Manly GC Annual Report 2024

President J LUTZE

Vice President A ANDREWS

Captain A HUNTER

Vice Captain L LEA

Treasurer I SPITTAL

Directors

General Manager

D CONSTABLE

Club Patron

E L CAVILL

Life Members

Auditors

CABEL PARTNERS

PRESIDENT’S REPORT

Notwithstanding our challenges, it was another wonderful year at Manly Golf Club. 25 new members discovered our challenging course, our magnificent clubhouse, our great staff, our gregarious members and a very pleasant ambience. Long may it continue.

Of course the year was not entirely uneventful. Higher than normal rainfall lost us over 24 days of golf and even more for the cart dependent members. The course presentation failed to meet the members’ expectations and adding to the frustration, the timber on our bridges has rotted. Revenue from external functions has failed to return to pre-Covid levels.

On a more positive note, the cost reduction program announced last year is well underway with the benefits becoming apparent in 2025. Within the constraints of our budget, we have made good progress on the Vegetation Master Plan and the Bunker Plan, but less so on the Clubhouse Master plan. Much remains to be done on the clubhouse projects as funds become available.

So what happened this year:

The Club’s Finances

The financial results for this year were a disappointing loss of around $140K, which includes some one off costs and we expect a better outcome in 2025.

Our consolidated debt is now over $5M, which we plan to pay off in 8 years with the $750 annual debt levy on members. There is no appetite or capacity for further large borrowings to fund major projects, so our annual CAPEX will depend on how successful we are in reducing costs and increasing our external revenue from functions and trade days. Funds for capital projects for the forthcoming year will be limited to around $400K for which the most difficult task will prioritising the projects from the plethora of those identified. The Board has also commenced preliminary exploration of ‘out of the box’ ideas for additional revenue generation.

Details of the Financial year and the outlook is provided under the Treasurer’s Report. My thanks to Iain for his sage advice and commitment to the financial success of MGC.

Membership

At the end of our golfing year we had some 177 transfer requests, all of which were approved without exceeding the caps. Mindful of the stress on the golf course and of the timesheet pressure we have lowered the 5 & 7 Day Caps Total from 1150 to 1100. This will still allow us to offer more than 30 new memberships this coming year and still be under our caps.

The member survey conducted this year allowed us to benchmark ourselves against like clubs and to gauge member satisfaction. The results showed us to be less satisfied than our peers and we have plenty of room for improvement, particularly with the golf course.

My thanks to Alison Andrews, Sally Breakwell, Denise Ford and all of the Membership Committee for their significant contributions to a most demanding portfolio.

The Course

The disappointing course presentation, exacerbated by the POA infestation, has now been addressed. The improvements under the Acting Superintendent, Brenden Benad and his team have been palpable and augur well for the future.

Led by our Horticulturalist, Tom Bradley and ably assisted by Tina Davidson and the Green Army, considerable progress has been made on the Vegetation Master Plan. Much has been done to alleviate the overgrown and unsightly vegetation areas and has opened up pleasing vistas across the course.

The plan to achieve water self sufficiency has progressed well this year. A bore near the 11th tee, of about 200m down into the Hawkesbury Sandstone Aquifer will deliver approximately 85% of our annual water requirements. It now awaits final approval before going on line early in 2025.

My thanks to all of the Greens Committee and a special thanks to Mike McKinlay for his dedication and commitment to his first year as Chair of the Greens Committee.

The Golf

Undoubtedly the highlight of the year was our Men’s Major Pennants Team winning the Division 3 Final - an outstanding achievement.

This year we fielded teams in NPICC, Interclub, Masters Pennants, Eric Apperly, Junior Pennants, as well as Womens Grade, Silver Shield & Bronze 2 Shield & Bronze Plaque Representative teams. All acquitted themselves well and were a credit to the Club.

And finally, congratulations to our new Club Champions Eddie Blake and Shreeya Singh.

A special thanks to Alex Hunter, our Captain, Linda Lea, our Vice Captain, Gemma Amate, our Women’s 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 is now 100 years old and the Centenary party in the 1924 Gatsby style was a huge success and enjoyed by all who attended. My thanks to Judy, Shariq, Jack, Phil and Anne Hutchinson for making this such a memorable event

The House Committee led by Gary Lord, has continued to develop plans that addresses clubhouse utilisation and ongoing maintenance requirements, as well as identifying projects for enhancement; all the while preserving the historic characteristics of this grand old building.

Unfortunately redesign or enhancement of 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 next year.

My thanks to Gary and all the House Committee for their perseverance, despite the frustrations of not having the funds to progress their great ideas.

Vale

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

Bill King, John Hinde, Cathy Gallop, Peter Cavill, Neville Pulver.

They may be gone but their spirit remains and is part of the great Manly Golf Club tapestry.

Acknowledgements

To all of 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), Rod (Finance), Judy(House), Jack (Bar), Brenden (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 Linda Lea (President), Gemma Amate (Captain) and supported by Vickey Cotter, Sue Salvage, Kathryn Cistulli, Dee Paul and Anneliis Matthews, they have done a wonderful job in organising the women’s golf program.

I personally wish to thank each of the members of the 2024 Board for their dedication and enthusiasm, both individually and collectively. They have given of their time generously to ensure that this Club thrives.

This is my last year as a Board member at Manly Golf Club. I have enjoyed my 10 years on the Board and I thank you all for the support I have received.

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

CAPTAIN’S REPORT

As I sit here in the Founders Room of MGC, looking out onto our course and reflect on my first year of Captaincy, I am so happy to be able to write and say that I am incredibly proud of the condition the course is in. And this is during renovation week!

I was incredibly honoured and proud to have been elected Captain of Manly Golf Club last year and set out to focus on three things in particular;

1. The desperate need to improve the condition of our number one asset – our golf course

2. The club culture and a move towards inclusion, openness, honesty and fun

3. Investing in our junior program and the future/ sustainability of our amazing club

I can’t say we have achieved everything we have wanted to, but seeing the greenkeepers, currently being run by our Acting Superintendent, Brenden Benad come to life and the transformation of our course in such a short space of time is something we should all be proud of. To Brenden, Nick Wakelin, Tom Bradley, Caleb Muir, Adam Clarke, Henry Gearin and the rest of the team, thank you. I encourage you all to talk to Brenden and his team at any given opportunity to learn more about how the course has improved so quickly and also what they have planned for continued improvement and a constant eye on the “1%ers”.

Continuing the theme of the course and another opportunity to show gratitude – The Green Army. I remember people mentioning to me, “having people volunteer to help improve the course whilst we continue to pay top end green fees is embarrassing”….anyone who thinks this, please read on. The Green Army are the epitome of giving back and assistance in building a club culture of comradery, friendship and assistance on the long, but rewarding journey towards ‘Immaculate Manly’. To Christina Davidson and the many members of the wonderful Green Army, thank you. Anyone who volunteers their time to improve our incredible course and club should be appreciated frequently and as widely as possible.

For anyone who attended the Members Evening and the GBAS survey results back at the end of September you would have heard from me that when I first joined Manly Golf Club around 12 years ago my handicap went from 9 to 19 in a year, because I was too scared to take a divot on the immaculate playing surface. Phil Baird coined the phrase ‘Immaculate Manly’ and for me it’s something we all are responsible for and shouldn’t stop until we are all afraid to take divots again. Now that the course is on the road to being flawless again divots, pitch marks, unraked bunkers all stand out more and are just as unacceptable as before, but more obvious. If you’re proud of the course and being a member then do your bit and point out others who don’t. It’s the only way we will get back to ‘Immaculate Manly’.

In other news…

Men's Pennant Team – Back in Division 2 for 2025!

First off, a huge round of applause to our Men’s Pennant Team for winning Division 3! Heading back into Division 2 will obviously come with its challenges, but under the management and captaincy of such golfing luminaries as Dave Brown and Chris Connolly I expect the team to be knocking on the sliding doors of Division 1 in 2026!

Junior Golf

Most golfers who have handicaps above 10 will always say, “I wish I had been encouraged to start golf earlier”. I am amazed and encouraged by our current cohort of junior golfers making the most of the hours of play for both practise and competition. Your enthusiasm, talent, and ability to string together half decent acceptance speeches is something we love to see at the club. You are the future and I hope our Talented Golfer Program shows you that. A big shout-out to Will Flitcroft, Ricky Kato, Shane Wilkinson, and Phil Baird for their hard work in developing these young players over the last year. The Eric Apperly Team had a strong season, only losing one match in a rain-shortened season. Special thanks to Will Crisp for stopping his albatross celebrations to focus on managing the team in a tough competition, but with excellent results.

Speaking of Albatrosses…not such a rare bird after all… congratulations to Sam Porter (9th hole) and Michael Hill (17th hole) for both achieving what some of us can only dream of. I did google the odds of hitting an albatross and it’s the same as being struck by lightning….or winning the Easter Cup three times.

Finals Day – A Record-Breaking Affair!

Congratulations to everyone who made it to Finals Day this year at the beginning of November. 22 matches were contested on the day and we also had our highest number of match referees to date who assisted in the adjudicating and live scoring. Thank you to each and everyone one of the referees who gave up their time on the day and ensured everything ran as smoothly as the greens. Special thanks to David Cleary as the roving referee who had an answer for everything (and their were a few rules queries!) and Richard Evans whose wit, charm and focus on what is right and wrong will always be appreciated.

Congratulations to our Club Champion Winners for 2024. Eddie Blake taking home his 3rd Title defeating last years’ Champion, and fellow Board member, Chris Connolly 3 & 2. Shreeya Singh also overcame the disappointment of last years finals loss to defeat Beth Haskins in a strong showing of her progression as a golfer, winning 12 & 10. What impressed me the most were the speeches on Final’s Night – mature, grateful, humble and just what you would want to hear from worthy winners. Well done and hopefully see you again at the winner’s podium in the years to come.

Another special mention…

Harry Peterson managed to get his card in UK. He narrowly missed his ECCO Tour (Danish) tour card by three shots after soldiering on during qualifying with illness. Shortly after, he managed to qualify over three rounds of poor weather to gain his Clutch Pro-Tour Q-Series Tour Card and will be playing the 2025 season over in the UK. From all of us at MGC – good luck Harry and we look forward to hearing about your victories in the months and years to come.

And finally….

A thank you to everyone on the Board who has given up so much of their “spare” time to read and respond to the thousands of emails, text messages, Whats app messages and the occasional handwritten letter! For the countless hours of

attending committee meetings, Board meetings and numerous additional meetings (because we all love a good meeting). Thank you. Now you can’t complain about it being a thankless task being on the Board at MGC!

Special thanks to Alison Andrews as Vice President, Linda Lea as Vice Captain and Gemma Amate as Women’s Captain. Your insights, support, help and representation of the Club and Women’s Committee is hugely appreciated and never goes unnoticed.

Additional thanks to Chris Connolly who will be my Vice Captain next year. Your support, sense of humour and loss in the Osborn Button this year – were all much appreciated.

And of course a special thanks to our exiting President, Jack Lutze. We haven’t always seen eye to eye (as he is about a foot shorter than me), but anyone who has volunteered his time to the MGC Board for 10 years really should be seen as someone special. Jack I look forward to continuing to break your age on the golf course and sharing the occasional bottle of Pinot Noir with you

And finally finally….

There are so many people who work behind the scenes at MGC and do it under constantly changing Boards, very passionate members and an occasionally disorganised Club Captain.

Special thanks and mentions to Ben Hearsch, Phil Baird and Daniel Constable who, in my first year as Captain, have kept me on track and given me valuable insights which have allowed me to make decisions which respect our legacy/history, whilst always keeping an eye on the future.

And finally finally finally….

I wish you all a wonderful Christmas holidays and a straight hitting, handicap beating, competition winning 2025. I look forward to seeing you all over the holidays and again next year – either on course or in the clubhouse.

Alex Hunter Club Captain

GREENS' REPORT

Overview

It has been another busy year for our team. Following my election to the board, I am honoured to serve as Chairman of Greens. This role has required significant effort to get up to speed, and that work continues.

Rainfall and Course Impact

This year, we have experienced over 1400 mm of rainfall, which is above average. This has resulted in 24 days of course closure and additional days when carts were unable to be used.

Bunker Improvements

We have made significant progress on our fairway bunkers. The redesign, including the installation of capillary concrete, has greatly improved drainage and reduced downtime. To date, we have completed the bunkers on the south paddock (holes 10, 12, 13, 17, and 18), all of which are now playing well. Additionally, we have filled in the bunkers on holes 3 and 6. Next year, we will complete the bunkers on holes 2, 3, 5, and 8.

Water Independence Initiative

Our efforts toward water independence have led us to drill several bores across the course. While the bores on the north paddock generally have high salt content, we can mix this water with town water, reducing our dependence on it. Bore BH4, located on the 11th hole, has proven to provide excellent quality and quantity, meeting drinking water standards.

Initial estimates indicated a yield of 4 L/S; our continuous run tests show:

• 2.8 L/S over a 2-day period

• 2.1 L/S continuously over a year This translates to an estimated annual yield of 66 ML, significantly decreasing our town water usage, which averages around 78 ML per year.

With an annual budget of approximately $100k, we spent $70k last year. We anticipate reducing this budget to $20-$30k per year. Considering the bore's cost of approximately $180k, we expect to see payback within 4 years, with ongoing savings of $40-$50k per year. While this won't fully drought-proof us, it will ensure we can support tees, greens, and portions of fairways even in dry conditions. The bore is nearing certification; only a few paperwork steps remain before we can use it. The pump head will be lowered to ground level, allowing for further beautification with bessa blocks.

Other Projects

We have successfully completed the concrete work behind the practice tee, eliminating both muddy and stony conditions. The VMP (Vegetation Management Plan) between holes 2 and 9 has also progressed. We decided to turf this area rather than use fescue, which struggled due to dry soil. We’ve planted several large trees, including Angophora, Callistemon, and Banksia, which will enhance the area’s beauty and challenge.

Turfing has also been completed on the hill behind the 9th green, and it is looking good. We will continue our VMP works to restore the course's former beauty. I must acknowledge Tina and our "Green Army" for their incredible efforts in clearing and beautifying the course.

Bridge Repairs

Bridge repairs are ongoing, with assistance from member John Roberts, who has replaced the old bridge at the first water crossing on the 3rd hole. We will trial a composite material for the bridge on holes 7-8, similar to that used on council boardwalks and bridges at Warringah Golf Club. This material is strong (up to 2 tonnes), quieter, and more environmentally friendly than wood, and the council is supportive of this approach.

The Year Ahead

After a challenging year on the course our Senior Assistant Brenden Benad has lead the course team over the Finals Day and renovation period. Brenden will be a final round candidate in the recruitment of our ongoinn Superintendent.

He has already presented a detailed plan to improve turf health and address the POA issue.

We have sprayed for mites and the black beetles especially on 5/6/8/10/12, who have been attacking our grass from beneath. We have also sprayed fungicides for grass disease.

There has been a noticeable improvement in turf quality as a result. While Brenden may not have direct experience as a superintendent, he brings a wealth of expertise from his previous roles at Royal Melbourne and The Australian, along with an impressive attention to detail.

Please note our revised policy regarding buggy access: we will return to walking buggies around the greens. It was determined that crossing the greens may have increased the risk of POA spreading.

I would like to express my gratitude to our dedicated maintenance staff for their outstanding work. Your efforts do not go unnoticed.

Thank you,

Michael McKinlay Greens Committee Chair

MEMBERSHIP REPORT

The Membership Committee has an objective “to ensure high member satisfaction with engagement, equity and accessibility”.

At the end of 2023, the Committee discussed the potential benefits of conducting a member survey to gauge member satisfaction and to prioritise areas for improvement. In 2024 it was decided to retain an external provider, GBAS, to conduct a member survey. Incorporating comment from member focus groups, GBAS conducted the survey to benchmark us against other Clubs and to provide member feedback. The results of the survey, which show a significant need for overall improvement, particularly for the course, were presented at a member forum and made available to all members. The Club appreciated the input from the focus groups, survey responses and feedback at the forum. This feedback has been incorporated into the planning for the coming year. The survey will be repeated in 2026.

The Membership Committee continues to monitor course usage and timesheet bookings. Denise Ford has provided very useful timesheet data to support this assessment. Since the category review last year, timesheets are busy but coping with current demand. The number of rounds are trending down. There has been a further trend over the past year or so for more social golf and less competition rounds. At the end of 2023 the 7 day and 5 day member caps were reduced by 10 and 25 respectively. With particular regard to course and timesheet management the numbers for each membership category have again been reviewed and the 7 day caps have been reduced by 15 and the 5 day caps have been reduced by 35.

During our 2023/2024 subscription year we have welcomed 25 adult playing members, 2 ‘talented’ members, 6 juniors, 5 cadets and 6 house members to the Club. Resignations numbers are currently being finalised and offers to new members will be made for induction in January 2025. Our induction process has been updated to invite new members to informal drinks with a brief welcome presentation and the opportunity to mingle and ask questions.

This is a very busy time of year including the consideration and processing of category transfer requests. This year the Club has received 177 transfer requests. All requests falling within the category caps and meeting the category criteria, have been approved. We have a strong waitlist; particularly the demand for male memberships. The waitlist was open to junior and female applicants for short periods during the year. The waitlist will be opened to all categories in November this year.

The offerings of social dining have continued with seasonal Chef’s table, visitor and inter club hosting days, corporate days, Mother’s Day, Melbourne Cup and the popular Friday ‘happy hour’ and Friday twilight ‘play and stay’. The main social event of the year was the 100 year Clubhouse celebration. Members were treated to a Gatsby inspired party with great music, food, whisky den and dancing.

Sally Breakwell our Membership Coordinator does an amazing job dealing with member enquires, attending the meetings and providing all associated administration. General Manager, Daniel Constable has provided consistent and valuable input throughout the year. Thank you also to the members of the Committee - Craig Elvy, Mike McKinlay and President Jack Lutze for your support and insights.

With my best wishes to all,

Alison Andrews

Membership Committee Chair

CLUB SECTIONS

House Committee Report

In last year’s Annual Report, the House Committee highlighted the essential work needed to restore our beautiful Clubhouse to its former glory. The proposed restoration projects included:

Clubhouse External

• Replacement of windows and doors

• Ensuring the roof is in good condition and waterproof, including new gutters and downpipes

• Installation of new front and side entrances with enhanced security

• Addition of a lift for disabled access

• Tidying the delivery area

• Installing a retractable cover for the upstairs terrace

• Creating covered areas outside club storage for protection from rain

• Improving external lighting

• Tiling the grassed terrace area to make it more suitable for all-day dining and special events

A detailed specification was prepared, and a reputable local building firm provided a comprehensive quote for the work, totalling just under $5 million. Unfortunately, the project had to be put on hold due to budgetary constraints.

We will retain all the necessary plans, drawings, and documentation for future reference. Every attempt will be made to prioritise these works over the coming years.

Clubhouse Internal

The items listed above pertain to the Clubhouse exterior and do not address internal projects that also require attention, including:

• Remodelling the Champions Bar and ensuring the floor is waterproofed

• Completing the downstairs servery

• Renovating the kitchen with an additional service lift, new hotplate, walk-in freezer and coolroom, and improved flow lines for dishwashing and preparation areas

• Acquiring new internal furniture

• Relocating the Pro Shop to a larger area adjacent to the ladies’ change room

• Remodelling the upstairs bar

• Renovating the upstairs bathrooms

These projects must also be prioritised over the coming years as the Club’s capital expenditure budget allows.

Proposed Works

Our immediate priority with the funds available over this and next year is the Clubhouse roof, followed closely by the Halfway Servery.

1. Clubhouse Roof - While this is not a massive undertaking, it does involve some gutter replacement. The main issues are broken tiles, box gutters, rusted vent pipes, flashings around exhaust vents, and debris removal. We will present it to the Board for sign-off next month or so.

2. Halfway Servery: This project has been in progress for several years The job has now been fully costed with pretty well all external approvals in place. The final plan and work schedule still needs Board approval.

Completed Works

After taking down the large conifers and replanting the gardens at the entrance to the Clubhouse, the view of the building from the street has significantly improved. Thanks to Daniel, Tom and the horticultural team, the entire area feels less cluttered and appears fresher and more organised. Several of our Members also provided valuable input for this project.

Functions – External

There has been extensive discussion about hosting weddings at the Club. We have also solicited opinions from those who work in this field. The reality is we are not getting the enquiry we would hope for.

It’s suggested we need to have a point of difference to attract weddings. Not having a beautiful ocean or harbour backdrop does make it more difficult for us to compete with other venues. The use of the golf course, especially as twilight approaches and shadows begin to fall, is the natural beauty we have to use to be competitive for these functions.

However, it needs to be acknowledged that we are a golf course that has competitive golf still being played until 5.30pm on a Saturday afternoon. Hosting weddings on the wedding tee and having golfers walk off the tenth green or walk past to put their clubs away is not going to work with a wedding in progress.

Our conclusion is to direct our efforts and attention to the functions where we are competitive, like School functions, Memorial celebrations, and other private uses of the Clubhouse.

Internal

Over the past year, we’ve hosted some fantastic events, with the highlight being the 100 year Centenary celebration. Judy and the clubhouse staff did an outstanding job decorating the Clubhouse, capturing an authentic 1920s atmosphere complete with a whiskey bar and a roving band. Thanks also to Phil Baird and Anne Hutchinson for their effort to collate all the great historical Clubhouse facts and images for the night.

Finals Night was another memorable event for our members, and I want to thank everyone involved, from Ben, Judy, Phil and Alex and all the staff. Congratulations to all the winners. The whole day was a great success.

Food, Beverage and Service

We continue striving to improve our food and beverage menus and the accompanying service. Good progress is being made, with Shariq reviewing and modifying his food offerings seasonally and providing a variety of daily specials. Our themed nights featuring international cuisine from Italy, Greece, India, and other countries have also been well-received. Shariq and his kitchen team deserve commendation for their excellent work on these occasions, and we hope to host more of these events in the future.

A special thanks also goes to Jack and his bar staff, who do an exceptional job of taking care of us when we arrive thirsty and hungry. Seeing an enthusiastic, friendly face ready to assist us is always a pleasure.

House Committee

A special thanks to the members of the House Committee and especially Daniel for their contributions over the last 12 months, it’s very much appreciated.

Gary Lord House Committee Chair’

CLUB SECTIONS

Bridge Club

The Bridge Club has enjoyed a fabulous year with growing numbers and great success.

The Manly Golf Club Bridge Group 2-138 is a registered member of the Australian Bridge Federation and has 78 registered members.

Cath Whiddon returned for her second year as our Director. Cath’s experience and excellent teaching skills are invaluable and much appreciated by us all. Cath has given a series of lessons throughout the year which are always sold out and very popular with our members.

We are also lucky to have Lyn Smith who acts as our Director when Cath is unavailable.

I have enjoyed my second year as President, and I would like to thank Jenny Allison who has done an excellent job in her second year as our treasurer. Stephanies Lutze was our Set-Up roster secretary and was also an invaluable support to our group.

The Bridge club continues to meet on the first and third Wednesdays to play Duplicate Bridge.

When there is a fifth Wednesday, we play a team’s event which is the format used when we play Interclub competitions.

This year we had 3 Teams playing Interclub competitions.

The Blue Team (Manly, Cromer, Long Reef & Pymble) playing on Friday was managed by Gail Thompson.

The Green Team (Manly, Elanora, Roseville & Killara) playing on Monday was managed by Barbara Lane.

The Red Team (Manly, Peninsula, Roseville & Elanora) playing on Thursday was managed by me. This is a new competition for members with less than 25 Masterpoints.

I would like to thank Gail & Barb for all their efforts selecting the teams and coordinating the players.

We also played our annual social days against Elanora & Cromer.

We are very proud to say that we achieved a clean sweep, winning every competition in 2024.

Bridge Buddies is a social group who play each Thursday from 9:30-11:30am. I would like to thank Liz Crumpton for coordinating this group.

Our Bridge Group would like to thank Judy Camlin, Functions Manager and her team, Chef Shariq and his wonderful team in the kitchen and Daniel Constable, General Manager and all the office staff for their support throughout the year.

In the last couple of years 10 players have joined Manly as House members to play bridge.

Bridge is thriving at Manly and members who play bridge are most welcome to join our group.

Debbie Cambridge President

The Open Draw Competition

The Open Draw Competition (ODC) is played on Mondays and Thursdays. It is a roll up start competition and is open to all MCG playing category members, young and old, ladies and gentlemen, high and low handicappers. Membership categories for our regulars are as follows;

7 Day – 20 5 Day – 16 2 Day – 18

The competition has been going for 60 years and provides an opportunity for new members to get to know other members. A chance for longer term members to “rock up” for a game without having to worry about time sheets. The ODC is a comp within a comp of the day. By entering the ODC you are automatically entered in both competitions. It is possible to win both. The tee time on Mondays is 9.24 am and on Thursdays 9.16am. To enter simply turn up in the Champions Bar half an hour before tee off and pay $5. Names are drawn out and put into playing groups. Group details are advised to the Pro Shop staff who enter them into the system. Your account is charged $10 green fee which puts you into the comp for the day. You are now in the two comps. Players can elect to go in the 9 or 18 hole competitions. The ODC has two visitor days, a Links Trophy, which this year was won by Denise Ford, and an end of year Gala Day. Participants in the ODC also compete for the Bon Hawke Trophy and the Ron Norris Cup. For those who have not tried the ODC bring a MGC friend along. You can be put in the same group until you get used to the draw system. Finally, many thanks to the greens staff for their efforts in maintaining the course in fine condition. Also, thanks to the Pro Shop staff for helping get the players organised on the course.

John Finlay Convenor

Men Bowlers

Mens’ bowling is going from strength to strength.

This year has seen the introduction of 2 new trophies.

We have added to the Skips’ Trophy, which has been running for many years, with a Leads and Seconds Trophy. Both these events run on a point score basis (2 points for a win, 1 point for a draw) which means that every bowler is competing for one or the other of these trophies every time they bowl. This has added a lot of interest to the games.

As well, Board member, Craig Elvy, has initiated a singles knock-out event competing for the MGC Bowlers Cup, a magnificent Cup once held by Craig’s father, Rex Elvy who was a great bowls enthusiast in his time.

The inaugural winner of this event is to be decided on Finals Day be-tween Anneliis Matthews and Ross Downie.

Bowling takes place twice a week, on Tuesdays and Fridays, with a regular group and quite a few new faces appearing from time to time.

We hold a monthly barbecue (or a pie and apple tart day) at the Bowls Pavilion and a monthly Bowlers lunch in the Clubhouse, both events proving to be very popular.

We played our annual Bowlers v. Golfers match in September with a win for the Bowlers this year! We are looking forward to our Mel-bourne Cup day next week, and our Christmas lunch on December 6.

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 under the “Lawn bowls” icon on the Club website on your smartphone.

Ken Reed President Men Bowlers

CLUB SECTIONS

Ex-Services Report

As the board is aware I resigned from the position of President exService Section in 2023, and I understand the club has not been able to establish a replacement - as there are so few ex Service members and especially younger exService members in the Club. If you are reading and wish to become involved in continuing our ExService traditions please make contact with Daniel Constable (General Manager).

The Club did hold a very commendable commemorative Service for 2024 with golf trophy competition and informal lunch after. Jack Lutze (an old Vietnam vet like me) gave the keynote speech at the dawn Service by invitation from the Club.

Whilst the exService section is in hibernation we would recommend that the Club institute a similar recognition of this most important day for 2025.

The Club holds a small sum of funds raised by the Section over the years on its behalf, which may be used as the Club sees fit for wreaths/flowers on special military remembrance occasions.

Ken Tuckey

Commander RAN Rtd, president, Ex-services

WOMEN'S GOLF

WOMEN PRESIDENT’S REPORT

2024 has been another busy and rewarding year.

I leave Gemma to recap the golfing calendar and all the personal and team achievements, but would like to thank all members who have represented the club in any capacity for their commitment and dedication. These include the pennant players and caddies, the pennant field captains and coordinators, players representing the club at Golf NSW and Interclub events, and not least, those ladies who have come out to marshall and direct the field when we host special events such as the Champion of Champions and the Salvers. Thank you all. You add a special brand of hospitality and warmth to our club and our visitors.

We were very happy to be able to host our tropical themed Opening Day starting the season in colourful style. Working through the challenging pennant season we hosted a formal Invitation day in April, followed by a beautiful lunch in the Apperly Room.

Our President v Captain Charity golf day in September was a wonderful day. Pink and aqua made a wonderful sea of colour on the Course and in the Clubhouse. Our chosen charity this year was One Meal Northern Beaches (providing direct food relief to people in need on the Northern Beaches). We raised $3,800 towards the charity. The President’s pink team won the day by the narrowest of margins and a great day was enjoyed by all. Many thanks to those who provided raffle prizes and to everyone who supported the day.

We did not run a formal Learn to Golf Program this year as the number of new members was limited. However, we did have a few meetings with newer members and those new to golf, and hosted supervised sessions to cover some of the important aspects relating to golf etiquette and basic rules. Many thanks to Kylie Tallack and Carolyn Gibbons for assisting us with this programme. During 2025 we hope to make a FAQ manual available to cover some of the most common questions asked by members.

Communication continues to be a high priority for this Committee and we have worked hard to publish monthly newsletters in addition to providing weekly updates to the eBulletin. The Women on the Tee (WoTT) page is regularly updated with topical items and we hope to be able to provide a repository of knowledge in this area for our members. In addition, we have rostered a Committee member on Meet and Greet duty each Tuesday after golf. This has been very well received; we encourage members to share their highlights so that we can all celebrate these moments!

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

Throughout the year the women enjoy a wide variety of competition formats: stroke, stableford, par and team events including the Autumn Cup, Foursomes, Director of Golf Trophy, Gold Course Event, Club Buttons and the Manly Brooch. Numerous trophy events are played throughout the

year including the Ferrier Bowl, Club Captains, Founders and Encourage Cup which culminate in matches being played on Finals Day in November. Of course, the Championships are the pinnacle of the golfing calendar and I wish all the finalists the best for their upcoming rounds.

There are numerous thanks that I would like to extend. To:

• The Course Superintendent and staff

• The Food and Beverage team

• The Golf team, including Golf Operations

• The Admin team

all of whom make an enormous effort to make our days at MGC enjoyable; thank you for your efforts and wellhumoured support.

A special vote of thanks to our Veterans delegate, Melody Clark, Tina Davidson and the Green Army for their highly valued contribution to the course and clubhouse surrounds, and Rebecca Rich who kindly assisted us with meeting minutes this year. Golf Operations Manager, Ben Hearsch, has provided the invaluable support behind our golf programme and his ongoing contribution is much appreciated.

I would also like to acknowledge the unfailing support of our Club Patron and Life Member, Mrs Elizabeth Cavill. Notwithstanding a very difficult year, Liz has shown her usual interest in the Pennant teams, trophy events and results and has supported Women’s Golf in our club at every turn.

The members of our Women’s Committee, Gemma Amate (Captain), Vicki Cotter (Vice Captain), Sue Salvage, Kathryn Cistulli, Anneliis Matthews and Dee Paul, provide support and advice and make a significant time contribution to the Club. It has been a joy to be part of such a willing team.

I hope to have the opportunity to meet and play golf with many of our members in the forthcoming year. 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 2025!

Linda LEA Women’s President

WOMEN'S GOLF

WOMEN CAPTAIN’S REPORT

The Women’s Committee is committed to provide an enjoyable and diverse golf program for our female members. Manly is fortunate to have an active and engaged female membership, and we aim to cater to all golfers, whether they thrive on competition or prefer a more social experience. Our goal is to ensure that every member feels included and can find joy in the game.

This year, we’ve enhanced communication through our monthly newsletter, regular updates on Women on the Tee, and included a dedicated Women’s section in the club's weekly E-bulletin.

We kicked off the 2024 golfing season with an outstanding turnout for our Tropical-themed opening day, setting a vibrant tone for the year. Shortly after, we hosted the prestigious Manly and Golf NSW Champion of Champions tournament in early February, a tradition at Manly since 1931. Despite challenging heat, Sophie Eppelstun from Catalina emerged victorious, claiming the Golf NSW Champion of Champions title with a thrilling birdie on the second playoff hole.

Our focus then moved to our representative teams. Thanks to committee members Vicki Cotter, Dee Paul, Kathryn Cistulli, Anneliis Mathews and Sue Salvage who each took on the role of team manager. Thank you to Phil Baird and Will Flitcroft for conducting pre-season clinics. Alison

Andrews, Linda Lea and I made up this year’s women’s match committee - thank you for your insights and assistance with team selections.

Our division 1 Women’s Grade team wrapped up the season in a respectable third place, with several matches coming down to the wire. Special thanks to Gillian Rae for her mentorship and for providing valuable on-course tips and strategies that helped prepare the team. Manly also took part in the Northern District Pennant Competition, fielding three teams: Silver, Bronze Plaque, and Bronze II. Although our results fell short of expectations, I remain optimistic about the future. We're committed to bringing in new players to help them develop and gain valuable experience. A big thank you to all of our players for representing Manly with such enthusiasm and dedication, you’ve been outstanding ambassadors for the club. Our interclub representatives concluded the season with our annual Players and Caddies afternoon, celebrating the camaraderie and enjoyment that defined the year.

The Women’s Club Foursomes Championships took place in May, featuring two rounds of 18-hole stroke play. This year’s winners were Kylie Tallack and I, marking our first victory together—congratulations to us. The Bronze Foursomes title was claimed by Deborah Laidlaw and Angela Page. Well done to all.

Further representative opportunities included several Golf NSW events, including the Pewter Plate: Greer Couston and Sally-Ann Woodey, Bronze Medallion: Anne Allsopp, Fiona Karren, Vicki Pye, Kathryn Moynihan, and the Coronation Medal: Caryn Wallis, Carolyn Gibbons, Tanya Jones and Frances MacDonagh. In September our Founders Plate team: Beth Haskins, Angela Page, Carolyn Gibbons, Nicola

Parsons, Jane Williams, Morag McKeand, Julie Fox, Sheila Boyd headed to The Australian GC and secured 2nd place behind Royal Sydney. In late October, 13 pairs will head to Concord GC to compete in the 90th anniversary of the Manly-Concord Cup. It promises to be a fantastic day steeped in tradition.

Our premier Matchplay event, the Founders Cup, remains well-supported and fiercely contested. Congratulations to our finalists: Angela Page and Janet Hill, who will compete for the title on finals day. Similarly, the Liz Cavill mixed event has emerged as one of the most coveted trophies in the club, attracting 82 pairs of competitors. Best of luck to the finalists: Stephen and Camilla Bowhill, as well as Su and Morrice Cordiner, as they vie for this prestigious title!

With the Club championships currently underway, I wish all competitors the best of luck with the Matchplay rounds. I’m looking forward to a fantastic Final’s Day and evening celebration.

Sitting on the Match and Greens Committee has provided a fantastic opportunity for collaboration, establishing a valuable communication channel between the board and the Women’s Committee. One standout initiative has been the Green Army, led by Christina Davidson. The remarkable efforts of this dedicated group of members have far exceeded expectations, delivering exceptional results for the Club.

Thanks to Linda Lea, Dee Paul and Alison Andrews for their assistance with the new member forum. In response to feedback, Phil Baird conducted six weeks of fully subscribed small group clinics. This was complemented by supervised golf sessions and etiquette guidance from

Carolyn Gibbons and Kylie Tallack, aimed at helping new golfers seamlessly integrate into the club. We will continue to assess the need for further sessions over the summer and new year.

Our Veterans program remains highly popular and has over 185 active members. We owe a special thank you to our delegate, Melody Clark. Her efforts have been instrumental in maintaining the success and smooth operation of the program and we are incredibly fortunate to have her at the helm.

A big thank you to the management and staff of the club for their continued support of the Women’s Committee throughout the year. In particular, we appreciate Ben Hearsch Operations Manager and Rebecca Rich and from Golf Administration, whose contributions are essential to our golfing program. We also extend our gratitude to Daniel Constable, Judy Camlin, Phil Baird, Leon Blacker and the team for their efforts both in front of and behind the scenes.

Lastly a heartfelt thank you to the Women’s Committee— Linda Lea (President), Vicki Cotter (Vice Captain), Sue Salvage, Kathryn Cistulli, Dee Paul, and Anneliis Matthews—for their efforts and significant time commitment to the Club. It has been a pleasure to be part of such a positive and dedicated team.

I look forward to seeing many of you at the Women’s AGM and presentation day on 19th November.

Happy Golfing

Gemma Amate

Women’s Captain

REPRESENTATIVE TEAMS

Major Pennant

What a season, what a group of men, undefeated for the season and finishing up with a Pennant !

An amazing season after some disappointments of the previous year.

Our section comprised Roseville, Strathfield and Brighton Lakes and our pennant team each week comprises of seven players and the season is six weeks long and then potentially into the semi-final playoffs and ultimately the final.

The playing squad for 2024 in alphabetical order is as follows :

Chris Connolly (Capt)

Ryan Connors

Will Crisp

Sam Gale

Andy Hugill

Liam Jordan

Rory Page

Harry Peterson

Andrew Tunny

Wayne Wright

Will Yeaman

Squad members also included were Julian Jackson, Craig Bernhardt and Craig O’Hagan whom were not required to play.

The team included five new faces from the previous year being Ryan Connors, Andy Hugill, Liam Jordan, Rory

Page and Harry Peterson all of whom bought their own personalities to this playing group and in particular to the team atmosphere.

We welcomed a new team captain being the current club champion Chris Connolly to the role who is immensely respected by all members and most importantly this playing group.

He is thorough, competitive and importantly sportsman like in all circumstances which is a key leadership characteristic we seek in our playing captain, particularly when we have some younger ones in our team. A big thank you to you Chris for your leadership, golf contribution and support throughout the 2024 season.

Our season had many highlights starting with an opening victory at home against Roseville 6 matches to 1 ! Harry Peterson is new to the club and originally from the southern NSW town of Bega and recently a team member of the NSW state squad. He is a real personality, highly talented and “modestly” enjoys the limelight so playing number one seemed obvious for our Harry. Other playing highlights included Will Crisp winning his first 5 matches playing number 2 and only lost one match for the season, a wonderful achievement at this level. Will Yeaman went through his first 5 matches undefeated in just his second year in major pennant and the evergreen Wayne Wright had an amazing season winning 6 of 7 matches, including both finals. We saw for the first time an exciting young golfer in Liam Jordan at age 15 play his first match for the men’s major pennant team and what a season he had. I had the great pleasure of not only watching Liam but caddying for him on a couple of occasions and what I saw was a young man that works very hard on his game, is highly competitive,

respectful, highly talented and a good golf mind. Members we will hear a lot more about Liam in the years ahead !!

On the subject of terrific young men we blooded 14 year old Rory Page at reserve and he gained valuable experience at match play and enjoying our team culture. What a great young man and he like Liam, will be someone to keep a close eye on and be proud of in the years ahead. These two will likely lead our playing group sometime in the future, here’s hoping.

Another new member and major contributor to the teams success was Ryan Connors who won 4 of his first five matches and the all important final.

How special it is to have an Andy Hugill quality golfer available to play when asked but he was keen for the younger ones to play. Andy thank you for being available and being part of the team culture and I note also undefeated in the matches you did play.

On the theme of special moments our semi final and finals match did not come with out some tension. In our semi final against Macquarie Links at Bayview, we were three matches all and so it came down to Wayne Wright coming home strong to force a playoff and then eventually winning the sudden death on the 24th hole in front of a large crowd. Our Finals match was against Glenmore Heritage at Riverside Oaks on a perfect sunny day and again the score was locked at 3 games. Harry Peterson was playing No1 and was all square on the 18th tee. With water on the right some might think it wise to hit an iron, but not our Harry, out comes the driver and he nails it down the middle. Harry plays a perfect iron shot to 15 feet and holes the putt to win the pennant for Manly !!

Throughout the season each player had a caddy for every match which is outstanding for our club and please allow me to thank them as their contribution and sacrifice is significant and appreciated : Paul Volke, Darryl Tweedale, Richard Evans, Richard Smith, Tony Smith, Oscar Smith, Michael Walker, Darren Crisp, Tony White, Andrew Tunny, Jack Hugill, Paul Jordan, Mr Yeaman, John Pankhurst.

To Linda Lee, a big thank you for formally welcoming visiting clubs to Manly. To our team bus organiser Tony Smith thank you for all that you do for the team in caddying, arranging the bus and driving it. Like wise to John Pankhurst for driving the bus in Tony’s absence. To Paul Volke who filled in for me as manager in my absence whilst overseas, a big thank you. Thank you also to president Jack Lutze and David Cleary for refereeing our 3 home matches

We won a flag which now proudly presented in the clubhouse. What will remain special for ever is the moments and memories that a group of young and “older” men shared together to win that flag.

Onwards and upwards we go after earning promotion to Division 2 for the 2025 season and I cant wait.

Thank you to all

David Brown Team Manager

REPRESENTATIVE TEAMS

Master Pennant

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 Marrickville, Springwood and Muirfield making up our section this year.

Our season started positively at home against Marrickville with a 5 ½ to 2 ½ win. Sean Collins' effort to win 2 up from 5 down after 6 was the day’s highlight.

Unfortunately the result was the exact reverse a week later at Marrickville, 5 ½ to 2 ½ loss.

The following week a 4-4 draw with Springwood away, felt like an opportunity and we capitalised on that with the home win against them a week later, 5 to 3.

Heading to Muirfield, the maths was simple, Manly required at least a draw against the section leaders to keep their finals chances alive. The team put in a super effort, however we did come up one match short with a 5 to 3 loss. With that said we had retained our place in the division for 2025.

As it turned out, the weather was to have other ideas regardless of our result at Muirfield, the relentless rain closed the course for the final match of the season at home against Muirfield - we had a 4-4 draw without a ball being struck.

Overall, it was an enjoyable season, and the competition was always played in a very good spirit. It was felt we have plenty to take away and build on for 2025.

Thank you to all those who represented Manly this year.

The squad:

Wayne Wright, David Brown, Sean Collins, Julian Jackson, Mason Paynter, David Watkins, David Ross, Brenton Quigley, Mike McKinlay, Phil Kells, Phil Grange, Richard Gobee, Darryl Hearsch

Phil Kells

Team Manager

Interclub Challenge Cup 2024

After the high of our first ever Interclub Challenge win last year, we knew it was going to be tough to back up and match the heroics of 2023. Having said that, we again had a favourable draw with the section final scheduled to be played at Manly. Home course advantage is huge – assuming we qualified in the top 2 in our group.

The squad for this year was: Andy Stevenson, Ash McManus, Ben Farmer, David Allara, Eddie Blake, Garrick Bryant, George Platt, Lucas Jordan, Michael Hill, Nick McMurray, Paul Davis, Sam Grose and Darryl Tweedale. A great mix of youth and experience. Alex Hunter again stepped up to manage the team when parental duties allowed him to. We were drawn in Section 3 with Avondale, Terrey Hills and Oatlands – who we beat in the final at Royal Sydney last year.

If you cast your mind back to May/June this year you might remember it was a very wet period of weather. And the rain would indeed play a significant role in the outcome of this year’s competition. Nonetheless, our first game went ahead at a very damp Oatlands against Avondale. Through 9 holes all matches were tight (with the exception of Hilly’s match which was conceded after his opponent got a fly in his ear). Unfortunately, over the back 9 Avondale applied the pressure, and we went down 2 matches to 6. Not an ideal start.

Our second game was against Terrey Hills at Avondale. For once the weather was glorious and sunny (if not a bit chilly). After a poor result in the first round, we needed to bounce back, and we did so in fine style with a commanding 6- 2 win against a Terrey Hills team with some familiar Manly faces in Mason Paynter and Gary Dainton. A great win to get us back in the hunt.

So to game 3 and a must-win match against our old foe Oatlands at Terrey Hills. We fielded our strongest team of the year, and the boys were feeling good, feeling positive. Unfortunately, even the best laid plans can go awry, and despite some close matches we were unable to get the vital win to secure a top 2 finish in the group. The disappointment was real, but such is golf.

As it turned out, the weather gods had the final say in the group with the section final at Manly on the 2nd June called off due to the course being underwater. And in fact, the same thing happened to most of the semi-final games too, which was a pity for the sides that lost on countback. The final, which was played at The Australian due to the Royal Sydney reno’s, was between The Aussie and Oatlands, with the home team claiming the win and the trophy for 2024.

Again, sincere thanks to the Club for endorsing our ongoing participation in Interclub, Bairdy and the pro-shop team, Ben Hirsch, Alex Hunter, the Members for their support and good wishes each week and of course to the Interclub team. Not our year boys, but 2025 awaits.

Darryl Tweedale Team Manager

TREASURER’S 2024 REPORT

Dear Members, I am pleased to present my first Treasurer's Report covering the year ended 30th September 2024.

Overview

It has certainly been a challenging initial year in the role given the difficult decisions required in respect of the financial and operating position of the club.

The Board believe it is important to be good stewards of member funds. This should mean a careful weighing of expenditure and capital commitments against cost and benefits for members with, ultimately, money spent wisely on appropriate projects.

Various changes were made during 2024 that are expected to benefit the club financially in the longer term including:

• Increase in entrance fees;

• Increase in debt levies;

• Restructure of staffing mix and approach;

• Review of insurance policies and adjust coverage where appropriate;

• Bore project to reduce reliance on town water;

• Corporate membership introduced;

• GST treatment of prize accounts;

• Reduction in clubhouse services (primarily Monday);

• Changes to staffing levels on course closure days. The full benefit of these changes should be reflected in the 2025 results.

Having said that, the overall result for this year, being a loss of $143,788 is a disappointing outcome. Whilst there are some one-off costs included in this year’s results which have contributed to the loss along with the increase in interest expense (associated with the increased borrowings), subscription revenues also fell below budget. This was primarily because there was a delay in admitting new members beyond the start of the year which impacted upon full year subscription revenues. This approach has been changed going forward with initial offers to new members made before the close of the 2024 financial year and I do not expect such an outcome to arise again.

Golf Services

Golf Services reported a loss of $135,234, with income generated from golf shop sales, cart hire, club and buggy storage, and range usage, including golf lessons. Whilst there are challenges with running a golf shop in a highly competitive market, members should also be aware that this category of results also includes the staff costs of running the golf operations (e.g. opening at 6am to commence preparation for the day’s events).

Food & Beverage

This area continues to be a loss-making service offering. Whilst it is not unusual in a private club setting for food & beverage operations to run at a loss, there is an increased focus within the club on running an efficient service that matches the demand of members.

Significant time was invested this year in promoting functions which has led to a small increase in forward bookings looking into 2025. Efforts are ongoing in this area to try and optimise the service offering.

The annual result for our Food & Beverage trading was a recorded loss of $392k, which also include some one-off costs in relation to staff restructuring.

We will continue to offer member events, including the twilight golf offering on Friday’s, that we hope will be well supported by the membership base.

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

New Member Entrance Fees

New Members entrance fees contributed $475,036 to the accounting result for the year.

It is necessary to find the correct balance between balancing the financial outcomes arising from admitting new members

relative to the potential timesheet pressure which may arise as a result. We are also seeing a return to the attrition rate experienced pre-COVID allowing a more predictable pattern of resignations which, in turn, has allowed us to make new membership offers earlier in the 2024 year.

The club retains a strong waiting list for new members but this waiting list will shortly be reopened to new applicants to ensure that continues.

Debt reduction levy

Myself and all members of the Board appreciate that this was not a welcome impost upon members. Having reviewed the financial position of the other major Sydney clubs and listened to advice from various parties, we felt it was important to reduce this debt burden within a meaningful time period. To put into perspective, the amounts raised from the prior loan reduction levy were insufficient to cover the interest costs for the 2023/2024 year which we did not feel was a sustainable approach going forward.

Accordingly, with the current levy we are currently on a path to covering the interest charges in full and eliminating the debt within 8 years. As at 30 September 2024, the total debt was $5.125m. By 30 September 2025, total debt should be no more than $4.63m. I encourage you to hold the Board accountable to this target.

By separating the historical debt position from ongoing operations it should also be clearer how much money is

TREASURER’S 2024 REPORT

available to run the club, undertake capital improvements and provision for future known expenditure.

We wish to thank the members for their support with this area.

Capital Works Expenditure

As is well known, the past couple of years have seen the completion of the Course Maintenance Facility. There were some remaining costs incurred in relation to this facility in the year ended 30 September 2024 totalling approximately $220,000.

We have also undertaken Phase 1 of the bunker works in conjunction with Craig Parry at a cost of approximately $173,000.

A further $182,000 was spent on the bore project and we expect testing to be completed in January 2025. This should help the Club reduce its ongoing water bill, particularly topical given the recently announced increases in costs for use of town water.

There were also numerous other maintenance jobs completed during the year (including some much needed repairs to the clubhouse roof) along with more minor capital works.

2025 will see an ongoing focus on the course presentation, including restoration of the bridge between the 7th green and 8th tee. Consideration will be given in due course as to whether the finalisation of the bunker project will take place in the 2025 year as well as next steps on the plan for the halfway house.

Annual depreciation for the year was $671,706 and $60,093 of costs were written off for expenditure that was previously capitalised but which is not expected to provide an ongoing benefit.

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 $3.5m but members should be aware that this balance is primarily made up of $3.66m of membership subscriptions received in advance relating to the 2024/2025 year. Eliminating the effect of the subscriptions received in advance shows that we are effectively running a small overdraft of $220,000 at 30 September 2024 ($1.2m at 30 September 2023). For completeness, please note that the difference has effectively been absorbed in longer

term borrowings in order to provide greater visibility of the true debt position of the club.

We are working on a 10 year capital expenditure model so that members and the Board can gain insights into the likely cash flow needs in each particular year.

Balance Sheet

The balance sheet continues to be healthy with net assets of $8,869,106 at 30 September 2024. This is a slight reduction on the 2023 value ($9,012,894) consistent with the operating losses incurred during the year.

This year all cash has been pooled into bank accounts which are used to offset the borrowings. This reduces the interest charges payable by the club in a similar manner to a mortgage offset account.

The Year Ahead

As noted above, major capital projects are likely to be minimal this year barring the restoration of the bridges, possibly finalising the bunker project and developing a plan for the halfway house servery area

Finance Committee

I want to express my thanks to the members of the Finance Committee and both our new Finance Manager, Rod Valdes, and our former Finance Manager, Kate Sanders, for their help in managing the club’s financial position and reporting, including answering my numerous questions. This is not an easy role but I do think the club is on a pathway to a much improved financial position.

Myself and the rest of the Board certainly greatly appreciate the support from the membership over this period.

Sincerely,

Iain Spittal Treasurer, Manly Golf Club

FINANCIAL REPORT 2024

DIRECTORS’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Directors present their report on Manly Golf Club Limited (“the Club”) for the financial year ended 30 September 2024. Directors' Information

Name

Jack Lutze Aeronautical Engineer Retired GE Aviation Sales

Alison Andrews Retired

Phil Howard Qantas Pilot (retired)

Gary Lord Company Director

Robert Cockerill Company Director

Executive

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

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

and Audit background 4 years (a) Treasurer, Chair - Finance and Audit Committee, Executive Remuneration Committee

Dennis Brewer

Engineer, Senior executive John Holland (retired)

Linda Lea Chartered Accountant

Dean Newell * Lawyer

Iain Spittal Chartered Accountant

Michael McKinlay Qantas pilot (retired)

Craig Elvy Solicitor

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Directors’ information (continued)

a. Resigned on 12 December 2023.

b. Appointed on 12 December 2023.

c. During the year, Mr. Newell passed away.

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Principal activities

The principal activity of the Club during the year was the provision of golfing and social facilities for members.

No significant changes in the nature of the Club’s activity occurred during the financial year.

Short-term objectives

To continue to maintain the Club’s finances in a manner which allows the:

• reduction of debt; and

• maintenance of the golf course and facilities to a high standard.

Long-term objectives

• to promote and conduct the game of golf and such other activities as the membership may require from time to time; and

• 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.

Strategies to achieve objectives

• 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; and

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

Review of operations

The loss of the Club after providing for income tax amounted to $143,788 (2023: profit of $231,573).

Significant events after the year end

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

Future developments and results

Likely developments in the operations of the Club and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Club.

MANLY GOLF CLUB LIMITED

ABN 18 000 007 465

DIRECTORS' REPORT (CONTINUED)

REPORT (CONTINUED)

Indemnification and insurance of officers

Noindemnitieshavebeengivenorinsurancepremiumspaid,duringorsincetheendofthefinancialyear, for any person who is or has been an officer of the Club.

Indemnification and insurance of officers

No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has been an officer of the Club.

Members' guarantee

Members’ guarantee

ManlyGolfClubLimitedisacompanylimitedbyguaranteeincorporatedundertheCorporationsAct2001. Intheeventof,andforthepurposeofwindingupoftheClub,theamountcapableofbeingcalledupfrom eachmemberandanypersonwhoceasedtobeamemberintheyearpriortothewindingup,islimitedto $2 per member. At 30 September 2024, the number of members were 1,465 (2023: 1,485).

Manly Golf Club Limited is a company limited by guarantee incorporated under the Corporations Act 2001. In the event of, and for the purpose of winding up of the Club, the amount capable of being called up from each member and any person who ceased to be a member in the year prior to the winding up, is limited to $2 per member. At 30 September 2024, the number of members were 1,465 (2023: 1,485).

Directors’ meetings

Directors’ meetings

ThefollowingisascheduleofmeetingsattendedbyeachoftheDirectoroftheClubduringtheyearended 30 September 2024:

The following is a schedule of meetings attended by each of the Director of the Club during the year ended 30 September 2024:

Jack Lutze

Alison Andrews

Phil Howard

Gary Lord

Robert Cockerill

Dennis Brewer

Linda Lea

David Cleary

Iain Spittal

Michael McKinlay

Christopher Connolly

Alexander Hunter

Craig Elvy

Auditor’s independence declaration

A copy of Auditor’s Independence Declaration as required under section 307C of the Corporations Act 2001 is included in page 59 of this financial report and forms part of the Directors’ Report. This report is made in accordance with a resolution of the Directors.

AcopyofAuditor’sIndependenceDeclarationasrequiredundersection307CoftheCorporationsAct2001 is included in page 32 of this financial report and forms part of the Directors’ Report.

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

Jack Lutze

Jack Lutze

Dated: 30 October 2024

Dated: 30 October 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2024

MANLY

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024

MANLY GOLF CLUB LIMITED

NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30

SEPTEMBER 2024

This financial report is for Manly Golf Club Limited (“the Club”) as an individual entity. Manly Golf Club Limited is a not-for-profit company limited by guarantee incorporated under the Corporations Act 2001, registered and domiciled in Australia.

The functional and presentation currency of the Club is Australian dollars and all values are rounded to the nearest dollar.

1 Basis of preparation

The financial report is general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards - Simplified Disclosures and the Corporations Act 2001 and as per accounting policies disclosed in Note 3 below.

The Club is a not-for-profit entity for the purposes of preparing the financial report.

2 Adoption of new and revised accounting standards

The Club has adopted all standards which became effective for the first time as at 1 October 2023, the adoption of these standards has not caused any material adjustments to the reported financial position, performance or cash flow of the Club.

3 Summary of significant accounting policies

The financial report has been prepared in accordance with the significant accounting policies disclosed below. Such accounting policies are consistent with the previous period unless stated otherwise. The financial report has been prepared on an accruals basis and are based on historical cost unless otherwise stated in the notes. Summary of significant accounting policies are as follows:

3.1 Revenue and other income

(a) Revenue from contracts with customers

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 entity expects to receive in exchange for those goods or services.

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

i) Identify the contract with the customer;

ii) Identify the performance obligations;

iii) Determine the transaction price;

iv) Allocate the transaction price to the performance obligation; and

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

Generally, the timing of the rendering of services corresponds closely to the timing of satisfaction of the performance obligations, however where there is a difference, it will result in the recognition of a receivable, contract asset or contract liability.

None of the revenue streams of the Club have any significant financing terms.

NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30

SEPTEMBER 2024

3 Summary of significant accounting policies (continued)

3.1 Revenue and other income (continued)

(b) Subscriptions

Revenue for annual golf subscriptions is recognised in the year to which it relates.

(c) 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.

(d) Grant income

Where grant income arises from an agreement which is enforceable and contains sufficiently specific performance obligations, then the revenue is recognised when control of each performance obligation is satisfied. Each performance obligation is considered to ensure that the revenue recognition reflects the transfer of control and within grant agreements, there may be some performance obligations where control transfers at a point in time and other which have continuous transfer of control over the life of the contract. Where control is transferred over time, generally the input methods being either costs or time incurred are deemed to be the most appropriate methods to reflect the transfer of benefit.

(e) Rental income

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.

(f) Interest income

Interest income is recognised as it accrues using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument.

(g) Other income

Other income is recognised on an accruals basis when the Club is entitled to it.

Revenue and other income are stated net of the amount of goods and services tax (GST).

3.2 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 Taxation Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense.

NOTES TO THE FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

3 Summary of significant accounting policies (continued)

3.2 Goods and services tax (GST) (continued)

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is presented as separate line item in the note of trade and other receivables or trade and other payables.

3.3 Income tax

No provision for income tax has been raised as the Club is exempt from income tax under Section 50-45 of the Income Tax Assessment Act 1997.

3.4 Operating expenses

Operating expenses are recognised in the profit or loss upon utilisation of the service or at the date of their origin.

3.5 Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. For the purposes of the statement of cash flows, cash and cash equivalents as defined above, net of any outstanding bank overdrafts.

3.6 Inventories

Inventories are stated at the lower of cost and net realisable value. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

3.7 Property, plant and equipment

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

Freehold land - Golf course

Freehold land is shown at fair value based on periodic valuations by external independent valuers.

In periods when the freehold land is not subject to an independent valuation, the directors conduct valuations to ensure the carrying amount for the freehold land is not materially different to the fair value.

Increases in the carrying amount arising on revaluation of freehold land is recognised in other comprehensive income and accumulated in the revaluation surplus in equity. Revaluation decreases that offset previous increases of the same class of assets shall be recognised in the other comprehensive income under the heading of revaluation surplus. All other decreases are recognised in the profit or loss.

MANLY GOLF CLUB LIMITED

NOTES TO THE FINANCIAL REPORT FOR

THE YEAR ENDED 30 SEPTEMBER 2024

3.7 Property, plant and equipment (continued)

Freehold land - Golf course (continued)

Freehold land that has been contributed at no cost, or for nominal cost, are initially recognised and measured at the fair value of the asset at the date it is acquired. Costs incurred in relation to the improvements and development of the golf course are capitalised, provided that materials are used in the construction or development of the golf course. These must have a specified lifespan, provide future economic benefits and align with the allocation of costs over the asset’s useful life. Costs for repairs or maintenance are expensed and not capitalised unless they enhance the lifespan or value of the asset.

Buildings, plant and other equipment

Buildings, plant and other equipment that have been contributed at no cost, or for nominal cost, are valued and recognised at the fair value of the asset at the date it is acquired. Buildings, plant and other equipment are subsequently measured using the cost model, cost less subsequent depreciation and impairment losses. The carrying amounts of buildings, plant and other equipment are reviewed annually to ensure these are not in excess of the recoverable amounts 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. In the event the carrying amounts of buildings, plant and other equipment are greater than the recoverable amounts, the carrying amounts are written down immediately to the estimated recoverable amounts. A formal assessment of recoverable amounts is made when impairment indicators are present (refer to Note 3.9 for details of impairment).

Depreciation

Property, plant and equipment are depreciated over their estimated useful lives to the Club, commencing when the asset is ready to use. Leased assets and leasehold improvements are amortised over the shorter of either the unexpired period of the lease or their estimated useful life. The following useful lives are applied:

Material residual value estimates and estimates of useful life are updated as required, but at least annually. Gains or losses arising on the disposal of plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within other income or other expenses.

NOTES TO THE FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.8 Investment property

Investment property, comprising of freehold land, is measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is measured at fair value on the basis of the sale deed. Gains or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which they arise.

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.

3.9 Impairment of assets

At the end of each reporting period, the Club reviews the carrying amounts 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 amount less costs of disposal and value in use, is compared to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss.

Where the future economic benefits of the asset are not primarily dependent upon the asset’s ability to generate net cash inflows and when the Club would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset. Where it is not possible to estimate the recoverable amount of a class of asset, the Club estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3.10 Leases

At inception of a contract, the Club 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. This involves an assessment of whether:

• 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.

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

• The Club 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 Club recognises a right-of-use asset and associated lease liability for the lease term. The lease term includes extension periods where the Club believes it is reasonably certain that the option will be exercised.

MANLY GOLF CLUB

NOTES TO THE FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.10 Leases (continued)

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 and equipment. The right-of-use asset is subject to the impairment requirements and is assessed for impairment indicators at each reporting date (refer to Note 3.9 for details of impairment).

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 Club’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 Club’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.

3.11 Financial instruments

Financial instruments are recognised initially on the date that the Club becomes party to the contractual provisions of the instrument. On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).

Financial assets

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

Classification

On initial recognition, the Club classifies its financial assets into the following categories:

• amortised cost

• fair value through profit or loss - FVTPL

• fair value through other comprehensive income - equity instrument (FVOCI - equity)

• fair value through other comprehensive income - debt instrument (FVOCI - debt)

Financial assets are not reclassified subsequent to their initial recognition unless the Club changes its business model for managing financial assets.

NOTES TO THE FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

3 Summary of significant accounting policies (continued)

3.11 Financial instruments (continued)

Financial assets (continued)

Amortised cost

Assets measured at amortised cost are financial assets where:

• the business model is to hold assets to collect contractual cash flows; and

• the contractual terms give rise on specified dates to cash flows are solely payments of principal and interest on the principal amount outstanding.

The Club’s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the statement of financial position. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest rate method less provision for impairment. Interest income and impairment are recognised in the profit or loss. Gain or loss on derecognition is recognised in the profit or loss.

Impairment of financial assets

Impairment of financial assets is recognised on an expected credit loss (ECL) basis for financial assets measured at amortised cost. When determining whether the credit risk of financial assets has increased significantly since initial recognition and when estimating ECL, the Club considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on the Club’s historical experience and informed credit assessment and including forward looking information. The Club uses the presumption that an asset which is more than 30 days past due has seen a significant increase in credit risk. The Club uses the presumption that a financial asset is in default when:

• the other party is unlikely to pay its credit obligations to the Club in full, without recourse to the Club to actions such as realising security (if any is held); or

• the financial assets are more than 90 days past due.

Credit losses are measured as the present value of the difference between the cash flows due to the Club in accordance with the contract and the cash flows expected to be received. This is applied using a probability weighted approach.

Trade and other receivables

Impairment of trade receivables have been determined using the simplified approach in AASB 9 which uses an estimation of lifetime expected credit losses. The Club has determined the probability of non-payment of the receivable and multiplied this by the amount of the expected loss arising from default. The amount of the impairment is recorded in a separate allowance account with the loss being recognised in finance expense. Once the receivable is determined to be uncollectable then the gross carrying amount is written off against the associated allowance. Where the Club renegotiates the terms of trade receivables due from certain customers, the new expected cash flows are discounted at the original effective interest rate and any resulting difference to the carrying value is recognised in the profit or loss.

NOTES

TO THE

FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.11 Financial instruments (continued)

Financial assets (continued)

Other financial assets measured at amortised cost

Impairment of other financial assets measured at amortised cost are determined using the expected credit loss model in AASB 9. On initial recognition of the asset, an estimate of the expected credit losses for the next 12 months is recognised. Where the asset has experienced significant increase in credit risk then the lifetime losses are estimated and recognised.

Financial liabilities

The Club measures all financial liabilities initially at fair value less transaction costs, subsequently financial liabilities are measured at amortised cost using the effective interest rate method. The financial liabilities of the Club comprise trade and other payables, borrowings and lease liabilities.

Derecognition of financial instruments

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

3.12 Provisions, contingent liabilities and contingent assets

Provisions are recognised when the entity 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.

3.13 Employee benefits

Provision is made for the Club’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and personal leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled.

Provision is made for employees’ long service leave and annual leave entitlements not expected to be settled wholly within 12 months after the end of the annual reporting periods in which the employees rendered the related service. Other long-term employee benefits are measured at the present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary level, duration of service and employee departures, and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. Upon the remeasurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in profit or loss as part of employee benefits expense

NOTES TO THE FINANCIAL REPORT FOR

THE YEAR ENDED 30 SEPTEMBER 2024

3.14 Comparative figures

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

4 Significant accounting estimates and judgments

The directors make estimates and judgements during the preparation of the financial report regarding assumptions about current and future events affecting transactions and balances. These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates. The significant accounting estimates and judgements made have been described below:

Impairment of property, plant and equipment

The directors assess impairment at the end of each reporting period by evaluating conditions specific to the Club that may be indicative of impairment triggers. Recoverable amounts of property, plant and equipment are reassessed using value in use calculations which incorporate various key assumptions.

Valuation of freehold land and investment property

The freehold land was valued by an independent valuer on 30 September 2020 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. The investment property was valued by an independent valuer on 30 September 2020 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. At 30 September 2024, the directors have performed a directors’ valuation on the freehold land and investment property. The directors have reviewed the key assumptions adopted by the valuer and do not believe there has been a significant change in the assumptions at 30 September 2024. The directors therefore believe the carrying amounts of the freehold land and investment property correctly reflect the fair value at 30 September 2024.

Determination of control

The assessment of control under AASB 10 is subjective and requires judgement. Notwithstanding that there are different trustees to the Board of Directors, the directors have assessed that the Club controls Manly Golf Club Foundation “the Foundation” because of the objectives of the Foundation and the inability of the Foundation to spend funds without consideration by the Club’s Board of Directors.

5 Going concern

As at 30 September 2024, current liabilities exceed current assets by $736,239 (2023: $2,158,409). The directors have prepared this financial report on a going concern basis as current liabilities include subscriptions, entrance fees and rent in advance amounting to $10,672,301 (2023: $9,926,129), which are not repayable.

6

7

8

9

MANLY GOLF CLUB LIMITED

NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

MANLY GOLF CLUB LIMITED

NOTES TO THE FINANCIAL REPORT

MANLY

NOTES TO THE FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Cash and cash equivalents (continued)

12.1 Cash at bank

As at 30 September 2024, cash at bank included $3,664,997 (2023: $3,455,590) subscriptions received in advance from members in relation to the 2024/2025 subscription year.

12.2 Cash at bank - restricted

Represents cash held in a separate bank account for an unincorporated association named Manly Golf Club Foundation (“the Foundation”). 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. Statement presenting results and balances of the fund is as follows:

13.1 As at 30 September 2024, trade receivables also include subscriptions billed in advance, related to the financial year 2024-25, which are unpaid at 30 September 2024, amounting to $2,964,328 (2023: $2,443,849).

NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

15 Property, plant and equipment (continued)

NOTES TO THE FINANCIAL

REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

15 Property, plant and equipment (continued)

15.1 Freehold land - Golf course - valuation

The freehold land was valued by an independent valuer on 30 September 2020 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.

15.2 Core and non-core property

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

16 Investment property

The investment property represents freehold land that has been leased out for a period of 50 years commencing on 4 June 2007. As per the lease agreement, the Club received $4 million, non-refundable rent in advance. Rental income is recognised in profit or loss over the term of the lease agreement.

16.1 Investment property - valuation

The investment property was valued by an independent valuer on 30 September 2020 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.

17 Right-of-use assets

17 Right-of-use assets (continued)

NOTES

TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.1

Additional information about the Club’s leasing activities

The Club leases certain plant and equipment. The lease terms on the various leases are between 2 years and 5 years. The Club’s obligations are secured by the lessors’ title to the leased assets.

Lease terms are negotiated on an individual basis. Leased assets are not used as security for borrowing purposes. There are no restrictions or covenants imposed by the lease contracts. Extension and termination options are included to maximize operational flexibility in terms of managing the assets used in the Club’s operations. The majority of extension and termination options held are exercisable only by mutual agreement of the Club and the respective lessor.

18 Trade and other payables

MANLY GOLF CLUB LIMITED

NOTES

TO

THE FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

18 Trade and other payables (continued)

18.1 As at 30 September 2024, subscriptions in advance comprise the total amount of subscriptions billed which relate to the financial year 2024-25.

19 Lease liabilities

Present value of minimum lease payments

Future contractual undiscounted cashflow

20 Borrowings

Interest

Maturity

NOTES TO THE FINANCIAL REPORT FOR

THE YEAR ENDED 30 SEPTEMBER 2024

20 Borrowings (continued)

20.2 Terms of borrowings

Borrowings represent loan and credit facilities obtained from a local bank. Borrowings carry interest at variable rates. Effective interest rate as at 30 September 2024 is 6.68% p.a.

Borrowings are secured by registered mortgages over certain property, plant and equipment. Unused facility is amounted to $0.875 million (2023: $2.34 million).

21 Employee benefits

22 Members’ guarantee

Manly Golf Club Limited is a company limited by guarantee incorporated under the Corporations Act 2001. In the event of, and for the purpose of winding up of the Club, the amount capable of being called up from each member and any person who ceased to be a member in the year prior to the winding up, is limited to $2 per member.

At 30 September 2024, the number of members were 1,465 (2023: 1,485).

23

Related party transactions

23.1 Remuneration of directors

No director received any remuneration from the Club during the year, other than in line with expense approval by resolution at the previous Annual General Meeting.

23.2 Other benefits

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 $62,413 (2023: $55,754).

MANLY GOLF CLUB

NOTES TO THE FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

23 Related party transactions (continued)

23.3 Key management personnel remuneration:

Any person(s) having authority and responsibility for planning, directing and controlling the activities of the Club, directly or indirectly, including any director (whether executive or otherwise) of the Club, is considered key management personnel (“KMP”).

The remuneration and benefits related to 5 (2023: 5) KMP of the Club during the year are amounted to $ 1,101,149 (2023: $1,066,897).

24 Reconciliation of net cash provided by operating activities to profit after income tax: (Loss) / profit after income tax

Non-cash flows in surplus after income tax

(Gain) / loss on disposal of property, plant and equipment

Changes in assets and liabilities

(Increase) / decrease in:

Increase / (decrease) in:

25 Contingent liabilities

In the opinion of the Directors, the Club did not have any contingent liabilities as at 30 September 2024 (2023: None).

26 Subsequent events

In the opinion of the Directors, no matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Club, the results of those operations or the state of affairs of the Club in future financial years.

NOTES TO THE FINANCIAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

27 Financial risk management

The Club’s financial instruments consist mainly of deposits with banks, trade and other receivables, trade payables, lease liabilities and borrowings. The carrying amounts for each category of financial instruments, measured in accordance with AASB 9: Financial Instruments as detailed in the accounting policies to this financial report are as follows:

28 Reclassifications

For the purpose of appropriate presentation, the Club has made certain reclassifications in the comparative figures. The details of such reclassifications on 2023 comparative financial information are explained as follows:

29 Authorisation for issue of the financial report

The financial report for the year ended 30 September 2024 was approved and authorised for issuance by the Board of Directors on 30 October 2024.

MANLY GOLF CLUB LIMITED

MANLY GOLF CLUB LIMITED

ABN 18 000 007 465

ABN 18 000 007 465

DIRECTORS' DECLARATION

DIRECTORS' DECLARATION

The directors declare that:

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

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

The directors declare that:

To the Directors of MANLY GOLF CLUB LIMITED

To the Directors of MANLY GOLF CLUB LIMITED

Thefinancialreportcomprisingthestatementofprofitorlossandothercomprehensiveincome, statementoffinancialposition,statementofchangesinequity,statementofcashflowsandnotesto the financial report are in their opinion in accordance with the Corporations Act 2001 and:

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

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

DIRECTORS’ DECLARATION

The directors declare that:

Thefinancialreportcomprisingthestatementofprofitorlossandothercomprehensiveincome, statementoffinancialposition,statementofchangesinequity,statementofcashflowsandnotesto the financial report are in their opinion in accordance with the Corporations Act 2001 and:

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

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

comply with Australian Accounting Standards; and

comply with Australian Accounting Standards; 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.

giveatrueandfairviewoftheClub'sfinancialpositionasat30September2024andofits performance for the year ended on that date.

1. The financial report 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 report are in their opinion in accordance with the Corporations Act 2001 and::

giveatrueandfairviewoftheClub'sfinancialpositionasat30September2024andofits performance for the year ended on that date.

Inthedirectors'opinion,therearereasonablegroundstobelievethattheClubwillbeabletopayits debts as and when they become due and payable.

(a) comply with Australian Accounting Standards; and (b) give a true and fair view of the Club’s financial position as at 30 September 2024 and of its performance for the year ended on that date.

CABEL Partners

CABEL Partners

Inthedirectors'opinion,therearereasonablegroundstobelievethattheClubwillbeabletopayits debts as and when they become due and payable.

Chartered Accountants

Chartered Accountants

2. In the directors’ opinion, there are reasonable grounds to believe that the Club 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 Board of Directors.

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

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

Ray Khalil Partner

Ray Khalil Partner

Manly Dated 9th November 2023

Manly Dated 9th November 2023

Jack Lutze

President

Jack Lutze

Jack Lutze

President

President

Dated: 30 October 2024

Dated: 30 October 2024

Dated: 30 October 2024

Iain Spittal

Iain Spittal

Treasurer

Treasurer

Iain Spittal

Treasurer

Dated: 30 October 2024

Dated: 30 October 2024

Dated: 30 October 2024

Providing certainty

Providing certainty

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

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

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

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

AUDITOR’S

INDEPENDENCE

AUDITOR’S INDEPENDENCE DECLARATION

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MANLY GOLF CLUB LIMITED

DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

To the Directors of MANLY GOLF CLUB LIMITED

To the Directors of MANLY GOLF CLUB LIMITED

Report on the Audit of the Financial Report

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

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

Opinion

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

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

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

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

We have audited the accompanying financial report of Manly Golf Club Limited (“the Company”), which comprises the statement of financial position as at 30 September 2024, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial report, including a summary of significant accounting policies, and the Directors’ declaration.

In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including:

CABEL Partners

CABEL Partners

a. giving a true and fair view of the Company’s financial position as at 30 June 2024 and of its financial performance for the year ended; and

Chartered Accountants

Chartered Accountants

b. complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

Ray Khalil Partner

Ray Khalil Partner

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 with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Manly

Manly

Dated 9th November 2023

Dated 9th November 2023

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the Directors of the Company, would be in the same terms if given to the Directors as at the time of this auditor’s report.

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

Other Information

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 2024 but does not include the financial report and our auditor’s report thereon.

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

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

Providing certainty

Providing certainty

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

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

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

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

INDEPENDENT AUDIT REPORT TO THE MEMBERS OF MANLY GOLF CLUB LIMITED (CONTINUED)

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

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

Report on the Audit of the Financial Report (continued)

To the Directors of MANLY GOLF CLUB LIMITED

To the Directors of MANLY GOLF CLUB LIMITED

Other Information (continued)

INDEPENDENT AUDITOR’S REPORT

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

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

TO THE MEMBERS OF MANLY GOLF CLUB LIMITED (CONTINUED)

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

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

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.

Report on the Audit of the Financial Report (continued)

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

Responsibilities of the Directors for the Financial Report

Other Information (continued)

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

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

Responsibilities of the Directors for the Financial Report

CABEL Partners

CABEL Partners

Chartered Accountants

Chartered Accountants

The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of the Corporations Act 2001 and appropriate to meet the needs of the members. The Directors’ responsibility also includes such internal control as the Directors determine necessary to enable the preparation of a financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of the Corporations Act 2001 and appropriate to meet the needs of the members. The Directors’ responsibility also includes such internal control as the Directors determine necessary to enable the preparation of a financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

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

Ray Khalil Partner

Ray Khalil Partner

Auditor’s Responsibilities for the Audit of the Financial Report

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 responsible entities either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Manly Dated 9th November 2023

Manly Dated 9th November 2023

Auditor’s Responsibilities for the Audit of the Financial Report

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

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf. This description forms part of our auditor’s report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf. This description forms part of our auditor’s report.

CABEL Partners

Level 3

1 James Place North Sydney NSW 2060

Ray Khalil | Partner

Date: 30 October 2024

Date: 30 October 2024

Providing certainty

Providing certainty

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

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

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

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

AUDITOR’S INDEPENDENCE

DECLARATION

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

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

To the Directors of MANLY GOLF CLUB LIMITED

To the Directors of MANLY GOLF CLUB LIMITED

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

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

AUDITOR’S INDEPENDENCE DECLARATION

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

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

INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF MANLY

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

GOLF CLUB LIMITED

(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.

TO THE DIRECTORS OF MANLY GOLF CLUB LIMITED

I declare that, to the best of my knowledge and belief for the year ended 30 September 2024, there have been:

I declare that, to the best of my knowledge and belief for the year ended 30 September 2024, there have been:

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

CABEL Partners

CABEL Partners

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

Chartered Accountants

Chartered Accountants

(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.

CABEL Partners Level 3

Level 3

Ray Khalil Partner

Ray Khalil Partner

1 James Place North Sydney NSW 2060

1 James Place North Sydney NSW 2060

Manly Dated 9th November 202

Manly Dated 9th November 202

ay Khalil | Partner

Ray Khalil | Partner Date: 30 October 2024

Date: 30 October 2024

Providing certainty

Providing certainty

1 James Place, North Sydney NSW 2060

T. +61 (2) 8071 0300 www.cabel.com.au

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

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

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

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

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

DISCLAIMER ON ADDITIONAL FINANCIAL INFORMATION PRESENTED IN THE FINANCIAL REPORT OF MANLY GOLF CLUB LIMITED

To the Directors of MANLY GOLF CLUB LIMITED

To the Directors of MANLY GOLF CLUB LIMITED

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

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

DISCLAIMER ON ADDITIONAL FINANCIAL INFORMATION PRESENTED IN THE FINANCIAL REPORT OF MANLY GOLF CLUB LIMITED

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

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

The additional financial data presented on page number 34 to 38 of the Financial Report for the year ended 30 September 2024 is in accordance with the books and records of Manly Golf Club Limited (“the Company”) which have been subjected to the auditing procedures applied in our statutory audit of the Company for the year ended 30 September 2024.

(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.

The additional financial data presented on page number 34 to 38 of the Financial Report for the year ended 30 September 2024 is in accordance with the books and records of Manly Golf Club Limited (“the Company”) which have been subjected to the auditing procedures applied in our statutory audit of the Company for the year ended 30 September 2024.

It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and we give no warranty of accuracy or reliability in respect of the data provided.

CABEL Partners

CABEL Partners

It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and we give no warranty of accuracy or reliability in respect of the data provided.

Chartered Accountants

Chartered Accountants

Neither the firm nor any member or employee of the firm undertakes responsibility in any way whatsoever to any person (other than the Company) in respect of such data, including any errors of omissions therein however caused.

Neither the firm nor any member or employee of the firm undertakes responsibility in any way whatsoever to any person (other than the Company) in respect of such data, including any errors of omissions therein however caused.

CABEL Partners Level 3

Level 3

Ray Khalil Partner

Ray Khalil Partner

1 James Place North Sydney NSW 2060

1 James Place North Sydney NSW 2060

Manly Dated 9th November 2023

Manly Dated 9th November 2023

Ray Khalil | Partner

ay Khalil | Partner

Date: 30 October 2024

Date: 30 October 2024

Providing certainty

Providing certainty

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

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

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

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

MANLY GOLF CLUB LIMITED

ADDITIONAL FINANCIAL INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 General and course income Subscriptions and locker fees 5,411,034 5,215,627

income 103,298 4,692 5,514,332 5,220,319

2 Trading loss - bar and catering

Bar and catering Gross profit - bar Sales 923,120 1,024,801 Cost of sales (421,047) (435,645) 502,073 589,156

Bar and catering expenses Wages (1,292,451) (1,457,415) Other expenses (172,850) (125,914) (1,465,301) (1,583,329) (392,125) (398,213)

3 Trading loss - golf

Gross profit and other revenue - golf

expenses

s (642,437) (636,343) Other expenses (197,997) (153,760) (840,434) (790,103) (135,234) (49,124)

4

5

6

7

8

MANLY GOLF CLUB LIMITED

ADDITIONAL FINANCIAL INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2024

ADDITIONAL FINANCIAL INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2024

ADDITIONAL FINANCIAL INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2024

INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2024