

Total comprehensive income attributable to members

231,573

81,395

Club house repairs and maintenance expense Other expenses from ordinary activities Sub total Net (loss) on write off of course development costs

3,7

The accompanying notes form part of this financial report.

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39

MANLY GOLF CLUB LIMITED

STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2023

ASSETS

NOTE

2023

2022

CURRENT ASSETS

$

Cash and cash equivalents

4

2,262,857

1,714,977

Trade receivables & prepayments

5

2,794,801

3,254,845

Inventories

6

406,252

321,146

5,463,910

5,290,968

TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant & equipment

7

18,025,665

14,705,881

Right-of-use assets

7

142,207

303,551

Investment property

8

870,000

870,000

TOTAL NON-CURRENT ASSETS

19,037,872

15,879,432

TOTAL ASSETS

24,501,782

21,170,400

LIABILITIES CURRENT LIABILITIES Trade and other payables

9

6,827,781

6,524,683

Short-term borrowings & lease liabilities

10

286,393

288,787

Short-term provisions

11

258,145

269,359

7,372,319

7,082,829

TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Payables

9

4,138,757

4,223,746

Long-term borrowings & lease liabilities

10

3,777,004

887,444

Long-term provisions

11

200,808

195,060

TOTAL NON-CURRENT LIABILITIES

8,116,569

5,306,250

TOTAL LIABILITIES

15,488,888

12,389,079

NET ASSETS

9,012,894

8,781,321

Reserves

12,229,767

12,229,767

Accumulated losses

(3,216,873)

(3,448,446)

TOTAL MEMBERS’ FUNDS

9,012,894

8,781,321

MEMBERS’ FUNDS

The accompanying notes form part of this financial report.

40

www.manlygolf.com.au

MANLY GOLF CLUB LIMITED

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

NOTE

Balance at 30 September 2021 Profit for the year Balance at 30 September 2022 Profit for the year Balance at 30 September 2023

Asset revaluation reserve

Retained earnings

Total

$

$

$

12,229,767

(3,529,841)

8,699,926

-

81,395

81,395

12,229,767

(3,448,446)

8,781,321

-

231,573

231,573

12,229,767

(3,216,873)

9,012,894

The accompanying notes form part of this financial report.

www.manlygolf.com.au

41

MANLY GOLF CLUB LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023

NOTE

2023

2022

$

$

10,448,835

7,743,219

28,906

7,875

(8,558,432)

(7,536,980)

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Interest received Payments to suppliers & employees Interest paid

(165,951)

(56,834)

1,753,358

157,280

(4,092,644)

(959,863)

(4,092,644)

(959,863)

Net proceeds/(repayment) of borrowings and lease liabilities

2,887,166

(499,645)

NET CASH FLOWS PROVIDED BY/(USED IN) FINANCING ACTIVITIES

2,887,166

(499,645)

547,880

(1,302,228)

1,714,977

3,017,205

2,262,857

1,714,977

NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES

19

CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant & equipment NET CASH FLOWS (USED IN) INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENT HELD CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR

19

The accompanying notes form part of this financial report.

42

www.manlygolf.com.au

MANLY GOLF CLUB LIMITED

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

The financial statements are for Manly Golf Club Limited as an individual entity, incorporated and domiciled in Australia. Manly Golf Club Limited is a company limited by guarantee.

1.

BASIS OF PREPARATION

Rental Income

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The entity is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.

Rental Income is recognised as it accrues. Where rental receipts are received in advance of the lease term, the rental income is recognised over the term of the rental agreement.

The following is a summary of the material accounting practices adopted by the Company in preparation of the financial report.

The accounting policies have been consistently applied, unless otherwise stated. Australian Accounting Standards set out accounting policies that the AASB has concluded will result in financial statements.

The financial statements, except for cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar. (a) Revenue Revenue from contracts with customers For current year

Other income Income from other sources is recognised when the fee in respect of other products or services provided is receivable.

All revenue is stated net of the amount of goods and services tax (GST).

Entrance Fees Entrance fee income represents the non-refundable up-front fee charged to new members after they have been accepted as a member to the club. This income stream is to be recognised over the lifetime of the membership which is determined to be the relevant performance obligation. The Club have estimated that the average lifetime membership is 10 years. (b) Inventories Inventories are measured at the lower of cost and current replacement cost on a weighted average cost basis. (c) Property, Plant and Equipment

The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised goods or services to customers at an amount that reflects the consideration the Company expects to receive in exchange for these goods and services.

Revenue is recognised by applying a five-step model as follows:

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, accumulated depreciation and impairment losses.

1. Identify the contract with the customer.

Freehold land is shown at its fair value, based on periodic valuations by independent, qualified valuers. If the carrying amount of a class of assets is increased as a result of a revaluation, the net revaluation increase shall be recognised in other comprehensive income and accumulated in equity under the heading of revaluation surplus.

However, the net revaluation increase shall be recognised in profit or loss to the extent that it reverses a net revaluation decrease in the same class of assets previously recognised profit or loss.

2. Identify the performance obligations.

3. Determine the transaction price.

4. Allocate the transaction price to the performance obligations.

5. Recognise revenue as and when control of the performance obligations is transferred.

Revenue for annual golf subscriptions is recognised in the year to which it relates while revenue from sale of goods is recognised upon the delivery of goods to customers.

Interest Interest revenue is recognised as it accrues, taking into account the effective yield on the financial asset. .

Property

If the carrying amount of a class of assets is decreased as a result of a revaluation, the net revaluation decrease shall be recognised in profit or loss. However, the net revaluation decrease shall be recognised in other comprehensive income to the extent of any credit balance existing in any revaluation surplus in respect of that same class of asset. The net revaluation decrease recognised in other comprehensive income reduces the amount accumulated in equity under the heading of revaluation surplus.

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43

MANLY GOLF CLUB LIMITED

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Revaluation increases and decreases relating to individual assets within a class of property, plant and equipment shall be offset against one another within that class but shall not be offset in respect of assets in different classes.

Buildings, Plant and Equipment The carrying amount of buildings, plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

Development Costs

(d) Investment property Investment property, comprising of freehold land, is held to generate long-term yields. The tenant lease is on an arm’s length basis. Investment property is measured initially at its cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. (e) Leases

Development costs occur where the asset is in the process of being designed, approved and constructed. These costs are written off as per the accounting policies of Manly Golf Club.

At inception of a contract, the Company assesses whether a lease exists - i.e. does the contract convey the right to control the use of an identified asset for a period of time in exchange for consideration.

Asset Revaluation Reserve

This involves an assessment of whether:

The asset revaluation reserve is used to record increments and decrements on the revaluation of freehold land. The balance standing to the credit of the reserve is not distributable.

• The contract involves the use of an identified asset - this may be explicitly or implicitly identified within the agreement. If the supplier has a substantive substitution right then there is no identified asset.

Depreciation The depreciable amount of all fixed assets including capitalised lease assets is depreciated on the straight-line basis over their useful lives to the economic entity commencing from the time the asset is held ready for use.

The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset

Depreciation Rate

Buildings and Improvements

4%

Plant, Equipment, Furniture & Fittings

5 – 30%

The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

Asset classes’ carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

44

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of profit or loss.

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• The Company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use.

• The Company has the right to direct the use of the asset i.e. decision making rights in relation to changing how and for what purpose the asset is used.

The non-lease components included in the lease agreement have been separated and are recognised as an expense as incurred.

At the lease commencement, the Company recognises a right-ofuse asset and associated lease liability for the lease term. The lease term includes extension periods where the Company believes it is reasonably certain that the option will be exercised.

The right-of-use asset is measured using the cost model where cost on initial recognition comprises of the lease liability, initial direct costs, prepaid lease payments, estimated cost of removal and restoration less any lease incentives.

The right-of-use asset is depreciated over the lease term on a straight line basis and assessed for impairment in accordance with the impairment of assets accounting policy. The estimated life of the right-of-use assets is based on those of property, plant and

MANLY GOLF CLUB LIMITED

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

equipment. The right-of-use asset is subject to the impairment requirements and is assessed for impairment indicators at each reporting date.

The lease liability is initially measured at the present value of the remaining lease payments at the commencement of the lease. The discount rate is the rate implicit in the lease, however where this cannot be readily determined then the Company's incremental borrowing rate is used.

Subsequent to initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. The lease liability is remeasured whether there is a lease modification, change in estimate of the lease term or index upon which the lease payments are based (e.g. CPI) or a change in the Company's assessment of lease term.

Where the lease liability is remeasured, the right-of-use asset is adjusted to reflect the remeasurement or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. (f) Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the Company commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transaction costs except where the instrument is classified at fair value through the profit or loss in which case transaction costs are expensed to profit or loss immediately.

Classification and subsequent measurement Financial instruments are subsequently measured at either fair value, amortised cost using the effective interest rate method or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. (g) Impairment of assets At each reporting date, the Company reviews the carrying values of its tangible 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 statement of profit or loss and other comprehensive income.

Where the future economic benefits of the assets are not primarily dependent upon on the assets ability to generate net cash inflows and when the Company would, if deprived of the asset, replace its remaining future economic benefits, value in use is depreciated replacement cost of an asset.

Where it is not possible to estimate the recoverable amount of an asset class, the Company estimates the recoverable amount of the cash-generating unit to which the class of assets belong. (h) Trade and Other Receivables Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets.

All other receivables are classified as non –current assets. (i)

Trade and other payables

Trade and other payables represent the liabilities for goods and services received that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. ( j) Subscriptions in advance Subscriptions in advance arises from early invoicing of subscription income for the 2023 financial year as members were invoiced in September 2023 and because of its nature is not repayable. As a result, subscription in advance does not form part of the working capital assessment which is required for going concern purposes. (k) Employee benefits Provision is made for the Company’s liability for employee benefits arising from services rendered by employees to balance date.

Employee benefits expected to be settled within one year together with benefits arising from wages, salaries and annual leave which may be settled after one year, have been measured at the amounts expected to be paid when the liability is settled plus related on costs. Other employee benefits payable later than one year have been measured at the net present value.

Contributions are made by the Company to an employee superannuation fund and are charged as expenses when incurred.

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45

MANLY GOLF CLUB LIMITED

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

(l)

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at-call with banks and other short-term highly liquid investments with original maturities of three months or less. (m) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented in the statement of cash flows inclusive of GST where applicable. (n) Income Tax No provision for income tax has been raised as the Company is exempt from income tax under Section 50-45 of the Income Tax Assessment Act 1997. (o) Provisions Provisions are recognised when the Company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. (p) Comparative Figures Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year. (q) Critical Accounting Estimates and Judgments The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company.

Key estimates – Impairment The Company assesses impairment at each reporting date by evaluating conditions specific to the Company that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Fair value less costs to sell or current replacement cost calculations performed

46

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in assessing recoverable amounts incorporate a number of key estimates.

Control – Manly Golf Club Foundation The assessment of control under AASB10 is subjective and requires judgement. Notwithstanding that there are different trustees to the Board of Directors, the Directors have assessed that the Company controls the Foundation because of the objectives of the Foundation and the inability of the Foundation to spend funds without consideration by the Company’s Board of Directors. (r) Adoption of New and Revised Accounting Standard The Company has adopted all Accounting Standards which became effective for the first time at 1 October 2022. Refer to Note 1 for the changes in accounting policy for details of the changes due to Accounting Standards adopted. (s) Government Grants and Subsidies Grants and subsidies are recognised as they accrue. (t) Going Concern Whilst current liabilities exceed current assets by $1,908,409, the Directors have prepared these financial statements on a going concern basis as current liabilities include subscriptions in advance which are not repayable.

2

REVENUE AND OTHER INCOME

2023 $

2022 $

5,215,627 2,645,450 447,439 352,071 2,292 8,662,879

4,716,468 2,061,603 433,680 180,439 62,693 7,454,883

-

91,866

82,400 305,707 28,906 417,013 9,079,892

81,800 275,965 7,875 365,640 7,912,389

435,645 378,148 257,632 1,071,425

290,253 280,064 206,351 776,668

Depreciation and Amortisation of Non-Current Assets Depreciation and amortisation

699,284

727,471

Finance Costs Commonwealth Bank

165,951

56,835

Superannuation SGC contributions

380,463

322,441

Auditor’s Remuneration Audit Services

24,650

23,965

Net loss on write off of course development costs

226,389

173,011

2,262,857

1,714,977

(a) Revenue Subscriptions Sale of goods Entrance fees and AASB 15 entrance fee adjustment Visitors and corporate golf fees and competition admin fees Other revenue Total revenue (b) Government grants & subsidies (c) Other income Property rental Loan reduction levy Interest Total other income TOTAL REVENUE AND OTHER INCOME

3

4

PROFIT FOR THE YEAR Profit from operations has been determined after: Expenses Cost of Sales Bar Catering Golf Shop

CASH AND CASH EQUIVALENTS CURRENT Cash at Bank

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47

MANLY GOLF CLUB LIMITED

5

TRADE, PREPAYMENTS AND OTHER RECEIVABLES CURRENT Subscriptions and entrance fees owing Sundry debtors Prepayments

2023 $

2022 $

2,447,117 197,038 150,646 2,794,801

2,801,882 245,421 207,542 3,254,845

The Company does not have any material risk exposure to any single receivable or group of receivables.

6

7

INVENTORIES CURRENT AT COST Bar Golf Shop Course

95,374 107,495 203,383 406,252

62,471 47,539 211,136 321,146

10,400,000 226,389 (226,389) 10,400,000

10,400,000 173,011 (173,011) 10,400,000

1,818,048 5,996,692 2,339,572 10,154,312 (3,873,976) 6,280,336

1,818,048 2,146,186 2,339,572 6,303,806 (3,686,842) 2,616,964

Plant, Equipment, Furniture & Fittings Plant, Equipment, Furniture & Fittings at cost Less Accumulated Depreciation Net Plant, Equipment, Furniture & Fittings at cost

3,968,859 (2,916,301) 1,052,558

4,089,553 (3,073,032) 1,016,521

Plant, Equipment, Furniture & Fittings leased Less Accumulated Amortisation Net Plant, Equipment, Furniture & Fittings leased

629,891 (423,165) 206,726

629,891 (314,093) 315,798

86,045

356,598

18,025,665

14,705,881

Lease assets – at cost

805,335

868,057

Less Accumulated Depreciation

(663,128)

(564,506)

Total Right-of-use assets

142,207

303,551

PROPERTY, PLANT AND EQUIPMENT Non-Current Property, Plant and Equipment Freehold Land and Development Costs Golf course at valuation by Preston Rowe Patterson 30/9/20 - Write-off to Profit and Loss Golf course at valuation 30/9/20 Buildings and Improvements - Buildings at valuation 1/1/1983 - Additions at cost - Improvements at cost Less Accumulated Depreciation

Assets Under Construction Total Non-Current Property, Plant and Equipment Right-of-use assets

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MANLY GOLF CLUB LIMITED

Asset Revaluations The freehold land was independently valued on 30/9/2020 by Preston Rowe Patterson and reflected the physical conditions and the way in which the land could be used. The fair value of the freehold land was determined by the direct comparison approach with available sales evidence. There has been no change to the valuation technique during the year.

Details of the fair value hierarchy are found in note 17.

Core and Non-Core Property Non-Core Property includes the investment property at 87-95 Balgowlah Rd Fairlight. All other property is core property.

MOVEMENTS Movements in the carrying amounts of each class of property, plant and equipment are set out overleaf:

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49

MANLY GOLF CLUB LIMITED

2022

Freehold Land

Buildings and Improvements

Plant, Equipment, Furniture & Fittings

Leased Plant and Equipment

Right-of-use assets

Assets Under Construction

Total Non Current

Carrying amount at begin of year

10,400,000

2,651,616

735,185

369,850

506,872

286,528

14,950,051

Revaluation

-

-

-

-

-

-

-

Write off

(173,011)

-

-

-

-

-

(173,011)

Disposals

-

-

-

-

-

-

-

Additions

173,011

145,532

498,354

72,896

-

70,070

959,863

-

(180,184)

(217,018)

(126,948)

(203,321)

-

(727,471)

Carrying amount at end of year

10,400,000

2,616,964

1,016,521

315,798

303,551

356,598

15,009,432

2023

Freehold Land

Buildings and Improvements

Plant, Equipment, Furniture & Fittings

Leased Plant and Equipment

Right-of-use assets

Assets Under Construction

Total Non-Current

Carrying amount at begin of year

10,400,000

2,616,964

1,016,521

315,798

303,551

356,598

15,009,432

Write off

(226,389)

-

-

-

-

-

(226,389)

Disposals

-

-

(8,531)

-

-

(270,553)

(279,084)

Tranfers

-

270,553

-

-

-

-

270,553

Additions

226,389

3,581,266

284,989

-

-

-

4,092,644

-

(188,447)

(240,421)

(109,072)

(161,344)

-

(699,284)

10,400,000

6,280,336

1,052,558

206,726

142,207

86,045

18,167,872

Depreciation

Depreciation Carrying amount at end of year

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MANLY GOLF CLUB LIMITED

8.

2023 $

2022 $

INVESTMENT PROPERTY 87-95 Balgowlah Road, Fairlight Balance at beginning of year

870,000

870,000

Balance at end of year

870,000

870,000

The Investment Property which comprises of freehold land has been leased for a period of 50 years commencing on 4 June 2007. The lease agreement requires $4M rent prepaid, which was paid, and which is not refundable under any circumstances.

Fair Value measurement of the investment property The investment property was independently valued on 30/9/2020 by Preston Rowe Patterson and reflected the physical conditions and the way in which the property could be used. The valuation approach used is a Direct comparison approach which involved comparing the property with comparable sales and deferred until expiry of the lease at an appropriate rate of interest.

Details of the fair value hierarchy are found in note 17.

9.

TRADE & OTHER PAYABLES CURRENT Trade creditors Sundry creditors and accruals Rent in advance (refer note 8) Goods and Services Tax Subscriptions in advance Contract liability- deferred entrance fees in advance

97,335 389,414 80,000 553,660 5,289,650 417,722 6,827,781

139,181 437,428 80,000 474,199 4,992,624 401,251 6,524,683

2,613,333 1,525,424 4,138,757

2,693,333 2,955 1,527,458 4,223,746

16

49,394 167,380 69,619 286,393

78,386 120,957 89,444 288,787

16

250,000 32,127 68,917 3,425,960 3,777,004

500,000 81,521 236,297 69,626 887,444

NON-CURRENT Rent in advance (refer note 8) Subscriptions in advance 10 year memberships Contract liability- deferred entrance fees in advance

10.

BORROWINGS CURRENT De Lage Landen Pty Ltd Lease Liabilities Commonwealth Bank Lease Liabilities Nano Bubble Technology Pty Ltd Lease Liabilities

NON-CURRENT Commonwealth Bank Fixed Rate Loan De Lage Landen Pty Ltd Lease Liabilities Commonwealth Bank Lease Liabilities Nano Bubble Technology Pty Ltd Lease Liabilities Course Maintenance Facility Loan

A new $3.6m loan facility was established for the construction of the course maintenance facility. Total drawdowns on the loan for the year are $3,425,960. This is currently operating as an interest only loan.

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51

MANLY GOLF CLUB LIMITED

The Company’s loan from the Commonwealth Bank is available as a line of credit. The bank business loan is secured by the following: -

A first registered equitable mortgage by Manly Golf Club Limited over the whole of its assets and undertakings, including uncalled capital

-

A first registered mortgage by Manly Golf Club Limited over non-residential property located at 38-40 Balgowlah Rd Fairlight NSW 2094

-

A first registered mortgage by Manly Golf Club Limited over non-residential property located at 87-95 Balgowlah Rd Fairlight NSW 2094

-

A first registered mortgage by Manly Golf Club Limited over non-residential property located at 13-19 Suwarrow St Fairlight NSW 2094

-

A first registered mortgage by Manly Golf Club Limited over non-residential property located at 29 Suwarrow St Fairlight NSW 2094

Finance liabilities are secured by the underlying leased assets.

11.

PROVISIONS Opening Balance at 1 October 2022 Movement during year Balance at 30 September 2023 Analysis of total provisions Current Non-Current

2023 $

2022 $

464,419 (5,466) 458,953

663,498 (199,079) 464,419

258,145 200,808 458,953

269,359 195,060 464,419

Provision for Long-Term Employee Benefits A provision has been recognised for employee entitlements relating to long- service leave. The measurement and recognition criteria relating to employee benefits have been included in note 1 to this report.

12.

52

DIRECTORS DISCLOSURES A

Directors The names of each person holding the position of Director of Manly Golf Club Limited during the financial year are: J Lutze, P Howard, R Cockerill, D Brewer, L Lea, A Andrews, D Newell, D Cleary, G Lord & D Hearsch.

B

Remuneration of Directors No Director received any remuneration from the Company during the year, other than in line with expense approval by resolution at the previous Annual General Meeting.

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MANLY GOLF CLUB LIMITED

13.

KEY MANAGEMENT PERSONNEL COMPENSATION

2023 Total compensation (5 personnel)

Short Term Benefits $

Post-Employment Benefits $

Long-Term Benefits $

Total $

910,554

85,817

70,526

1,066,897

785,538

68,603

80,681

934,822

2022 Total compensation (5 personnel)

14.

RELATED PARTY TRANSACTIONS The company’s main related parties are Key Management Personnel: any person(s) having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including any director (whether executive or otherwise) of that Company, is considered key management personnel. For disclosures of key management personnel refer to Note 13. There were no related party transactions during the financial year.

During the year, benefits were received by directors and women’s committee whilst on official duties and benefits were received by members of teams representing the Club in competitions and events as stated in an ordinary resolution at the Annual General meeting. These benefits were from retail transactions including meals, and refreshments and at cost apparel and golf balls. The aggregate amount brought to account was $55,754 (2022: $48,216).

15

MEMBERS’ SUBSCRIPTIONS RECEIVED IN ADVANCE Amounts received from members in respect of subscriptions for 2023/2024 are included in the statement of financial position under other payables.

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53

MANLY GOLF CLUB LIMITED

16.

FINANCIAL INSTRUMENTS Financial Risk Management The Company’s financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payable.

The Company does not have any derivative instruments at 30 September 2023.

Financial Risks The main risks the Company is exposed to through its financial instruments are interest rate risk, liquidity risk and credit risk. (a)

Credit risk The Company does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Company.

(b)

Liquidity risk The Company manages liquidity risk by monitoring forecast cash flows and ensuring that adequate unutilised borrowing facilities are maintained.

Financial liability and financial asset maturity analysis Financial Liabilities Due for Payment 2023

1-5 Years $

Over 5 Years $

250,000

-

-

250,000

-

3,425,960*

-

3,425,960*

De Lage Langden P/L Lease Liabilities

49,394

32,127

-

81,521

CBA Fixed Rate Loans CBA Variable Rate Loan

Within 1 year $

Total $

CBA Lease Liabilities

167,380

68,916

-

236,296

Nano Bubble Technology Pty Ltd Lease Liabilities

69,619

-

-

69,619

Trade and Other Payables (excluding subscriptions in advance)

486,749

-

-

486,749

1,023,142

3,527,003

-

4,550,145

Cash & Cash Equivalents

2,262,857

-

-

2,262,857

Trade debtors and other receivables

2,794,801

-

-

2,794,801

Total Expected Inflows

5,057,658

-

-

5,057,658

Net (Outflow)/Inflow on Financial Instruments 2023

4,034,516

(3,527,003)

-

507,513

Total Expected Outflows

Financial Assets Cash Flow Realisable 2023

* The timing of cash flows presented in the table to settle financial liabilities reflect the earliest contractual settlement dates, and do not reflect management's expectations that banking facilities will be rolled forward or restructured.

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MANLY GOLF CLUB LIMITED

16.

FINANCIAL INSTRUMENTS continued Financial Liabilities Due for Payment 2022 CBA Fixed Rate Loans

Within 1 year $

1-5 Years $

Over 5 Years $

Total $

-

500,000

-

500,000

De Lage Langden P/L Lease Liabilities

78,386

81,521

-

159,907

CBA Lease liabilities

120,957

236,297

-

357,254

Nano Bubble Technology P/L Lease Liability

89,444

69,626

-

159,070

Trade and Other Payables (excluding subscriptions in advance)

576,609

-

-

576,609

Total Expected Outflows

865,396

887,444

-

1,752,840

Financial Assets Cash Flow Realisable 2022 Cash & Cash Equivalents

1,714,977

-

-

1,714,977

Trade debtors and other receivables

3,254,845

-

-

3,254,847

Total Expected Inflows

4,969,822

-

-

4,969,822

Net (Outflow)/Inflow on Financial Instruments 2022

4,104,426

(887,444)

-

3,216,982

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55

MANLY GOLF CLUB LIMITED

(c)

Market risk Interest rate risk Interest rate risk is managed with a mixture of fixed and floating rate debt. At 30 September 2023, $250,000 of the CBA Market Rate (Fixed) Loan has a floating interest rate.

Exposure to interest rate risk arises on financial assets and financial liabilities at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The company is also exposed to earnings volatility on floating rate instruments.

Weighted Average Effective Interest Rate

Total

Floating Interest Rate

Non Interest Bearing

Fixed Interest Rate

2023 %

2022 %

2023 $

2022 $

2023 $

2022 $

2023 $

2022 $

2023 $

2022 $

1.00

0.10

2,262,857

1,714,977

2,262,857

1,714,977

2,262,857 1,714,977

2,262,857

1,714,977

-

-

-

-

Financial Assets Cash at Bank Total Financial Assets Financial Liabilities CBA Fixed Loan Variable Loan

0.53 6.43

0.53

250,000 3,425,960

500,000 -

250,000 3,425,960

500,000 -

-

-

-

-

De Lage Landen P/L Lease Liabilities

5.66

5.66

81,522

159,907

-

-

81,522

159,907

-

-

CBA Lease Liabilities

3.01

3.01

236,296

357,254

-

-

236,296

357,254

-

-

Nano Technology PL Lease Liabilities

4.25

4.25

69,619

159,070

-

-

69,619

159,070

-

-

4,063,397 1,176,231

3,675,960

500,000

387,437

676,231

-

-

Total Financial Liabilities

56

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MANLY GOLF CLUB LIMITED

16.

FINANCIAL INSTRUMENTS continued 2023

2022

$

$

Amount used

4,180,960

2,680,010

Amount unused

2,339,040

240,000

6,520,000

2,920,010

Financing facilities Secured bank bill facility

Price Risk Price risk relates to the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market price securities. The Company is not exposed to any material commodity price risk. . (d)

Net Fair Values The net fair values of assets and liabilities approximate their carrying value. No financial assets and financial liabilities are readily traded on organised markets. Financial assets where the carrying amount exceeds net fair values have not been written down as the company entity intends to hold these assets to maturity.

The aggregate net fair values and carrying amounts of financial assets and liabilities are disclosed in the balance sheet and in the notes to the financial statements.

17.

FAIR VALUE MEASUREMENT When financial assets and financial liabilities are measured at fair value in the Statement of Financial Position they are grouped into three levels of fair value hierarchy. The Levels are defined based on the observability of significant inputs to the measurement as follows: - Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

- Level 2: Inputs other than quoted prices included within Level 1 that are observable for asset or liability, either directly or indirectly.

- Level 3: Unobservable inputs for the asset or liability.

The following table shows the carrying amount of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value of the carrying amount is a reasonable approximate of fair value.

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57

MANLY GOLF CLUB LIMITED

Financial assets measured at fair value – 30 September 2023 As at the end of the financial year, the Company does not hold any financial assets that are required to be measured at fair value.

Financial assets not measured at fair value – 30 September 2023 Notes

Loans and receivables

Level 1

Level 2

Level 3

Total

Cash and Cash equivalents

4

2,262,857

-

-

-

2,262,857

Trade debtors and other receivables

5

2,794,801

-

-

-

2,794,801

5,057,658

-

-

-

5,057,658

Financial liabilities measured at fair value – 30 September 2022 Notes

Borrowings

Level 1

Level 2

Level 3

Total

Business loans

10

3,675,960

-

3,675,960

-

3,675,960

Lease Liabilities

10

387,437

-

387,437

-

387,437

4,063,397

-

4,063,397

-

4,063,397

Financial liabilities not measured at fair value – 30 September 2022

Trade creditors and other payables

Notes

Creditors and other liabilities

Level 1

Level 2

Level 3

Total

9

486,749

-

-

-

486,749

486,749

-

-

-

486,749

Note A- The company does not include fair value information for financial assets and financial liabilities such as short term trade debtors and payables because their carrying amounts are reasonable approximation of fair value.

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MANLY GOLF CLUB LIMITED

Financial assets measured at fair value – 30 September 2022 As at the end of the financial year, the Company does not hold any financial assets that are required to be measured at fair value.

Financial assets not measured at fair value – 30 September 2022 Notes

Loans and receivables

Level 1

Level 2

Level 3

Total

Cash and Cash equivalents

4

1,714,977

-

-

-

1,714,977

Trade debtors and other receivables

5

3,254,845

-

-

-

3,254,845

4,969,822

-

-

-

4,969,822

Financial liabilities measured at fair value – 30 September 2022 Notes

Borrowings

Level 1

Level 2

Level 3

Total

Business loans

10

500,000

-

500,000

-

500,000

Lease Liabilities

10

676,231

-

676,231

-

676,231

1,176,231

-

1,176,231

-

1,176,231

Financial liabilities not measured at fair value – 30 September 2022

Trade creditors and other payables

Notes

Creditors and other liabilities

Level 1

Level 2

Level 3

Total

9

576,609

-

-

-

576,609

576,609

-

-

-

576,609

Note A- The company does not include fair value information for financial assets and financial liabilities such as short term trade debtors and payables because their carrying amounts are reasonable approximation of fair value.

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59

MANLY GOLF CLUB LIMITED

18.

EVENTS AFTER BALANCE SHEET DATE There are no matters or circumstances that have arisen since the end of the financial year that have significantly affected or may significantly affect the operation of the company, the results of those operations or the state of affairs of the company in the future financial years.

19.

NOTES TO STATEMENT OF CASH FLOWS RECONCILIATION OF CASH For the purpose of the Statement of Cash Flows, cash includes cash on hand and in banks and investments in money market instruments net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows: 2023

2022

$

$

2,262,857

1,714,977

2,262,857

1,714,977

231,573

81,395

Depreciation

699,284

727,471

Write-off of course redevelopment costs

226,389

173,011

8,531

-

-

-

Cash and Cash Equivalents

RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT AFTER INCOME TAX Profit Non cash flows

Net loss on disposal of property, plant and equipment Gain on revaluation of investment property CHANGES IN OPERATING ASSETS & LIABILITIES Decrease/(Increase) in debtors

403,148

(564,695)

(Increase)/Decrease in stock on hand

(85,106)

6,158

Decrease/(Increase) in prepayments and deposits

56,896

(37,546)

(Decrease) in trade creditors

(41,846)

(84,363)

(Decrease) in sundry creditors/accruals

(34,116)

(285,589)

Increase in subscriptions in advance

294,071

340,515

(Decrease) in other provisions NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES

20.

CAPITAL AND LEASING COMMITMENTS (a)

Lease Liabilities

(5,466)

(199,077)

1,753,358

157,280

2023

2022

$

$

Payable – minimum lease payments

60

- not later than 12 months

286,393

297,549

- later than 12 months but not later than 5 years

101,043

411,503

Minimum lease payments

387,436

709,052

Less future finance charges

(10,164)

(28,523)

Present value of minimum lease payments

377,272

680,529

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MANLY GOLF CLUB LIMITED

20.

CAPITAL AND LEASING COMMITMENTS continued (b)

2023

2022

$

$

Non-cancellable lease commitments contracted for but not capitalised in the financial statements Payable – minimum lease payments

21.

- not later than 12 months

4,716

4,716

- later than 12 months but not later than 5 years

9,432

14,148

14,148

18,864

MANLY GOLF CLUB FOUNDATION (UNINCORPORATED ASSOCIATION) The Foundation operates a permanent fund that is administered independently from the Club by the Trustees. The Foundation receives donations and bequests from members of the club, their estates and family groups, and approved third party sources to help preserve, develop and maintain the standards and facilities of the Club.

The Foundation recognises all donations and interest in the Club’s accounts for the period but is managed independently. The table below reconciles the movement during the period.

2023

2022

Opening balance

41,871

41,825

Add: Donations received

1,000

-

455

46

Add: Interest income

22.

Less: Expenses

-

-

Closing balance

43,326

41,871

CONTINGENT LIABILITIES The company is not subject to any contingent liabilities.

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61

AUDITOR’S AUDITOR’S INDEPENDENCE INDEPENDENCE DECLARATION DECLARATION UNDER UNDER SECTION SECTION 307C 307C OF OF THE THE CORPORATIONS CORPORATIONS ACT ACT 2001 2001 To To the the Directors Directors of of MANLY MANLY GOLF GOLF CLUB CLUB LIMITED LIMITED II declare declare that, that, to to the the best best of of my my knowledge knowledge and and belief, belief, during during the the year year ended ended 30 30 September September 2023 2023 there there has has been: been: INFORMATION FOR THE DIRECTORS ON THE 2023 FINANCIAL STATEMENTS

(i) (i)

no no contraventions contraventions of of the the auditor auditor independence independence requirements requirements as as set set out out in in the the Corporations Corporations Act Act 2001 2001 in in relation relation to to the the audit; audit; and and

(ii) (ii)

no no contraventions contraventions of of any any applicable applicable code code of of professional professional conduct conduct in in relation relation to to the the audit. audit.

ADDITIONAL INFORMATION

INFORMATION FOR THE DIRECTORS The Trading Statement and Notes to the Trading Statement for the year ended 30 September 2023, ON THE 2023 FINANCIAL STATEMENTS have been prepared from the accounting and other records of Manly Golf Club Limited and have

not been subjected to the tests and other auditing procedures applied in our examination of the CABEL CABEL Partners Partners

financial statements for the year ended 30 September 2023. INFORMATION ADDITIONAL Chartered Chartered Accountants Accountants The Trading Statement and Notes to the Trading Statementdo fornot theform yearpart ended 30 financial September 2023, have been prepared from The Trading Statement and Notes to the Trading Statement of the report the accounting of Manly Golf Club to Limited and have not been subjected to the tests and other auditin in respect of theand yearother endedrecords 30 September 2023, referred in our report to members and accordingly procedures applied an in our examination of the financial statements for the year ended 30 September 2023. we do not express audit opinion thereon.

The Trading Statement and Notes to the Trading Statement do not form part of the financial report in respect of the yea ended 30 September 2023, referred to in our report to members and accordingly we do not express an audit opinion thereon

Ray Ray Khalil Khalil Partner Partner

CABEL PARTNERS

Chartered Accountants CABEL Partners

Manly Manly Chartered Accountants November 2023 2023 Dated Dated 99thth November

Ray Khalil Ray Khalil Partner Partner Manly Manly th November Dated Dated99th November2023 2023

Providing Providing certainty certainty 11 James James Place, Place, North North Sydney Sydney NSW NSW 2060 2060 T. T. +61 +61 (2) (2) 8071 8071 0300 0300 www.cabel.com.au www.cabel.com.au

ABN ABN 16 16 602 602 260 260 757 757 Liability Liability limited limited by by aa scheme scheme approved approved under under Professional Professional Standards Standards Legislation Legislation

62

www.manlygolf.com.au

MANLY GOLF CLUB LIMITED

TRADING STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2023 2023 $

2022 $

$ 5,215,627 33,598 5,249,225

$ 4,716,468 72,367 4,788,835

Sales Cost of sales Gross profit Gross Profit %

1,024,801 435,645 589,156 57.5%

705,614 290,253 415,361 58.9%

CATERING Sales Cost of sales Gross profit Gross Profit %

974,108 378,148 595,960 61.2%

813,416 280,064 533,352 65.6%

BAR & CATERING Wages Other expenses Trading Surplus/(Deficit)

1,457,415 125,914 (398,213)

1,244,828 91,976 (388,091)

GOLF Merchandise sales Cost of sales Gross profit merchandise sales Gross Profit % Other golf revenue Sub total gross profit and other golf revenue Wages Other expenses Trading (Deficit)/Surplus

E

392,402 257,633 134,769 34.3% 606,210 740,979 636,343 153,760 (49,124)

296,083 206,351 89,732 58.9% 426,930 516,662 577,399 141,473 (202,210)

TOTAL TRADING INCOME Less: Expenses A NET TRADING SURPLUS/(DEFICIT) ORDINARY ACTIVITIES Less Depreciation NET TRADING (DEFICIT)/SURPLUS AFTER DEPRECIATION

4,801,888 4,303,305 498,583 (699,285) (200,702)

4,198,534 4,041,333 157,201 (727,471) (570,270)

447,439 305,707 80,000 (8,531) (165,951) 658,664

433,680 275,965 80,000 (56,835) 162,540

(226,389) 231,573

(173,011) 91,866 81,395

(3,448,446) -

(3,529,841) -

(3,216,873)

(3,448,446)

Note GENERAL & COURSE INCOME Subscriptions and locker fees Other income including interest BAR & CATERING / GOLF – TRADING INCOME BAR

ADD/(LESS): Entrance Fees Loan Reduction Levy Rent 87 Balgowlah Road Gain/(Loss) on disposal of fixed assets Interest NET TRADING SURPLUS/(DEFICIT) ADD/(LESS): Golf Course redevelopment costs Gain on revaluation of Investment property Government rebates Covid-19 NET OPERATING SURPLUS/(LOSS) Accumulated losses at the beginning of the financial year Less adjustment on change in accounting policy (note 1a Entrance fee income) ACCUMULATED LOSSES AT FINANCIAL YEAR END

This report should be read in conjunction with the attached disclaimer. www.manlygolf.com.au

63

MANLY GOLF CLUB LIMITED

NOTES TO TRADING STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2023

NOTE A: EXPENDITURE

2023

2022

$

$

Notes Employee costs and entitlements

B

2,410,357

2,195,027

Course maintenance

C

768,994

796,462

House expenses

D

420,143

363,516

Computer expenses

106,456

117,607

Insurance

152,487

119,635

Affiliation fees

92,552

75,275

Marketing / advertising

33,324

34,917

Postage, printing, stationery and telephone

25,401

31,133

Members’ amenities

52,415

35,859

Rates

34,275

57,754

Security and fire monitoring

26,761

30,402

Auditor’s remuneration

25,715

23,965

Bank and credit card charges

3

43,272

44,489

Donations and subscriptions

10,663

20,928

Legal expenses

59,671

44,545

Fixture books

5,760

11,313

Directors expenses

15,854

10,830

Archiving

4,901

7,310

Sundry expenses

11,901

17,840

Rent – equipment

2,403

2,526

4,303,305

4,041,333

2023

2022

$

$

1,419,695

1,273,137

Administration

804,607

741,121

House

104,572

82,837

Staff training

17,592

11,933

Staff meals and uniforms

62,567

58,146

Staff recruitment

1,324

27,853

2,410,357

2,195,027

NOTE B: EMPLOYEE COSTS AND ENTITLEMENTS Salaries, wages and contractors Course

Note: Salary and Wages on costs for Staff Superannuation, Workers Compensation Insurance, Payroll Tax and Fringe Benefits Tax have been included in the respective salary and wage cost centres.

This report should be read in conjunction with the attached disclaimer.

64

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MANLY GOLF CLUB LIMITED

NOTES TO TRADING STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2023

NOTE C: COURSE MAINTENANCE

2023

2022

$

$

General maintenance

234,204

317,624

Fertilisers and chemicals

277,008

278,349

Repairs to plant

82,804

95,986

Water

75,003

18,002

Sand and soil and bunkers

36,537

26,281

Petrol and oil

43,336

31,487

Power

20,102

28,733

768,994

796,462

2023

2022

$

$

Building and furniture repairs and improvements

133,518

106,051

Light, power and gas

100,652

77,235

Cleaning contract and materials

105,132

105,621

Garbage service and pest control

45,211

42,069

Laundry

22,464

19,572

Water

8,729

7,891

NOTE D: HOUSE EXPENSES

Sundries

4,437

5,077

420,143

363,516

2023

2022

$

$

Cart hire

131,878

86,265

Club storage

62,223

72,980

Member visitor fees

164,469

57,213

Repairs & Golf competition administration fees

140,504

98,480

Corporate visitor fees

47,098

38,182

Range ball hire

25,251

13,194

Tuition fees (including Junior clinics)

14,026

58,532

Equipment hire & Repairs

20,761

2,084

606,210

426,930

NOTE E: OTHER GOLF REVENUE

This report should be read in conjunction with the attached disclaimer.

www.manlygolf.com.au

65

MANLY GOLF CLUB LIMITED

MEMBERSHIP DETAILS AS AT 30TH SEPTEMBER 2023

Membership

WOMEN

TOTAL

2022

2023

2022

2023

2022

7-Day Playing

460

462

36

17

496

479

Provisional 7-Day Playing

18

11

0

1

18

12

Intermediate 7-Day Playing

75

81

4

2

79

83

Junior 7-Day Playing (12-17)

29

34

1

2

30

36

Overseas

1

2

0

4

1

6

5-Day Playing

179

180

313

325

492

505

Provisional 5-Day Playing

19

2

0

0

19

2

Intermediate 5-Day Playing

0

14

0

6

0

20

Junior 5-Day Playing (12-17)

0

6

0

0

0

6

Special Senior Playing

23

25

19

25

42

50

Country 7-Day Playing

22

16

5

2

27

18

Country 5-Day Playing

0

10

0

6

0

16

Absentee

36

36

2

1

38

37

Non-Playing

129

138

40

30

169

168

House/Bowling

19

18

32

27

51

45

Life

3

3

1

1

4

4

Introductory

0

3

0

13

0

16

Cadet & Talented

14

11

5

3

19

14

MGC Social Member TOTAL

66

MEN 2023

www.manlygolf.com.au

0

1

0

8

0

9

1027

1053

458

473

1485

1526

Bronze II Pennant Team

Interclub Pennants

Womens bronze plaque team

Mens Championship Final Will Crisp v Chris Connolly

Womens Finalists – Gemma Amate v Shreeya Singh

Finals Night Dinner

M ANLY

G O L F

C L U B

M ANLY

G O L F

C L U B

M

M

LY AN

LY AN

M ANLY

M ANLY

G O L F

C L U B

G O L F

C L U B

M

M

LY AN

LY AN

Manly Golf Club 38-40 Balgowlah Road, NSW 2095 Or PO Box 166, MANLY, NSW 1655 Tel: (02) 9948 0256 Email: reception@manlygolf.com.au www.manlygolf.com.au