PHGC Annual Report 2024-2025

Annual Report 2025

Pennant Hills Golf Club Limited

ABN 12 000 037 856

OFFICE BEARERS COMMITTEES

President

Michael Rowan B.Ec, MBA, CPA

Vice-President

Sue Fabian BA, DipEd, GAICD

Captain Damian Maguire B.Surv. IS NSW

Hon. Treasurer

David Blackshaw B.Ec, FCPA

Directors

Mark Bradbury Assoc. Dip. B.Admin (Mktg), GAICD

Eugene O’Reilly PMP, B.Bus

Lesley Roberts

David Sefton LLB

David Thorn B.Bus, GAICD

General Manager

Barnaby Sumner DipHospMgt, DipBus

Finance & Planning

David Blackshaw (Chairperson)

Course & Playing

Damian Maguire (Chairperson)

Membership

Sue Fabian (Chairperson)

House

Lesley Roberts (Chairperson)

Reciprocal

David Thorn (Chairperson)

Women’s

Susie Wales (President)

Tina Skuodas (Captain)

Belinda Milroy (Secretary)

Rosemary Artlett

Jackie Barratt

Jill Goodall

Simone Lester

Life Members

Chris Allen

Beverley Archer

Darcy Cluff

Lucie Gabb

Steve Walker

Delegate to Golf NSW

Mrs. Sue Fabian

Auditor

BDH Audit and Assurance Pty Ltd

Registered office

Pennant Hills Golf Club

Copeland Road

Beecroft, NSW 2119

Telephone 02 8860 5800 www.pennanthillsgolfclub.com.au

The Project R&M program is  now well underway. This initiative will ensure our facilities and course

President’s Report

I looked back at our 2021-2022 report where I mentioned that we were able to reduce the bank loan to zero and record cash assets of $308k, albeit with the asbestos settlement included as well as the positive and negative effects of the pandemic. This was the platform for our Centenary planning and the point where we began to plot for the repair and maintenance of our course.

Three years on we carry capitalised expenditure on the course of nearly $1.7 million and hold cash of $2.2 million. We have no bank borrowings and a current lease liability of $88k, a satisfying outcome to say the least, which rests on two critical inputs.

Firstly, the efficient administration of operations by Management, and secondly, the support of Members contributing $2.2 million in subordinated notes. This financial and management performance has underpinned a renegotiation of our banking lines with NAB to the extent we have now secured a facility out to April 2030 with no external covenants attached.

I mention this not so much to emphasise the progress we have made under the medium-term plan from 2022 to 2025, but to reinforce to Members our continued focus on cost containment and the discipline required to support the successful delivery of Project R&M. We are working to a rolling three-year financial plan to the close of 2028. By that time, Project R&M will be completed (or be close to completion) and we will have quantified the residual debt. More importantly, we will enjoy an A Grade golf course the equal of any in Sydney.

The Planning function successfully met it’s greatest challenge when members voted in May 2024 to proceed with Project R&M. From that point on the Finance and Planning functions were combined in order to focus on the delivery and financing of Project R&M over the next three years. The Treasurer addresses this more fully in his Finance and Planning report.

Older Members make the point that the morale and feeling of excited expectation in our Club is at levels not previously experienced. The Centenary certainly raised spirits, but the spectacular completion of Stage 1 of Project R&M has raised them further. The astonishing changes to holes 9 and 18, together with work on the putting green and around the Clubhouse, have generated pride amongst our Members.

The waterfall concept is an outcome of the creative minds of our Shaper, Craig Brown and our Superintendent, Michael Hedger. However, it was unbudgeted and out of scope and the Board was inclined to defer it until near the end of the project when there would be more certainty about costs and available cash. In response, our Foundation launched an appeal to finance the waterfall project. This was quickly oversubscribed, and the names of subscribers will soon appear on a plaque adjacent to the pathway on our iconic “postcard hole”.

The Trustees of our Foundation continued to meet during the year. They are working hard to complete all requisitions on the DA for the golf academy (GA). To the extent they are able, they have been using their own resources to contain expenditure and expedite a more accurate quantification of costs. It is intended that the GA will be a revenue producing asset, but until we have a statement of cost from a quantity surveyor, we are not in a position to prepare a considered appraisal of the project for Members’ consideration. As the Chair of Trustees reports, there were 21 Members who joined the Foundation over the year and the Club is grateful for their support. The Kendal Binns Junior Fund, although independently administered with Rob Cornish as Chair, falls under the umbrella of the Foundation and has enjoyed a successful scholarship year, as well as seeing four juniors taking part in the Club’s Pennants Team.

The Chairs of the Committees each have penned a comprehensive report on their activity for the year. Sound leadership has been a feature of their performance, and all have made considerable contributions to the welfare of our club and the efficient functioning of the Board. I leave Members to read the detail in the reports, yet it is both useful and proper to record what might be regarded as the most significant outcome of each team.

Finance and Planning successfully achieved the seamless return of the planning function and has concentrated on developing a rolling three-year financial plan that generates the cash required to fund our Repairs and Maintenance Project. The importance of a financial plan is one thing; the value is only generated if there is a disciplined approach to measurement of results and necessary actions are taken to ensure the planned annual EBITDA outcome is achieved. The absolute focus on planning, measuring, and adjusting will continue to shape the ethos and performance of the Finance and Planning Committee in the coming years and we are fortunate that this is so.

The Captain has written his report headed by saying “Action aplenty at PHGC in 2045/25”. This accurately captures the intense activity at our club this past year and the busy agenda of the Course and Playing Committee. We are building a new course and playing to temporary greens as construction takes place. We complete the annual competition and event program in all grades, despite the constantly changing flow of play, and the uncontrollable and unprecedented weather cycle. Damian’s performance as Captain is one thing to applaud; his contribution to the development of the course Master Plan is another; but most valuable has been his ability to wrap these responsibilities into chairing the Course and Planning Committee over the past 12 months. I share his frustration with unrepaired pitch marks, unfilled divots on fairways and slow play.

House is a difficult committee to chair. Members, like members everywhere, want more for less and value for money means different things to different people. However, our Club is a vibrant community and the many celebrations listed on the annual calendar of events, along with the positive feedback from the Voice of the Member survey, is testament to the efforts of the committee. It is sad to learn that Lesley Roberts is not continuing as a member of the Board. She has been a committed Director of our club for 4 years. Her attention to detail and fearless approach to the duties is appreciated. She will be missed, and we wish her well in a less active role in our Club while we welcome the appointment of Amanda Tucker to the Board.

Membership is a tough portfolio; it is not uncommon for golf clubs to turn over 10% or more of members each year. The fees are a significant personal budget item, and employment opportunities require people to transfer elsewhere. Keeping the numbers up is a challenge; growing them is a bigger challenge. Our Club has long operated under the firm policy of not admitting members if demand for a place in the playing field will make it difficult for them to get a game. It is a delicate balance, given the seasonality of winter and summer fields. Sue Fabian took responsibility for Membership at the close of the 2021 year when membership stood at 1278 and subscription revenue was just over $3m. Today we have 1380 members and subscription revenue of $4.2m. The numbers tell the story.

In addition, the Committee assumed responsibility for whole of Club policy development, constitutional compliance and a sharper focus on Member satisfaction. The Committee pays particular attention to the rights attaching to each class of membership and the relative fee payable in each membership category. As a rule, the Board is reluctant to change membership categories, preferring to make sensible adjustments from time to time, understanding that change invariably brings unintended consequences.

Reciprocity among golf clubs is an expression of a relationship where members of one club are afforded certain rights as reciprocal members of another club. Like all relationships, to remain relevant and bright, it requires communication and an active interclub visitation program. The Member tour program reflects this, and it is encouraging to see the support these domestic tours are generating among Members. Equally, the international reciprocities now include some outstanding golf clubs in the British Isles and it is as pleasing to see Members taking advantage of these as it is to welcome Members from afar to our course. David Thorn has revitalised the reciprocity arrangements with an almost missionary zeal. It is important if these hard-won relationships are to be sustained that Members follow protocol and take advantage of what the program has to offer.

The Women’s report by President Susie Wales and the 2025 Committee is a comprehensive record of activity and achievement. The social program and vibrancy among the women is an illustration of communal spirit at its best. In all clubs, membership of women’s golf has struggled to equal the numbers in men’s golf. A number of reasons are given for this, the primary one being cost, and the Club is pleased to support the Golf Australia policy of positive discrimination in the 6-Day subscription, family discount and reduced payment of the Heritage fee for women. This does appear to be having some effect with a net increase of 14 women members this year. What is also pleasing is the emergence of younger women in the field and as in the men’s field, featuring in major trophy outcomes. It is true that, in part, enjoying a vibrant and prosperous Club is due to the generous and enthusiastic participation of the women of Pennant Hills Golf Club in driving many of our social activities and events.

Our amazing workforce of 70 people is a mix of full-time and part-time staff. They work well as a team and the satisfaction rating of 8.4 underpinned our club being named among the top 5 Best Workplaces amongst golf clubs in 2025. This is a considerable achievement, and it rests on the leadership of our General Manager and his direct reports. The score comprises ratings in the areas of trust, flexibility and customer focus. We have a program of professional development and structured training interventions aimed at improving skills and industry knowledge. Our annual Christmas Fund is distributed to all staff based on proportional time at work. It is a team bonus that is deeply appreciated by our people. Thank you to all Members who made contributions to the Fund.

I look forward to another successful year for the Club, building on the progress achieved to date.

Michael Rowan President

… importantly, we will enjoy an A Grade golf course the equal of any in Sydney.

General Manager’s Report

As I sit down to prepare my report for the 2024–25 year, I am again reminded of the pace at which time passes at Pennant Hills Golf Club.

It has been another year full of milestones, challenges and achievements, each contributing in their own way to the ongoing story of our Club.

Project NorthConnex

One of the most significant long-term initiatives currently underway is the NorthConnex water supply project. This endeavour will secure a sustainable and reliable supplementary water source for our course — a resource that will be invaluable in future dry spells. It is fair to say that progress has been slower than originally anticipated. The works within our boundary have been completed to specification, including the under-bore beneath Pennant Hills Road. The next critical step lies with the contractors at the NorthConnex compound, who must finalise the installation on their side before we can begin pumping. While the delay is outside our direct control, we remain in regular communication with all parties involved. Our expectation is that the water will be flowing to the Club before the end of 2025, and when it does, it will mark the successful conclusion of a project with far-reaching benefits for our course conditioning and operational resilience.

Project Repair & Maintenance

The Project R&M program — perhaps the most transformative in our recent history — is now well underway. This multi-stage initiative will ensure our facilities and course meet both current and future expectations, delivering a high-quality golfing and social experience for all Members. Stage 1 has now been completed, and the results already speak volumes about the standard of the finished product. The new holes are a source of much anticipation, and the standard of presentation achieved so far bodes well for the subsequent stages. I extend my thanks to all Members for their patience and understanding as this work continues. Large-scale projects of this nature inevitably bring temporary disruption, but the final result will be a course and facilities that stand proudly alongside the finest in the country.

KBJF Program – Developing the Next Generation

Our KBJF program continues to thrive, producing a number of outstanding performances from the young golfers involved. These results are a testament to their dedication and the guidance provided by the KBJF Committee. The program has become more than just a coaching initiative — it is now a vital pathway for fostering skills, sportsmanship and lifelong connections to Pennant Hills Golf Club. It is particularly rewarding to see the confidence of these young Members grow, knowing they are part of a Club that supports and encourages them at every step.

Food & Beverage – Creativity and Consistency

This year, our Food & Beverage Team has again shown remarkable creativity and commitment to quality. The emphasis has been on delivering new concepts that delight Members while retaining the high standards and familiar favourites that underpin our dining experience. Highlights have included our Degustation Dinners, which were extremely well received, along with themed culinary evenings that brought fresh inspiration to the table. Our Kitchen brigade drew from both local and international influences to create special menus:

–

The Bear – inspired by the acclaimed television series, offering bold, comfort-driven flavours.

– A Taste of Song Bird – drawing from Neil Perry’s celebrated approach to fine dining.

– French Flair – modelled after Melbourne’s Reine & La Rue, bringing classic technique and elegance to the Club.

These events have been complemented by our ever-popular pizza nights and a robust calendar of exclusive events, ensuring there is always a reason for Members to enjoy the hospitality of their Club.

Reciprocal Visits – Strengthening

Our Bonds

Reciprocal visits remain a cherished tradition at Pennant Hills, offering Members the opportunity to enjoy golf and fellowship beyond our own gates. This year, we have travelled to Victoria and Canberra, with both trips well attended and warmly received by our hosts. Looking ahead, the coming year will see us journey north to Queensland, where we will celebrate the winter solstice at Sanctuary Cove. These reciprocal experiences are not only about playing different courses — they are about reinforcing the friendships and connections that make the game of golf, and our Club in particular, so special.

Communication and Member Engagement

Our weekly newsletter continues to be an important and enjoyable means of keeping Members informed. My thanks to those who regularly contribute photographs and stories — the “Member Photo of the Week” has become a particular favourite, often capturing the spirit of camaraderie and enjoyment that is at the heart of Pennant Hills Golf Club life. Feedback, whether through the Suggestion Box or direct conversation, remains an essential tool for improvement. I am grateful for the constructive ideas and the overwhelming number of positive comments received this year, particularly in relation to the events we have hosted and the changes we have implemented.

Our Team – High Performance and Recognition

None of our achievements this year would have been possible without the hard work, skill, and dedication of our Team Members. As of 30 June 2025, those listed on the following page were part of the Pennant Hills Golf Club family, and I ask all Members to join me in expressing sincere thanks for their efforts. Professional development continues to be a priority, with our staff attending external courses, industry conferences, and engaging in internal training initiatives. This investment in our people is reflected in the results of our annual staff survey, which saw our overall satisfaction rating increase from 8.2 to 8.4. This not only maintains our classification as a High Performing Team but also speaks to the positive culture we are building. We were also honoured to be named among the Top 5 Best Workplaces in 2025 by Key Business Advisors, achieving particularly strong scores in Trust (92%), Flexibility (92%), and Customer Focus (90%).

Thanks to the Board

I wish to record my thanks to the Board for its steady counsel and practical support over the past year. Under the leadership of our President Michael Rowan the Board has provided clear direction as we navigated a demanding program of works and operations. The VicePresident Sue Fabian the Captain Damian Maguire the Honorary Treasurer David Blackshaw and Directors Mark Bradbury, Eugene O’Reilly Lesley Roberts, David Sefton and David Thorn have been present, active and engaged across all facets of Club life.

Their willingness to meet frequently when circumstances required it to examine the detail and to back prudent decisions has ensured that our priorities remained aligned with the interests of our Members.

The Committees of the Board have likewise served with distinction. Finance & Planning has kept a close watch on the Club’s financial settings and facilities to support Project R&M. Course & Playing has provided practical oversight as our new holes come to life. Membership has maintained a careful balance between recruitment and access. House has upheld the standards of our clubhouse hospitality and presentation. Reciprocal has strengthened our ties with kindred clubs. My thanks to each Chair and Committee Member for the generosity of your time and the respect shown in every interaction with Management. It has been a partnership in the best traditions of Pennant Hills Golf Club and it is appreciated.

Barnaby Sumner General Manager

PHGC Team Members

As at 30 June 2025

Aaron Chater

Adhitya Nair

Alexander Bullas

Alyssa Hodge

Andrew Richards

Barnaby Sumner

Breanna Thornton

Brian Ridge

Bronwyn Steele

Brooke Losco

Cameron Thorn

Charlotte Naylor

Chris Andrianakos

Craig Usher

Dalton Jones

Daniel Hollis

Douglas Smith

Ella Scott

Emily Steele

Ethan Clarke

Finley Lawler

Georgia Main

Glen Bell

Grace Losco

Jack Sherry

Jana Blackbourn

Jessica (Hwa Yeon) Noh

Jessica Sherry

Jie Lin

Jodi-Ann Sparks

Jonathan Williams

Joshua Osborne

Kai Chespy

Kim Truijens

Koon Tin Ng

Luke Marando

Mark Canto

Michael Hedger

Mitchell Carruthers

Mitchell Fletcher

Monique Hunjan

Nathan Fullerton

Neil Rolfe

Nicholas Bailey

Nicholas Sparks

Nicole Tanner

Oliver Struik

Olivia James

Paul Bacon

Peter Barter

Rachel Bailey

Roshan Sah

Ryan Di Blasio

Ryan Richards

Ryan Suckling

Samuel Argall

Scott Le Quesne

Sebastian Terry

Shayan Dolatshahi

Skye MacRae

Skylar Eismen

Stevan Pieterse

Steven Vail

Sylvana Argall

Tamsyn Coetzee

Tony Catton

Vikki Cleary

William Grigg

Yasmine Barraket

Finance & Planning Sub Committee

Following the 2024 AGM and Director elections the subcommittee structure was changed to fold the Planning function back into the Finance function. This in no way reflected dissatisfaction with the Planning Sub Committee nor does it signal a less important approach to planning.

The restructure was to ensure that absolute full attention is paid to the delivery of Project R&M over the next three years and that the Board was not distracted from its primary priority over that period. On time, highest quality and within budget. The Planning function had successfully met it greatest challenge when members voted in May 2024 to proceed with Project R&M. From that point on the finance and planning functions were joined in a single-minded approach. The initiative of member notes was completed, and the project took shape. Members have now seen the successful completion of holes 16a, 9, 17 and 18, as well as the practice putting green in Stage 1.

The Club has experienced a challenging year financially where results have been slightly down on previous years and behind the forecast of where we would like to be given the Club’s financial commitments over the medium term.

The Club has not been immune to the uncertainty present in the general economy which has impacted members and has resulted in a slight downturn in some trading areas and in more members choosing to pay their annual subscription via monthly instalments. There has been pressure through increased costs across the board, but more specifically wages, insurance, and electricity. The disruptions associated with Project R&M and adverse weather conditions that have resulted in prolonged course closures have had a negative impact on golf activities.

Despite the financial challenges, members have much to celebrate and look forward to. I am pleased to report that Project R&M is below budget, but more importantly the course upgrade is proving to be even better than was originally envisaged. Member and visitor feedback on the work completed to date has been extremely positive, which is very encouraging and reaffirms the decision of members to embark upon this generational course improvement project.

The Club’s banking arrangements for the next five years have recently been renewed with NAB following a competitive tender. It is reassuring that the structure of the offer dovetails perfectly with the Club’s anticipated future funding requirements. In conjunction with future operating surpluses and Member Notes, it gives the Board confidence and comfort that the Club can complete Project R&M with secure funding in place for the next five years.

In the year ended 30 June 2025 the Club recorded a surplus attributable to members of $9,385 compared to a surplus of $41,255 in the previous year. The Club’s Net Cash Provided by Operating Activities was $1,087,315, with the benefit of $40k in grant income for the NorthConnex water project, compared to a surplus of $972,752 in 23/24.

Revenue from Member Subscriptions

Subscription income increased by 5.5% to $4.269 million from the previous year.

The cash collected from Heritage fees for the year was $192k, which was down by $38k from the previous year. This was largely due to the younger ages of the new members taking advantage of discounted fees. Unfortunately, only $172k was able to be recognised as income, up from $141k in 23/24. This is due to the application of accounting standards. Membership is proving to be resilient despite continued economic uncertainty and disruption to the course.

Golf and Professional Services

Revenue from Golf and Professional Services increased by $74k or 3.7% to $2.09 million for the year.

There was a large increase in income from lessons, equipment storage, hire and repairs, which highlights how fortunate the Club is to have such a highly experienced and capable team of PGA professionals that members are relying on for advice and services. Cart hire continues to be in high demand as does corporate green fees from visiting groups resulting in a solid increase in revenue over the previous year. This has been offset by reduced revenue from member green fees and visitor fees primarily due to member’s response to course disruptions. The gross margin on pro shop sales is slightly down on the previous year. On the expense side, higher cart running costs which include corporate golf cart fleet hire, salaries and on costs and increased take-up of member benefits have resulted in a 9.1% or $151k increase from the previous year. The overall surplus in this profit centre has dropped by $77k or 20.4% to $295k from the previous year.

Bar and Catering Trade

Food and beverage are an essential component of the Club’s offering to members, with value for money and high levels of service being our guiding principles. Whilst there was a small increase in sales and a solid improvement in gross margins from joining a buying group and negotiating better prices for beer and wines, there was an overall deficit of $230k in F&B trade, which was a $56k improvement from the previous year. The 2025/26 budget is taking steps to address the deficit

Expenditure

Total expenditure has increased from $6.838 million to $7.252 million, or a 6.1% increase from the previous year.

Course expenses have increased by 6.6% to $2.407 million off the back of increasing staff numbers to meet the requirements of maintaining the course to an appropriate level and assisting with Project R&M. There was also an increase of $66k in depreciation due to the purchase of new machinery and the amortisation of temporary greens and tees costs. Increased depreciation charges will be a feature of future financial reports. As new stages are completed, they will be depreciated over 25 years which will result in future bottom-line deficits for the foreseeable future. It is important to remember that the cash surplus is the most important measure of the Club’s financial performance. Most other costs in the course area were well controlled with a revised weed spraying program achieving savings and improved course conditions entering the winter months.

Bar and Catering expense increased by 1.7% on the back of award increases and more efficient rostering. House expenses increased by 2.8% with building maintenance costs being the main contributor.

Administration expenditure increased by 11.1% to $1.574 million due to several factors. The Club employs over 50 staff across a variety of departments and as staff are the Club’s most important resource, the Board took the decision to employ a part-time People and Culture Manager. The Board also considered the ever increasing statutory and regulatory environment for Work Health & Safety and employment law in reaching that decision.

The Club has been rated as No. 4 in the best employers to work for in Australia.

Interest costs have increased due to Member Notes obligations but was offset to a lesser extent by interest earned from term deposits when cash flow allowed. Insurance again increased way beyond CPI at 11.8%. Computer expenses relating to the implementation of the new NorthStar software that could not be capitalised, such as training, have led to a 21% increase from the previous year. Printing and stationery costs were $10k above the previous year due to signage requirements to direct golfers safely around the course works and Project R&M updates from the President.

Balance Sheet

Cash of $2.201 million, of which $1.735 million was invested in term deposits. This was down by $761k on the previous year due to the money spent on capital works and equipment. Trade debtors were $75k higher than the previous year, whilst inventories of food and beverage items and pro shop stock were $15k less.

Property, Plant & Equipment and Intangible Assets collectively increased by $935k after depreciation. Asset purchases totalled $1.738 million and included the following major purchases: work on Project R&M; work on the NorthConnex water project; a multi-purpose Ventrac machine for the course; a new membrane for the water recycling plant; North Star software implementation; and kitchen equipment.

Total liabilities of $8.449 million includes the loan from Member Notes of $2.130 million. There were no bank loans and equipment finance had decreased by $91k from the previous year. Other liabilities include member subscriptions in advance of $3.354 million, whilst there is a further $518k and $739k in communication tower and entrance fees respectively, included in deferred income that will be recognised as income over the following years even though the funds have been received.

Net assets at year-end increased to $7.041 million from $6.910 million the previous year.

Planning

It is right to recognise the energy of the previous Planning Committee under the leadership of Mark Bradbury and those who contributed to the Strategic Plan over the 2022-2025 cycle.

The stellar work to build and deliver the course master plan is significant in the history of our club as are the following outcomes:

Water Security

Getting to agreement with NorthConnex was a considerable achievement, both parties were willing and remain willing. However, engineering issues emerged which have since been resolved although we patiently wait for the time when water comes down the pipe.

Membership and Member Experience

Work in this area required the input of three Committees, House under the chair of Lesley Roberts, Membership under Sue Fabian and Reciprocal under David Thorn. The outcomes are a full membership, growth of reciprocal club relationships and a highly regarded food and beverage offering. The assistance of Mark Sundquist in the Voice of the member survey is deeply appreciated as it shapes the work that has increased the level of member satisfaction.

Financial Stability

I have provided a detailed treatment of our financial condition in the early part of this report. Pleasingly, we remain slightly under budget for Project R&M and as I have outlined, bank lines are in place that meet our needs to 2028.

Growth

Development Approval was obtained for the second memorial gates and work is well advanced on the completion of this project. Recognition must go to Rob Stevenson who is managing the construction. The DA was also received for the Golf Academy in mid-June of 2023 and the Trustees began working on responses to the preconditions laid out in the approval notice. Many of these involve expert responses and are actioned as funds become available to the Trustees.

Governance

The Boards attention to Governance matters over the term of the plan has been to establish appropriate policy papers addressing areas such as Health and Safety, Sexual Conduct, marking and Submitting Score Cards. There are 38 policy documents appended on the web site, these are revised and developed every two years under a graduated timeline program.

The Planning function, although now the responsibility of the Finance and Planning committee, includes full Board participation and has now turned its attention towards the next Strategic Plan that will cover 2025-28 on a rolling three year basis. This framework aligns with Club’s medium term operational focus while preserving the flexibility to adapt and respond to emerging opportunities and challenges beyond the short-term horizon. Given the significant investment the Club is making in Project R&M, our focus for the next three years will remain on delivering R&M on time and within budget. This entails forgoing other capital-intensive initiatives during term up to 2028 ensuring we prudently manage our financial position through this period. Consistent with the Key Pillar approach the focus is on less capital-intensive initiatives that include;

– Financial Performance – Member Amenity and Optimisation – Governance and Compliance

In addition, there is a shopping list of initiatives that are highly desirable, but which demand capital and are subject to regular discussion and appraisal for priority setting as funds become available. These include;

– Golf Academy – Perimeter fencing including main gates, works entrance and Pennant Hills/Copeland Road corner – Cart Paths – Drainage needs as they become apparent – Phase 2 course work and beautification

We will ensure Members continue to be fully informed of the revised strategies and performance against them through regular communication

Conclusion

When the year commenced, the Finance Committee had planned to meet less frequently, however early on it became apparent that there was a need to meet on a monthly basis to stay on top of the financial challenges at hand. There were many extended meetings where complex issues were thoroughly debated, and an appropriate course of action determined. Barnaby Sumner and Craig Usher provided invaluable input at an operational and strategic level to enable the Finance and Planning Committee to function effectively, and my thanks goes out to them for their dedication and professionalism. To the Committee, I offer my sincere thanks for your valued input, expertise and support. Through your hard work and commitment, the Club is well positioned for the future.

David Blackshaw FCPA Honorary Treasurer

…the next Strategic Plan will cover 2025-28 on a rolling three year basis.

Captain’s Report

Action a plenty at PHGC in 2024-2025

Tractors and graders began moving onto the course around June 2024 as the course maintenance crew commenced construction on Project R&M for temporary greens 1A, 5A and 10A. By November they were ready for general play as the main contractors went about their work on 16A, 9, 17, 18 and the practice putting green. As I write, 16A is in play with 9 and 17 due to open in a couple more weeks followed by 18 in September and the putting green in October.

Feedback from what we all see happening before our eyes has been extremely positive, encouraging and rewarding for the effort and concentration that has been applied by the relative committees, course team and construction crew. But it is not just the development teams that should be taking the wrap. It is the whole collective membership and Team Members who want this to succeed. From the golfers who turn up each week to play on a shortened but challenging 18 holes to the pro-staff, green staff, bar staff and office staff who continue to make our daily golfing experience as enjoyable as it can be amid the distraction of construction.

The construction team have brought a wealth of experience to the project. The design plans for the greens only cover a certain distance from the edge of the new green. This has allowed Michael Hedger and his contract shapers to use some poetic license to “tidy up” some of the peripheral areas and add some enhanced qualities to our course.

The clean up at the rear of the 9th green and the exposure of the rock face drew the idea of a waterfall feature which being an out-of-scope item, attracted an over subscription of support from the members to ensure the idea came to life.

The re-shaping of the practice putting facility and blending into the 18th green complex will create a bit of fun as you warm up or practice the finer skills.

The clean-up of “Death Valley” on the RHS of 17 and the creation of a dry rock bed has added a new dimension to playing this hole.

The green surfaces are still only young, but moving into the warmer months should see more growth and improvement in the texture and more enjoyable experience.

The wet weather plagued us again and has caused enough delay in construction and growth through the cold climate that postponing the opening of the new holes while the green surrounds recover has been frustrating but important. Come October, when 9, 17 and 18 are in play, we hope to be able to rotate our temporary greens and make use of 16A as part of the regular course.

One thing we can be certain of is that during the recent heavy rains, the new greens drained superbly and we can guarantee that wet greens will not be the reason the course is closed in the future!

The Course Team have been the quiet achievers amongst all the new construction. Under the watchful eye of Michael Hedger, Dalton Jones has led an enthusiastic crew in the general maintenance of the 18 holes in which we play each day. This was most crucial in the planning and delighted we have been able to attract the right number and quality of ground staff to make sure we still strive for the best our course can offer when we tee it up each week. On behalf of the Board, I congratulate Dalton and the whole crew for the diligence they apply each day and some of the enhancements they continue to make around the new holes.

The Pro-Staff have done a great job again in running smooth competitions, coaching, selling apparel all with a pleasant smile and professionalism that is warmly appreciated. Neil and his team have juggled the changing course layouts, slope ratings, hole indexes, path closures with grace and they have been a joy to work alongside during the changes.

Course Care

Committees in golf clubs continue to battle with the increasing trend in lack of care for the golf course by golfers. May I remind you all we are members of a Group 1 golf club and course. We achieved that status a long time ago. Maintaining that status starts with attitude. None of us playing golf at PHGC, or anywhere for that matter, are above the menial tasks of repairing divots and pitch marks and raking bunkers smoothly for the next person behind you. Placing sand in a divot hole promotes faster regrowth. When repairing a pitch mark on the greens, bringing the grass back to the surface of the green, and not the soil, is the standard.

I say this every year, “please look after your mates!”

Speed of play

There are numerous aspects of people’s play that contribute to slow play. The PGA Tour has something to answer for, I know, but the Professionals are playing for their lively hood. We are NOT! Being aware and accepting you might be a contributor is difficult to admit to or accept. No one wants to be the “Ogre” but we are all here for a good time so please respect that others enjoy a relatively quick round. 4hr15mins should be the maximum time for any group. Let’s work at this together.

On the Golf Course

–Winners of major events for 2024-25

The Club Championships (2024):

– A Grade

Ryan Richards regained the title after beating Ben Botha on 38th hole

– A Res Kian Blackshaw def Robert Thompson 4/3

– B Grade

Peter Johnston def Dave Coulton on 20th hole

– C Grade Joe D’Andreti def Brian Vanzulen 1up.

– The 2025 Junior Championships were recently contested between Ryan Richards Adi Nair. Adi held a slim lead after the first 18 but Ryan powered home in the second 18 to win 7/6.

– The 2023 Marks Cup final was contested between Trent Karrol and Damian Maguire against Simon Squires and John Keenan. In another epic contest Simon and John held a slim lead for most of the game until a birdie, birdie finish by Maguire and Karrol stole the contest on the 18th hole

– The 2024 Captains’ Cup was won by the Captain who defeated his good friend David Bailey

– The 2025 President’s Cup was won by David Blackshaw over David Thorn.

– Senior Championship (2024) saw Gabe Ormaechea lift the trophy for the first time

– 2025 Pennant Hills Cup (Vardon Event) was won by Joshua Stig

– The 2025 Foursomes Championship was won by father and son team of Andrew and Riley Lam

– 2025 Mixed Foursomes saw Debbie Jepson and Paul Watts winning with a flawless second round.

Congratulations to all competitors in these Major trophy events. You can always look proudly at the Honour Boards for many years to come.

Our Team Events

Major Pennants

We had a very successful season in division 2. Playing against Mona Vale, Twin Creeks and Richmond in our pool matches. Pennant Hills finished first in our Group and made it to the semifinals. North Ryde took the win in the semifinal; however, the result could have gone either way. Three matches went down to the 18th hole however we lost all three of these after a great effort from the guys. North Ryde went to the final against Bonnie Doon and came away with the Division Two flag. So close, we were only one match win away from being in the final and promoted to division one. Looking forward to seeing what we can do in 2026. Thanks to the players that represented the Club this year.

The team was as follows: Ben Saw, Matt Brewer, Grant Naylor, Ryan Richards, Adi Nair, Ben Botha, Kris Clelland, Riley Lam, Jarrod Dries, Andrew Lam, Ben Botha, Kian Blackshaw

Thanks to Nick Rodwell and Derek Downes for all the help with managing and support. Thanks so much for your commitment.

To our Golf Professionals at Pennant Hills, they have all been a fantastic support to the players, playing rounds of golf, coaching and helping them in all aspects of their games. We thank you for your commitment to making the team better.

Finally, to our entire membership at Pennant Hills, a huge thank you for the support and attendance at the games this year. The players truly couldn’t have won as many matches as they did without you.

Although 2025 was a disappointment for the guys. The improvement of each player and the team overall has been a huge achievement.

James Bullock. Team Manager

2024 PACK Cup

Despite ending the season at the lower end of the table, our squad again enjoyed the competitive company and hospitality of the other clubs. A spate of unavailability’s may have frustrated the selectors but our men represented the club with steely determination. It is noteworthy that some chaps were overloaded with commitments to our club championships, but still gave their all. The manager wishes to gratefully acknowledge the sympathy, empathy and wise counsel of the captain. The assistance of the pro shop and banquet staff were critical to the players being kitted out well and a well catered reception when we staged the host round.

Our squad was (matches played): Geoff Bourke (5), Dean Caletti (5), David Edwards (5), David Blackshaw, Captain (4), Andy Haigh (4), Rob Bush (3), Chris Karatsiolis (3), Gabe Ormachea (2), Michael Oakley (2), Geoff Richards (2), Andrew Davidson (1), Greg Hargreaves (1), Damian Maguire (1), Greg Lynch (1), Clinton Walkerden (1)

The PACK Cup has now been played 25 times. PHGC has won the PACK Cup on 10 occasions, the last time being 2013. PHGC has secured the Wallace Toogood Trophy (the loser in the playoff for last place) in 7 of those 25 years.

Despite the frustrations of this last season, our consolation has been the privilege of playing on outstanding courses, with friends in all those clubs and amongst great generosity of spirit.

Graeme Martin Team Manager

2025 PACK Plate

The 2025 PACK Plate was an extremely close competition with the result going down to the final Round at Concord GC. Sadly, the win that we desperately needed turned out to be a draw and the PACK Plate was presented to Avondale GC. Results for the season:

– Round 1. Host Round

– Round 2. Pennant Hills 3.5 Lost Concord 4.5

– Round 3. Pennant Hills 4 Drew Avondale 4

– Round 4. Pennant Hills 5 Won Pymble 3

– Round 5. Pennant Hills 4 Drew Killara 4

Our team for the 2025 season: Rob Thompson, Hugh Gerdes, Peter Handel, Rob Cornish, Mark Tough, Pete Fraser, Andrew Mowat, Graham Dawson, Steve Walker, John Eldridge, Steve Rowe

Congratulations to Rob Thompson, playing No1 for each match, went through the season undefeated. A fabulous effort against some very talented golfers!

We now look forward to the 2026 PACK Plate season!

Hugh Gerdes Team Manager

Masters Pennant

The 2025 Masters Pennant Division 1 competition is very competitive. Monash, Oak Point (Liverpool/ Kogarah) and Twin Creeks were all strong opponents and much like the major pennant squad our team had to fight for both home and away wins. The series went down the last away game against Oak Point where the team came second on the day to finish third overall. Monash went on to win the Metropolitan pennant, but lost to Shelly beach in the state final. We are still hoping we will talk Pennant hills in that light next year!!

Gabe Ormachea, David Bailey, Murray Fogarty, Paul Watts, Rob Bush, David Blackshaw, Michael Oakley, Andrew Lam, James Bullock, Dean Calleti and Damian Maguire all flew the flag for Penno and a huge thanks to Kell Ferguson for managing the side once more.

Junior Pennants

The 2024 Junior Pennant Team featured Riley Lam, Leo Leitl, Jack Sherry, James Dailly, Angus Pearce, and Wenxin Wang. Our group included Campbelltown, Cumberland, Massey Park, and Roseville. From a handicap perspective, we had a strong side and with the exception of Campbelltown (whom we drew with), we consistently gave away a significant number of strokes each week—which was particularly challenging on the shorter courses we played in our group. Despite this, we remained in contention until the final round but needed results to fall our way. Ultimately, we narrowly missed progressing, with Campbelltown going through and then on to win the overall competition.

A special mention goes to the players—and their parents—for the exceptional camaraderie within the team. They really tried hard every week and it was by far the most positive and cohesive group I’ve had the pleasure of managing. I have no doubt this team will form the backbone of our future senior pennant sides.

Peter Sherry Team Manager

Eric Apperly

The 2024 Eric Apperly Team - Ryan Richards, Adi Nair, Desiree Herden, Lucas Karatsiolis, Riley Lam, Jessica Sherry & James Dailly. We finished 2nd overall (refer to leaderboard and Results Sheets attached)

– Round 1 vs Penrith

@ Pennant Hills – Win 6-0 – Round 2 vs Avondale @ Penrith – Win 4-2

– Round 3 vs North Ryde @ North Ryde – Loss 4-2

– Round 4 vs The Lakes @ Avondale – All Square 3-3 – Round 5 vs Northbridge @ The Lakes – Win 3.5-2.5

Andrew Lam Team Manager

2024 Encourage Shield Team List – Phoebe Bourne, Alex Karatsiolis, Jolena Zheng, Olivia Yip, Jack Griffin, Lachie Frost, Marcus Tan.

– Round 1 v Bayview – Won 4-2

– Round 2 v Balgowlah – Lost 3.5-2.5

– Round 3 v Brighton Lakes – Lost 4-2

– Round 4 v Massey Park – Draw 3-3

– Round 5 v Camden – Draw 3-3

The 2024 Encourage shield team represented Pennant Hills GC with great spirit and sportsmanship. We finished 3rd in our division, however for 3 of the 5 matches we were unable to field a full team.

A special mention to Phoebe Bourne who went undefeated through 5 matches playing No.1.

All players should be proud of their efforts. For most of the team it was first taste of Match Play golf.

Andrew Griffin Team Manager

I would like to thank my committee Sue Fabian, Anne Eldridge and Tina Skuodas, David Blackshaw, Michael Hedger, Michael Rowan, Neil Rolfe and to Rachel Bailey for the valuable input in helping to maintain the standards that our Members expect.

Finally, I would like to thank the Board for their support of me undertaking this Captaincy Role in this my fourth year.

Damian Maguire Captain

House Report

The clubhouse has been in high demand this year, with corporate golf days, functions and weddings ensuring our spaces are well utilised by members and external clients.

Positive feedback on our facilities, service and ambience underlines the quality of our offering and drives repeat bookings. Everyone involved—from the first enquiry to the final espresso—is to be commended for their professionalism, warmth and unwavering commitment to excellence.

We maintained a vibrant calendar of events designed to engage a broad audience. Emeritus lunches were held in December and again in June, warmly celebrating our long-standing members. Early in the year, we hosted our 40-year membership lunch, presenting commemorative ties and scarves to all in attendance. Mother’s Day and Father’s Day lunches proved popular, while our children’s Christmas party, complete with a visit from Santa, delighted younger members.

Other highlights included a June trivia night, a theatre outing to Les Misérables with pre-show dinner and coach transfers, and the inaugural Champions’ Dinner in November.

The Catering team continues to innovate, presenting monthly degustation dinners alongside our well-patronised pizza nights and take-home meal options. We extend our gratitude to Peter Barter and the kitchen crew for consistently delivering outstanding quality, and to our front-of-house staff for balancing high seasonal demand with friendly, attentive service.

Our bi-annual deep cleaning of the clubhouse and terrace during course closures has refreshed our facilities and reinforced our commitment to a pristine environment. New Member’s Bar signage now enhances our facilities, and the Remembrance plaque in the Founders’ Bar has been beautifully refurbished, honouring the memory of those who served.

An exciting development this year is the formation of a History Advisory Group comprising Derek Downes, Ron Fellows, Colin Jones, Clare Donnelly, Margie Dearlove and Eugene O’Reilly. Meeting three to four times annually, their remit includes future-proofing our historical collection, identifying new projects, raising member awareness of Club history, addressing potential preservation challenges and planning effective succession.

House Report (continued)

We remember with affection the following Members and past Members who have passed away, and extend our sincere condolences to their families and friends. As long-standing and valued members of the Pennant Hills Golf Club community, they are part of our history and tradition.

Members: Tony Gresham

Peter Kidd

Stephen Madden

John Whitford

The History Group’s space has been completely reorganised, freshly painted and now benefits from improved heating, creating a welcoming hub for exploring our heritage. We are especially grateful to life member Lucie Gabb for generously donating a new fridge to the centre. After 25 years of tireless service preserving our Club’s story, Ann Crisp retired this year; we thank her profoundly for her dedication. Joan Eyles, with support from Bruce Jones, is diligently recording Project R&M for future publication.

Special thanks are due to Barnaby Sumner, Bronwyn Steel and Nicole Tanner, whose dedication and ever-present smiles have upheld our hospitality standards. I also extend heartfelt appreciation to my fellow Committee members—Graeme Martin, Derek Downes, Eugene O’Reilly, Susie Wales and Jenny Harvey—for their invaluable support and collective efforts throughout the year.

Lesley Roberts Chairperson

Vale Tony Gresham AM (1940–2025)

It is with great sadness and respect that we acknowledge the passing of Tony Gresham AM, Life Member of Pennant Hills and of Golf NSW and one of Australia’s finest amateur golfers. In recognition of his immense contribution to the sport, he was appointed a Member of the Order of Australia. Tony passed away peacefully on 13 January 2025, aged 84, following a long illness.

Tony was a devoted husband, father, grandfather and friend. His grace, humility and exceptional talent left a lasting legacy in both our Club and the broader golfing community. Despite professional opportunities, Tony chose to remain an amateur, placing his family first. He shared a 58-year partnership with his beloved wife Wendy, who often caddied for him. Joining Pennant Hills Golf Club in 1956, Tony remained a loyal Member for nearly 70 years. His golfing record remains unmatched, and includes over 50 individual Club titles, highlighted by 25 Club Championships, 8 Senior Championships and 10 Pennant Hills Cups.

Beyond our Club, Tony’s golfing career was exceptional. He represented Australia in a record seven Eisenhower Trophy campaigns between 1968 and 1980, claiming the individual title in 1972, famously outperforming a young Ben Crenshaw.

He won the Australian Amateur Championship in 1977, was runnerup three times and secured the NSW Vardon Trophy 13 times in 15 years. His victories in the NSW Open (1975) and South Australian Open (1978)—both as an amateur—further distinguished his career.

Even as his health declined in later years, Tony’s love for the game and his generosity of spirit never faded. He was admired not only for his skill but for his sportsmanship and humility—a true gentleman of the game.

Membership Report

It is a pleasure to present this Report on behalf of the Membership Committee:

Michael Rowan (Ex Officio), Sue Fabian (Chair), David Blackshaw, Mark Bradbury, Lesley Roberts, Derek Downes (to October, 2024), Graeme Martin (to October 2024), Eugene O’Reilly (since October 2024) and David Sefton (since October 2024). I thank the Committee for their work and commitment to the welfare of Pennant Hills Golf Club and its Members over the past year.

I also thank Barnaby Sumner, Kim Truijens, Craig Usher and Neil Rolfe for their excellent contribution to, and support of the Committee. Kim, as the first contact for those considering Membership of Pennant Hills Golf Club, is outstanding in the warmth of her approach and her wealth of understanding of the opportunities, conditions and process involved in becoming a Member.

Craig keeps us up to date with vital Membership category numbers and financial information. Barnaby and his team are to be congratulated for their dedication in understanding and meeting the needs and expectations of Pennant Hills Members.

Barnaby’s untiring work in promoting Membership opportunities has produced excellent results in the past year. He and his Team are to be congratulated. Barnaby and Neil continue to collaborate in providing essential guidance to the Committee about Competition field capacity, in order to maximise opportunities for Members to participate.

It is pleasing to note that there have again been no occasions when Saturday and Wednesday players have not been able to secure a place in Competition play, although not always at their preferred time.

All Members are reminded of the importance of placing their names on the Waiting List if they are not able to enter the Time Sheet, as this guarantees automatic entry as soon as a space becomes available, and also enables the Committee to track participation issues.

It is also important to cancel unwanted golf bookings as soon as possible, in fairness to other players.

Membership movements

As at 30 June 2025 Resigned 84 New or Reinstated 123

Net Member Increase 28

Membership numbers continue to remain stable. As at 30 June, 2025, there were 84 Members who had resigned and a total of 123 new or reinstated Members, giving a net result of 28 more Members than at the same time in 2024.

Membership Category Statistics

Our Club needs to maintain a steady stream of applications for new Membership and an appeal was made earlier this year for current Members to consider inviting their family and friends to join Pennant Hills. Unfortunately, there have not been many responses, so please give our appeal your support! Beside the opportunity for current Members to share with their friends and families the enjoyment, excellent golf course and warm collegiality they receive from their Membership, an increase in our Membership helps to reduce the size of necessary subscriptions increases.

Membership Movements

The number of Absentee Members remains steady, with most applications being for medical, travel or relocation reasons, with gradual reinstatement to playing Membership categories.

Our Emeritus Members now number 43 and we would welcome more Members in this category, created for Members over 70 with 30 years of Membership who no longer play golf, to acknowledge the value Pennant Hills places on the many years of loyalty and contribution of these esteemed Members. A new category, Honorary Emeritus Membership, recognizes Members who are no longer playing golf and who have 50 or more years of continuous Membership of Pennant Hills Golf Club. Honorary Emeritus Membership incurs no fees and is an important way of maintaining the relationship of these long-standing Members with Pennant Hills. Emeritus and Honorary Emeritus Members thoroughly enjoyed a recent luncheon, one of a number of gatherings held for them annually and a great opportunity to meet with friends of many years. We were delighted to present special plaques to a number of Honorary Emeritus Members, with more to be presented at the December Emeritus luncheon.

Our efforts to add to the numbers of 6 Day1 Members, including our discount policies, continue, with 16 new women in various Membership categories being welcomed in 2025. In addition to their significant contribution to the life of the Club, increasing the number of 6 Day1 Members adds to our financial strength without impacting on the Wednesday and Saturday field sizes. We thank the Women’s Committee for their warm welcome and enthusiastic support of new Members, and for their efforts to provide challenge, fun and friendship in the women’s program.

Congratulations to Neil Rolfe and the Professional Shop Team in giving support and encouragement to new golfers through the Get Started and Get Golfing Programs. Their progress in becoming familiar with the game, improving handicaps and participating in competitions is a credit to the excellent training given in these programs.

Welcome to all our new Members as they become part of the Pennant Hills Golf Club community. Saturday afternoon New Member Clinics continue to be fully booked and provide our new Members with coaching, play on course, and an opportunity to get to know Barnaby, Neil, the Professional Shop Team and one another. Thanks to all those who contribute to the support of new players as they begin their golfing journey at Pennant Hills, in particular, the Professional Shop Team Members and the Women’s Committee.

The Membership Committee also acknowledges those generous Members who give their time to accompany and mentor new players in the Get Golfing program and all those Members who welcome new golfers with patience and inclusiveness.

The Membership Committee continues in its role in Policy development and review, compliance with the Constitution and By-Laws, serving the best interests of the Club in the process of interviewing, inducting and admitting new Members and in supporting both new and existing Members of the Pennant Hills Golf Club community. The Committee has done important policy work during the year on such matters as the Safety of Children and Young People, Team Member and Member safety and well-being, and respectful relationships.

Our priority strategic areas, in the context of the Board’s Strategic Plan, contribute to its oversight of the Club and the interests of Members. These strategic areas include:

– Working to understand the needs and expectations of all our wide range of Members in order to support and increase their satisfaction and enjoyment of their Club and their golfing opportunities;

– Continuing to pay careful attention to the numbers of Members in all Competition fields, working to ensure that no Member misses out on a game, while at the same time maintaining Member numbers at a level which provides optimal essential income for the Club and minimises the impact on Member subscriptions;

– Developing strategies to attract new playing Members, especially in the over 40 age group, and in the 6 Day1 category;

–Developing programs for the induction, engagement, information and support of new Members, so that they feel welcome and become wellinformed, active, enthusiastic Club Members;

– Exploring ways to support and retain all Members by developing programs to continue to add value to their Membership, even after they have ceased to play golf;

– Continuing to use Information Technology and data resources to maintain useful information to analyse and update Membership data, categories and programs.

On behalf of the Membership Committee, our very best wishes to all Pennant Hills Members for an enjoyable and successful year of golf and camaraderie in 2025/2026.

Sue Fabian Chairperson

Reciprocal Committee Report

Pennant Hills Golf Club has had long-standing reciprocal relationships with many clubs interstate and internationally and our Members have availed themselves of these reciprocal opportunities, in some cases, for decades.

Glasgow comprises two exceptional golf experiences at its Killermont parkland course, just 15 minutes’ drive north-west of downtown Glasgow, and at its Gailles Links Course on Scotland’s famous south-west coast in North Ayrshire.

Some reciprocal relationships have been lost for a variety of reasons while others have flourished with regular trips by Members to those clubs. Likewise, we have enjoyed hosting reciprocal club members on our fairways and in our clubhouse and the 2024/25 year was no exception.

Our existing reciprocal clubs are listed on the website and the Reciprocal Committee, comprising Board and Invited Members as well as Management, has continued its momentum this year with further additions to that list of reciprocal clubs.

Earlier this year, your Reciprocal Committee’s focus returned to the UK and we managed to secure full reciprocal arrangements with Verulam Golf Club (in St Albans on the outskirts of London) as well as Glasgow Golf Club in Scotland. Verulam is best known as the home of the Ryder Cup, where its founder, Samuel Ryder, first joined in 1909. Arguably of greater historical significance, Glasgow is heralded as one of the ten oldest golf clubs in the world, founded in 1787.

The Reciprocal Committee would like to extend its thanks to our loyal and long-standing members, Stuart Dickson and Peter Illingworth, respectively, for their assistance in helping to establish the Verulam and Glasgow reciprocal relationships.

In September 2024, PHGC took two tour groups to Victoria with a mixed group of 20 playing rounds at our two reciprocal clubs, Riversdale and Portsea, as well as rounds at the Dunes Golf Links and Sorrento Golf Club. Shortly thereafter a 17-strong group of our lady Members played at Portsea, the Dunes, Sorrento and St Andrews Beach. Both tour groups reportedly had wonderfully enjoyable early Spring visits.

Verulam’s clubhouse where plans for the Ryder Cup were first conceived in 1926.

Glasgow Golf Club’s magnificent clubhouse overlooking the Killermont Course.

Early morning preparation of Glasgow’s Gailles Links Course.

In October 2024, PHGC played host to a touring group of 16 members from Riversdale Golf Club. In an exciting day’s golf, our members teamed up against our guests from Melbourne and, thankfully, our home ground advantage helped us to retain the “Rivie Penno Plate”. Our participating members and Hospitality team did a wonderful job hosting the Riversdale members at the 19th hole and we look forward competing again with the Riversdale Golf Club when we next host them here in Sydney or take another touring group down to Melbourne.

In March 2025, 42 PHGC members travelled to Canberra and played at our reciprocal clubs, Royal Canberra and Federal Golf Clubs, as well as at Gold Creek Golf Club. For such a large touring group to be accommodated speaks volumes for the strength of the relationships that exist with our Canberra-based reciprocal clubs.

In April 2025, we had the pleasure of hosting a group of 16 golfers from Portsea Golf Club. Once again, our home ground advantage assisted us to win the match by one point along with the coveted “Hills and the Sea” Plate. The post-golf activities were very well received and the Portsea members greatly appreciated our camaraderie and hospitality.

Throughout the year we extended our efforts to engage with other prestigious clubs in Victoria and South Australia and we hope to share some more exciting news with members on the reciprocal club front in the New Year.

My sincere thanks to the Board Members, Invited Members and Management for their continued support of the Reciprocal Committee’s activities.

David Thorn Chairman

The challenging par 5, first hole at Federal Golf Club in Canberra.

Sunset over the 18th hole and clubhouse at Royal Canberra Golf Club.

Women’s Committee Report

I am pleased to present to you the annual report highlighting the activities and achievements of our Women’s membership at Pennant Hills Golf Club. It has been a remarkable year filled with enjoyable events and great participation from our dedicated women members.

First and foremost, I would like to express my heartfelt gratitude to the new committee for 2025 and thank our outgoing 2024 captain Anne Eldridge, secretary Lily Moore and office bearers Lynne Bastock and Glenda Mackie.

2025 Committee:

President Susie Wales

Captain Tina Skuodas

Assistant to Captain Simone Lester

Secretary Belinda Milroy General Committee Jill Goodall Rosemary Artlett Jackie Barratt

These women have all worked tirelessly to bring our ladies the regular yearly events, manage the Grade and pennant load and have introduced extra fun days for our enjoyment.

Also, thanks to the Board for their support for the Women’s program throughout the year. Our Board representatives for 2024/ 2025, Vice President Sue Fabian and Lesley Roberts have given up their time all year and done a wonderful job.

Life Member Beverley Archer

This year our membership voted Bev Archer to the position of Life Member, in recognition of her immense contribution to the club.

Bev was Pennant Hills’ first woman on the board. She had four years as Captain and in that time, Bev implemented the move to computers. Our Grade team was lucky to have her play for many years with Bev having a distinguished playing record.

– Joined PHGC in 1988 – Commenced her involvement with the club by playing in the Sunday “Business Girls” competition – Asked to join the PHGC Ladies Committee in 1999. Her duties included Team Manager for the Girls’ Encourage Shield and supervising the rookies, plus assistant to the Captain. Bev supported and walked with the cadets on Saturdays for many years and was manager of the winning Girls’ Encourage Shield Team for many years after finishing her term as Associates Captain.

– Bev was elected Associates Captain in 2003 and served 4 years. Responsibilities included: draws, competition record keeping, selection of teams and the day to day running of the golf program for the ladies.

– Bev served on the Course and Playing Committee.

– Represented PHGC as a member of the Northern Districts Match Committee from 2004 to 2011.

– Bev installed the first computerised booking system at PHGC which was no mean feat. Her business and accounting background and club knowledge as Associates Captain were invaluable within the committee of four which researched and presented the proposals leading to the constitutional changes necessary to permit the election of women to the Club Board in 2006.

– Bev paved the way becoming the first female director on the Board in 2008, a position that she held with distinction for 4 years. During this time, she was a member of the Planning, House and Social, Course and Playing, and Membership committees.

Bev’s Impressive Playing Record

Winner

– 1990 PH Bronze Salver and Business Girls Championship

– Foursomes 2003, 2007 and 2008

– Presidents Cup 2004 and 2008

– Captains Cup 2018

– Silver Match Play 2020

– Fourball Match Play 2000

– Gold Medal 2003

– Polly Wearn Trophy 2000 and 2003

– Veterans Statewide Challenge Brooch 2000

– Holes in One: Four

Representative

– Silver Salver 1990 – 1998

– Grade 1998 – 2011

– Coronation Medal

– NSW LGR 3BBB Classic 1996 and 2011

Bev is a regular Monday and Thursday player. She participated in the Centenary Relay for the Captains Team and for the past 3 years, she has been the honorary starter for the Women’s Championships Finals.

Women’s Championships 2024 Again, this year we held the Women’s Championship Finals on Sun 3rd Nov alongside the Men’s Championships Finals on a successful and collaborative Club Championship Day. The day was enjoyed by the competitors and many spectators, and culminated in celebratory speeches, live music, drinks, canapes and a buffet dinner enjoyed by many.

We had the honour of Bev Archer starting all the women’s matches. Her experience and dedication set the tone for an exciting and competitive day of golf.

Competing for the Women’s Club Championship were two relatively new members, Debbie Jepson and Petra Mueller, and what a Finals match they played over 36 holes. Their talent as two of our best golfers was on full display to the many interested onlookers. Debbie came out on top and is our Pennant Hills Club Champion for 2024.

Our Bronze 1 and Bronze 2 Championship Finals were held over 18 holes, with Tina Lee playing Jenny Harvey (B1) and Annie McDonald playing Pieta Macri (B2). Again, two great matches ensued with super golf and camaraderie on show. Tina Lee is our Bronze I Champion and Pieta Macri our Bronze II Champion for 2024.

In addition to our outstanding golfers, I would like to express my sincere gratitude to our host of match referees, not only for Finals Day, but for other Board events throughout the year. Referees are invaluable to the running of the Women’s program, and we are incredibly grateful to all for their unwavering support.

Thanks to Chris Allen, Sue Fabian, Peter Abrahams, Moya Shepherd, Simone Lester, Joan Eyles, and Lesley Roberts who have all generously volunteered their time this year to serve as referees. Their dedication and expertise ensure the smooth and fair execution of all matches.

Foursomes Championships 2024

– Club Championship winners: Jess Sherry and Desiree Herden

– Bronze 1 Championship winners: Lynne Bastock and Marg Coulton – Bronze II Championship winners: Margaret Ingram and Sandra Parker after a 3-way tie at the top led to a dramatic 6-hole playoff.

Pennant Hills Cup 2024

– Winner – Lynda Gyzen from Oatlands Golf Club

Pennant Hills Bronze Salver 2024

– Winner: Cheryl Golding;

– R/Up: Jill Goodall

Four Ball Knockout 2025

– Winners: Anne Hellman and Patricia Potts

– R/up: Pam Doyle and Cheryl Golding

Singles Knockout 2025

– Winner: Pam Doyle

– R/Up: Jeannette Wright

President’s Cup 2025

– Winner: Anne Eldridge

– R/Up: Mary-Jo Usher

Grade and NDPC Pennant Season 2025

Our Golf NSW 2025 Div 2 Women’s Grade team consisted of: Petra Mueller, Jessica Sherry, Debbie Jepson, Susie Wales, Anne Eldridge, Tina Skuodas, Phoebe Bourne, Ashley Chung, Amanda Walkerden, Sue Weatherley

What a team and what a season it was!

The team started on Valentines Day with a heartfelt 4/1 victory, and continued the winning form all season, remaining undefeated. Every player, whether in the team or reserve, played their best and all contributed to the happiness, camaraderie and success of the team.

– No 1: Petra Mueller played 4 games – W3: L1

– No 2: Jessica Sherry played 6 games – W5: L1

– No 3: Debbie Jepson played 5 games – W3: L1: D:1

– No 4: Susie Wales played 5 games – W4: L1

– No 5: Anne Eldridge played 4 games – W3: L1

A big thank you also must go to the all-important caddies who were amazing in their help and support each week. We wish the 2026 Grade side the best of luck in Division 1 next year.

Northern District Pennant Competition

Pennant Hills had 5 teams competing in The Northern District Pennant Competition: Silver Salver, Silver II Salver, Bronze I Pennant, Bronze II Shield and Bronze III Salver.

Silver Salver II were our earliest team to play – thanks to Simone Lester and Karen Patterson for captaining and managing the team. The team placed 7th overall, with Annelie Chapple playing all matches and leading from the front.

Bronze II were next out – thanks to Rosie Artlett and Sally Gooley for captaining and managing. The team had 11 representatives and placed 7th overall, with many tight matches along the way.

Silver Salver had a disrupted season with Easter/ Anzac Day and the big wet contributing to our team only playing 3 matches. Thanks to our two Amandas for captaining and managing – the team finished 3rd but would have been closer to the top if able to play more of the season.

Bronze III team also had a hugely disrupted season with the weather – playing only their first match in Round 5 – which was a win! Thanks to Marg Mclean for her captaincy and management. The team won their last match also 3/2 and ended up equal first on match points and 3rd overall.

Bronze I were our last team out to play this year and had a rain affected season also. Thanks to Jill Goodall for captaining and leading from the front with 3 wins in the season, matched by Margot Weinert with 3 wins also. The team placed 6th overall.

Sunday Women’s Pennant Competition

Our Sunday team are midway through their season at the time of this report. They’ve played 2 matches and had one win and a square. Their next 4 matches are in August/ September, so we wish them the best of luck for the rest of the season. Thank you to Tanya Whitmarsh for her management, captaincy and all-round organisation of the Sunday pennant team.

Our representative teams are very fortunate to be supported by Rachel Bailey who hosts a two-hour clinic for the teams, prior to their first matches. The teams are very appreciative of these sessions, and the feedback was extremely positive. Praise is always high for our expert teaching professionals - we are so fortunate to have them at the club.

Lastly, every person who has represented Pennant Hills this year has demonstrated talent, etiquette and sportsmanship. Their hard work, commitment to the team and enthusiasm to play at the different clubs and compete each week have brought great pride to our club. Thanks to everyone who has donned the pink team shirt – congratulations for representing Pennant Hills and I encourage you to continue to do so next year.

Interclub Competitions

– Castle Hill Interclub was played in May, with Castle Hill reclaiming the trophy with a strong win on their home turf. Thanks to all women who played – the golf course was a joy to play. Congratulations to Anne Eldridge and Lyn Toohey for flying the flag for us and getting our sole win for the day!

– Oatlands Interclub was abandoned for 2025 due to wet weather.

– Avondale Interclub is scheduled for September 2025.

These representative Interclub events remain traditional and popular events on our calendar, and we look forward to them each year.

Golf NSW event

The Golf NSW Keno Ambrose Event for 2025 was won by our talented youngsters Jessica Sherry and Ashley Chung. Runners up were Anne Eldridge and Mary Jo Usher. Both pairs will progress through to the regional finals in October in the hope of getting a spot in the Bonville finals in December. Thanks to all pairs who went in this event – best of luck to the women in October! Thank you! Our teaching professionals at PHGC are exceptional.

We are so fortunate to have the expertise of: Neil Rolfe, Rachel Bailey, Jessica Noh and Steven Vail provide us with expert coaching.

To the pro shop team of Neil Rolfe, Rachel Bailey, Jessica Noh, Steven Vail, Jordy Garner, Keith Smith, Finley Lawler, Georgia Main, Jessica Sherry, Jack Sherry and Adi Nair – many thanks for your continual support and help with the women’s program.

Thank you also to Michael Hedger and his team. We are all very fortunate to play on this beautifully presented course every week. There has been many changes and challenges presented by our course undergoing the repair and maintenance program. Michael and his team have done so much work this year to keep our program running as smoothly as possible and they are to be commended for all their hard work.

Some of the highlights in our golfing year, are the various fun days organised at the club. These events have provided a fantastic opportunity for our members to come together, enjoy the game of golf, and foster a sense of camaraderie.

Our year of golf starts with a big event, called The High Tee Classic. Organisation for this begins months before.

This year we saw over 70 visitors attend. Our fashion parade of the pro shop’s outfits and heavily discounted sale was really appreciated by all. We had guest appearances on the catwalk from Steve and Jordy. Our beverage staff made sure we had a delicious variety of substantial nibbles and a glass of bubbles too.

Other notable events include the Opening Day, Greens Renovation trip to Kangaroo Valley, Visitor’s Day, Pennants Cocktail Party, Captains and Presidents Day, Charity Day, and Christmas 3 Ball and Top Gun. The exceptional turnout and active participation in these events reflect the vibrancy and strong bond within our women’s golf community.

2024 Top Gun – Winner: Louise Rowe – Runner Up: Amanda Walkerden

Charity Day 2024

Pennant Hills again chose to support ”The Sanctuary – The Hills Women’s Shelter”. This organisation provides temporary supported accommodation for women and their children who are victims of domestic violence or homelessness. Our women are always very generous when it comes to donating to a very worthy cause and The Sanctuary are just so very grateful.

I would like to acknowledge the contributions of our members who have been instrumental in fostering a warm and friendly atmosphere at the club. The flowers in the locker room not only add a beautiful touch but also create a sense of belonging and pride in being a part of a club that cares deeply for its members.

Our Tuesday Bridge, led by Carolyn Brereton and Sue Rogge, continues to attract a strong and dedicated following. Every Tuesday, the Bridge sessions bring members together for an enjoyable and engaging experience. Each month Sally Tribe and Marian Kench organise a larger bridge day for all to enjoy each month.

Our library is well utilised and ably managed by Adrienne Gorme.

Additionally, the archive and history group of Joan Eyles and Bruce Jones, are quietly recording and filing every snippet of history for future reference and enjoyment. They have transformed the old pro shop into quite the welcoming Library.

Special thanks go to Bronwyn Steele and Nicole Tanner for their expert advice and seamless execution of our special golf days and lunches. Their contributions have elevated the overall experience for our members, and we are truly grateful for their invaluable support. Peter Barter continues to provide delectable fare that is enjoyed at every function. We, as a committee rely heavily on Kim Trujens, Craig Usher and Jodi Sparks in the office to help us navigate membership details and accounting questions.

We are fortunate to have a competent and dedicated General Manager; Barnaby Sumner who keeps everything running smoothly and ensures that our club remains a thriving community. His tireless efforts in coordinating various activities and managing the club’s operations are greatly appreciated.

As I conclude this report, I would like to express my optimism and enthusiasm for the future of women’s golf at Pennant Hills Golf Club. With our compassionate and supportive community, dedicated committee members, and talented golfers, I am confident that we will continue to flourish and achieve new heights in the years to come.

Thank you once again to everyone involved for their remarkable contributions and unwavering commitment.

Susie Wales Women’s President

Pennant Hills Golf Club Foundation Report

It has been another successful year for your Foundation.

The current Board of Trustees are: Ross Jackson (Chair), Michael Thompson, Michael Rowan, Ben Saw and Simon Tremlett. It’s a dynamic board, very motivated to deliver assets to the club.

Our purpose under the Deed of the Foundation is to promote, support, develop and maintain, generally the objects and property of our Club and its facilities. Specifically, we research and plan for the future of the Club looking at the long and medium term and what assets, infrastructure and activities Members may need in the future. Most importantly we work to raise the money to make these plans happen – which is tax deductible via the Australian Sports Foundation

Over the course of the year, we welcomed 21 new Members of the Foundation and received $138,370 in donations to further the work we do on your behalf.

As Chair, I have written to welcome all new Members as they joined us and on behalf of the Trustees, I express our deepest thanks to those who contributed funds to support our activities.

Projects currently being managed by your Foundation are: Golf Academy (GA) Progress has been made on the Construction Certificate for the GA, with the list of third-party consultants finalised. We have been raising money for this process via the golf major sweepstakes – however we do need quite a lot more, donations would be most welcome via the ASF website.

We intend to lodge a submission seeking a government grant in August, with preparations under way to ensure that we have the best chance of securing the funds. It’s envisaged that the grant will be in the order of half the funds we require for construction with the balance coming from donations, the club or other sources.

The President will be presenting the work done on the GA to date, and the huge positive impact it will have on our club, in a knowledge evening planned for the next few months. I am sure that you will all be excited to attend – the President is a great speaker.

9th hole Waterfall

Our recent fund raising for this exciting project was an enormous success, and we thank members for the prompt generosity. We raised all the money required in around 2 weeks. That’s a great step forward for our club. Of course, nothing can be built without the support of members, who then share in the benefits of the asset.

I am sure we are all excited to see the 9th hole in play and I’ll be trying to keep my ball out of the water feature!

Kendal Binns Junior Fund (KBJF)

This program led by Rob Cornish and the KBJF Committee, and sits under the Foundation in terms of an integrated approach to fund raising and compliance with our obligations to the Australian Sports Foundation. I am pleased to report that the Kendal Binns Junior Fund continues to be a success and an impetus to the recruitment and development of junior golfers. Following this report is the Foundation’s Income and Expenditure and Balance Sheet for the year ended 30 June 2025 and a separate report from the Kendal Binns Junior Fund.

Ross Jackson Chairman Pennant Hills Golf Club Foundation

Foundation Income and Expenditure and Balance Sheet

In accordance with the Foundation Deed of Trust we have included below the Foundation’s audited Statement of Income and Expenditure and Balance Sheet.

Statement of Income and Expenditure

For the year ended 30 June 2025

Balance Sheet

As at 30 June 2025

For a breakdown of the Foundation funds by project refer to Note 14 in the Pennant Hills Golf Club Financial Statements.

Kendal Binns Junior Fund Report

The Kendal Binns Junior Fund (KBJF) exists and operates under the Trust Deed of the PHGC Foundation. The KBJF was formally established in 2014 and named to recognise and honour the efforts of Kendal Binns in supporting the Junior Members of Pennant Hills Golf Club. Since establishment, the charter of the KBJF has remained to promote, support and develop our Junior Members to become both better golfers and long-term contributing Members of our Club.

The KBJF is administered by the KBJF Committee comprising Rob Cornish (Chair), Ed Truscott, Graeme Martin, Simone Lester, Eugene O’Reilly, Barnaby Sumner, Neil Rolfe and Rachel Bailey. During the year Rhonda Parkinson and Hugh Gerdes retired from the Committee and the Committee thanks them for their valued contributions.

In addition to the KBJF supporting the Club’s various Junior Programs, there are currently 20 juniors (12 boys and 8 girls), having achieved a certain level of golfing ability, receiving a KBJF Scholarship.

In addition to a contribution to their annual Membership fees, a KBJF scholarship includes:

– tuition from our PHGC golf professionals; – mentoring and support for the rules of golf, golfing etiquette and the PHGC ethos

Scholarship recipients range in ages from 10 years old to 20 years old, and achieved an average 28% reduction in their GA handicaps over the past scholarship year.

Scholarship holders regularly play in Club competitions and during 2024-25 represented themselves and the Club with pride in the various representative teams (both Senior and Junior). The club currently has two teams in the Eric Apperly Shield competition and will enter one team in the Encourage Shield competition.

Three current or past scholarship recipients (Olivia Kerr, Hamish Murray and Desiree Herden) are currently completing golf scholarships within the US College System and the KBJF was delighted to celebrate Hamish securing his 2025/26 Australian Tour Card at the inaugural Australasian PGA Qualifying School held in the United States.

2024/25 Highlights

Amongst other achievements, during the past year:

– 4 boys (Ryan Richards, Adi Nair and Lucas Karatsiolis and Riley Lam) played in the major pennants team – 3 girls (Desiree Herden, Jessica Sherry and Phoebe Bourne) played in the women’s grade team – Men’s Club Championship Final was won by Ryan Richards.

– Junior Championship was won by Ryan Richards – The Junior Stableford Championship was won by Jack Griffin.

The KBJF actively encourages and supports participation in the various external ranked Junior competitions as an integral part of a scholarship recipient’s golfing development and education. To this end, the KBJF was similarly delighted when, in addition to the performances of other scholarship holders, Riley Lam after representing CHS with distinction at the state secondary school championships, won the Under 15 division at the 2025 NSW Junior Championships.

During the year, the KBJF continued to support the PHGC Junior Golf Pathways Program with a focus on player development via group and team activities and related social interaction. In addition to individual playing skills, the program focuses on developing a “friends for life” culture. Members of the various junior representative teams (Eric Apperly, Junior Pennants and Encourage Shield) plus others all participate in the program.

The inaugural PHGC Junior League, under which teams competed against each other, was completed in the runup to the junior representative season with overwhelmingly positive feedback. The Junior League is open to all Junior Members, irrespective of age and handicap. The winning team comprised Phoebe Bourne, James Dailly, Lachie Frost, Jack Griffin, Alex Karatsiolis, Lucas Karatsiolis, Ryan Richards, Wenxin Wang, and Jolena Zheng

Thanks and acknowledgements

The KBJF Scholarship program and its various activities is principally funded by the kind and generous support of Members, both by participation in and support of our various fundraising activities (golf events, raffle etc) and by direct financial donations by Members of the Club.

100 Members and visitors played in the annual KBJF Team Ambrose on Sunday, 22 September, enjoying the opportunity to play with and see firsthand the KBJF scholarship holders who rotated through the field, playing several holes with each group.

Over 130 Members, visitors and their families attended the dinner afterward during which they heard from the KBJF scholarship holders together with an overview of the PHGC Junior programs. 220 Members played in the supplementary KBJF Fundraiser competitions on the Thursday and Saturday prior.

A special thanks to Keith Smith for his efforts in spearheading the raffle sales activities.

On behalf of the KBJF Committee and the Scholarship recipients, thank you all for your past, and hopefully continuing future financial support.

Finally, and importantly, thanks to our Club’s teaching professionals (Neil, Rachel, Jess, Steve and Jordie) for their dedication and support, without which the various KBJF activities would not occur.

Rob Cornish Chairperson

Ex-Services Report

Report on Remembrance Trophy and Ex-Services Golf Day 2024

The 98th Ex-services and Remembrance Day golf competitions were held on Saturday, 16 November on a spectacular sunny day. A field of 194 Members and Guests enjoyed the weather, the golf, the morning sausage with onions and whisky then the bully beef roll with a nip of rum at halfway.

As a result of the day our Club has been able to forward a cheque to Legacy for $5000 which includes some direct donations of $230 from Ex-service Members. In addition, the Committee was able to allocate a further $5,000 to the Second Memorial Gates Fund, $1,000 to the General Fund of the Foundation. The Memorial Gates donation includes $210 in direct donations.

We again enjoyed the generous sponsorship of Diageo, a global leader in beverage alcohol with an outstanding collection of brands across a wide range of spirits and beers. Diageo provided prizes and sustenance in the form of the iconic Johnnie Walker Black Label whisky and the “living sprit” - Bundaberg rum. The Committee is most grateful to Diageo. We also acknowledge Woolies at Beecroft who provided the bread free of charge.

Our special group of volunteers worked the BBQ to provide a breakfast of Websters pork sausage and onions washed down with a nip of Johnnie Walker as well as the halfway sustenance of Bully Beef and Damper Rolls, taken of course with the traditional gunfire brew of Bundaberg Rum and Coffee. Our thanks to Emeritus Member Michael Williams who coordinated this enthusiastic team; the players certainly were grateful of their efforts. We have acknowledged each one of them at the foot of this report. The main raffle prize was a mixed dozen of Glandore wines donated by Peter McBeath.

Derek Downes again acted as the bookmaker for the day tempting punters with enticing odds to land their ball in the inner circle, outer circle, on the green or even over the creek. As usual, his persuasive skills generated $3800 being a major part of the money raised on the day. Chris Allen and Legacy Volunteers teamed with Derek to issue tickets to the punters skilful enough to land their ball in a winning area. Andy Oakley won the bottle of JW Black and Andrew Minogue won the bottle of Bundy for being “nearest to the bottle” that was positioned well away from the flag.

Dereck Docherty recited the oath, again from memory, he did not need the prompt sheet as members and guests stood to attention and silence listening to the Last Post and Reveille played through the PA system prior to the presentation of trophies.

Bruce Lumsden, on behalf of the family of the late Geoff Lumsden donated the Ex-Services Trophy won by Andrew Mowatt. The 99th year of competition for the Ex-Services Trophy will be held on Saturday, 8 November in 2025.

The Remembrance Trophy: known by some as the Lucknow Trophy, is a magnificent trophy kept permanently in the clubhouse and has its own interesting history with a military connection. The annual trophy is donated by the Waterson family and presented by Terry Waterson was won by David Chudleigh who recalled his father having served in New Guinea during the war but never talking about it.

The winning 4 Ball Members team with a score of 53 was John Keenan, Ryan Phillippe, Alan Fox and Simon Squire.

The winning Ex-Services team comprised Chris Bradbury, Mark Bradbury, Michael Carasso, and Bruce Bollum.

The A, B and C Grade winners were Geoff Thompsett, Andrew Barrowman and David Chudleigh. The Scratch winner was Kris Clelland.

It is special to belong to a club that has consistently honoured its ex-serving Members in such a respectful and fun-filled way for now, 98 years.

We often think that the day runs so smoothly because of the systems we have developed over the years, in reality, it is because of the good people who turn up to work with energy and a smile to make it all function so seamlessly.

A special mention to Bronwyn Steele, Peter Barter, as well as Steve, Jess and Neil in the Professional Shop. And then we have the administrative back up from Kim and Nicole in the office as well as the leadership of Barnaby.

Our Volunteers:

Michael Wiliams, Marg Miles, Garrett Dwyer, Margaret Frith, Geoff Bourke, Kevin Pike, Scott Cooper, Rhonda Parkinson, Helen Williams, Gordon Herriott, Jill Cooper, Derek Downes, Bill Parkinson, Ray Miles, David McKie, Chris Allen

Michael Rowan Chairperson

On behalf of the Ex-Services Committee:

– Peter Sprowles – Brian Hamilton – Peter McBeath

Directors’ Report

The directors present their report together with the financial report of Pennant Hills Golf Club Limited (“the Company”) for the year ended 30 June 2025 and the auditor’s report thereon.

Directors

The Directors of the Company at any time during or since the end of the financial year are:

Information on Directors

Directors Names Occupation Year Elected

S. Fabian Retired 2019

D. Downes Real Estate 2022

M. Rowan Retired Banker 2019

G. Martin Director 2019

L. Roberts Retired 2020

D. Maguire Registered Surveyor 2020

M. Bradbury Retired 2020

D. Blackshaw Finance Manager 2020

D. Thorn Management Consultant 2021

D. Sefton Solicitor 2024

E. O’Reilly Program Director 2024

Resigned October 2024

Appointed October 2024

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

Directors Names Sub Committee Responsibilities

M. Rowan As President is an ex-officio Member of all Committees

S. Fabian Membership (Chairperson), Finance, Course & Playing

G. Martin House, Membership

L. Roberts House (Chairperson) & Membership

D. Maguire Course & Playing (Chairperson)

M. Bradbury Finance & Membership

D. Blackshaw Finance (Chairperson), Membership, Reciprocal, Course & Playing

D. Thorn Reciprocal (Chairperson) & Finance

D. Downes Reciprocal, Membership & House

D. Sefton Finance & Membership

E. O’Reilly Membership, Reciprocal & House

Company Secretary

Barnaby Sumner holds the position of Company Secretary and General Manager of Pennant Hills Golf Club. Barnaby has been Company Secretary and General Manager since March 2019 after joining the Club from Oatlands Golf Club where he held the position of General Manager. His previous management experience includes senior management roles with Elanora Country Club & Concord Golf Club along with roles with Australian hotel companies Mirvac and Gazebo and internationally with the Fairhaven Hotel Group (U.K.).

Principal Activities

The principal activities of the Company during the financial year were the administration and operation of a golf course and a licensed social club for Members of the Company.

These activities provided the foundation for the achievement of the short- and long-term objectives of the Company.

There have been no significant changes in the nature of these activities during the year.

Short-Term Objectives

The Company’s short-term objectives are to:

• Undertake a comprehensive repair & maintenance project on our golf course.

• Maintain Membership to a level where all golfers are able, within reason and according to their category of Membership, be assured of a game on the day of their choice.

• Develop plans to proceed with construction of the Golf Academy including fitting bays and virtual golf facilities.

• Operate profitably to a target EBITDA.

• Monitor Member satisfaction on and off the course through a social calendar of interesting events.

• Ensure high quality food and beverage choices are always available to Members and Guests.

Long-Term Objectives

The Company has the following long-term objectives:

• Continue to operate as one of Sydney’s leading private Members golf clubs.

• Prepare plans and finances to complete cart paths to all holes on the golf course.

• Prepare plans and finances to refurbish and complete drainage and irrigation of the course.

• Strengthen the financial resources of the Company.

Strategies to Achieve Objectives

The Company is pursuing the following strategies to achieve its objectives:

• Review of core Member services to identify and deliver services that foster Member camaraderie, uphold core values and make the Club attractive to new Members.

• Implementation of operational efficiency programs and to reduce fixed costs.

• Establish a Future Fund.

• Maintain continuous review of governance and management structures.

Measurement of Performance

Management provides the Board with operational reports for the Company activities which include the key performance indicators of financial results against budgeted outcomes, details of course maintenance and improvements activities, outline of Member playing and social activities and changes in Membership numbers and categories.

Directors’ Meetings

The number of directors’ meetings and number of meetings attended by each of the directors of the company during the financial year are:

Review and Results of Operations

The net surplus for the year amounted to $130,871 compared to a $36,094 surplus for the prior year.

Environmental Regulation

The Company’s operations are subject to various environmental regulations under either Commonwealth or State legislation.

The directors are not aware of any significant breaches during the period covered by this report. The Company has completed an Environmental Management Plan to assist in managing these risks and to meet its obligations.

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is included on the following page and forms part of the Directors’ Report.

Signed in accordance with a resolution of the Board of Directors.

Membership & Contribution in Winding Up

The Company is incorporated under the Corporations Act 2001 and is a company limited by guarantee and without a share capital.

If the Company is wound up, the constitution states that each Member is required to contribute a maximum of $2 each towards meeting any outstanding obligations of the entity. At 30 June 2025, the total amount that Members of the Company are liable to contribute if the Company is wound up is $2,760 (2024: $2,704).

Michael Rowan Director

David Blackshaw Director

Dated at Beecroft this 4th day of September 2025.

Auditor’s Independence

Declaration

under Section 307C of the Corporations Act 2001 to the Directors of Pennant Hills Golf Club Limited

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2025, 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

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

BDH Audit & Assurance Pty Limited

Gede Barone Director

Dated at Beecroft this 4th day of September 2025.

Financial Report

The financial report is for Pennant Hills Golf Club Limited as an individual company, incorporated and domiciled in Australia. Pennant Hills Golf Club Limited is a company limited by guarantee.

Statement of Comprehensive Income

For the year ended 30 June 2025

(8,879,322) (8,404,488)

Statement of Financial Position

As at 30 June 2025

The accompanying Notes form part of these Financial Statements and should be read in conjunction herewith.

Statement of Changes in Equity

For the year ended 30 June 2025

The accompanying Notes form part of these Financial Statements and should be read in conjunction herewith.

Cash Flow Statement

For the year ended 30 June 2025

form part

Notes to the Financial Statements

The financial report is for Pennant Hills Golf Club Limited as an individual company, incorporated and domiciled in Australia. Pennant Hills Golf Club Limited is a company limited by guarantee.

NOTE 1: STATEMENT OF MATERIAL ACCOUNTING POLICIES

NATURE OF OPERATIONS

Pennant Hills Golf Club’s principal activity was to provide golf facilities to Members.

BASIS OF PREPARATION

The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards – Tier 2 Simplified Disclosures, Australian Accounting Interpretations, the Corporation Act 2001 and the Registered Clubs Amendment Act 2006. Pennant Hills Golf Club Limited is a not-for-profit entity for the purpose of preparing financial statements.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated.

The financial report has been prepared using the measurement bases specified by the Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are described in the accounting policies below.

The financial report was authorised for issue on the 4th September 2025 by the board of directors.

NET CURRENT LIABILITY POSITION

As at 30 June 2025 the company has a net current liability position of $1,710,819 (2024: $304,706) primarily due to the large balance of subscriptions paid in advance which has been significantly offset in the 2025 year by the cash contribution from Member Notes. The subscriptions paid in advance for the 2025 year are not refundable and will be recognised as revenue over the 2026 financial year. The company has access to a bank facility of $1.15 Million (2024: $1.75 Million) which it can draw down on when cash flow requires it. The current facility is being replaced by $3.5 Million in facilities which expire at intervals between April 2028 and April 2030. More details are included in Note 12 to these financial statements. Based on these factors the directors are of the opinion that the company will be able to pay its debts when they fall due.

ACCOUNTING POLICIES

(a) Income Tax

No provision for income tax has been raised as the Company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.

(b) Inventories

Inventories are measured and carried at the lower of cost and current replacement cost.

(c) Property, Plant and Equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Cost also may include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within other income in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings.

(ii) Subsequent Costs

The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

(iii) Depreciation

Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value.

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not depreciated

The estimated useful lives for the current and comparative periods are as follows:

• Buildings 40 years

• Plant and equipment

3 - 20 years

Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

(d) Leases

Where the Company is a lessee, lease payments for operating leases, where substantially all the risks and benefits remain with the lessor are accounted for in accordance with AASB16 – Leases. At inception the present value of the leased asset is capitalised as a Right of Use asset to be depreciated over the term of the lease. A corresponding lease liability is recorded and shown in Note 12 Borrowings. As lease payments are made the periodic principal reduction is charged to the lease liability and a charge for interest is expensed in the period in which the payment is incurred.

(e) Impairment of Assets

At each reporting date, the Company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

(f)

Intangible Assets

Intangible assets are measured at cost less accumulated amortisation (where applicable) and any accumulated impairment losses. The amortisation expense relating to the intangible asset is included in depreciation and amortisation expense in the statement of profit and loss and other comprehensive income.

Intangible assets are amortised on a straight-line basis over their estimate useful life. The estimated useful life of software licences is 8 years.

(g) Employee Benefits

Short-term Employee Benefits

Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled.

Other long-term Employee Benefits

The Company’s liabilities for long service leave are included in other long-term benefits as they are not expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. They are measured at the present value of the expected future payments to be made to employees.

The expected future payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the timing of the estimated future cash outflows. Any re-measurements

arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur.

The Company presents employee benefit obligations as current liabilities in the statement of financial position if the Company does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting period, irrespective of when the actual settlement is expected to take place.

(h) Provisions, Contingent Liabilities and Contingent Assets

Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.

Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related provision.

No liability is recognised if an outflow of economic resources as a result of present obligation is not probable. Such situations are disclosed as contingent liabilities, unless the outflow of resources is remote in which case no liability is recognised.

(i) Revenue and Other Income Revenues are recognised at fair value of the consideration received.

Revenue from sales of goods comprises revenue earned from the provision of food and beverage facilities, and the sale of golf equipment. Revenue is recognised when the goods are provided.

Revenue from rendering services comprises revenue services to Members and other patrons of the Company.

Revenue from rental income relating to the telecommunications tower lease is recorded on a straightline basis over the term of the lease.

PHGC Foundation donations and contributions made are credited to the PHGC Foundation in the year in which they are made.

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

(j) Borrowing Costs

Borrowing costs other than those that relate to the acquisition of qualifying assets are recognised in income in the period in which they are incurred.

(k) Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST). Receivables and payables in the balance sheet are shown inclusive of GST.

Cash flows are presented in the Cash Flow Statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

(l) Subscriptions in Advance

The Subscriptions in advance balance in Note 13 consists of 2026 Membership subscriptions received prior to 30 June.

(m) Deferred Income

The liability for deferred income relating to unutilised amounts of telecommunications tower rental received on the condition that specified conditions are fulfilled. Where the amount received is in respect of rental which is to be provided over a period that exceeds twelve (12) months after the reporting date, the liability is discounted and presented as non-current.

Deferred income relating to heritage or joining fees paid by new Members are recorded as deferred income and shown in Note 11. Heritage fees are released to income over 10 years which is the deemed average period of Membership. If a Member leaves within the 10-year period the balance of joining fees deferred is released and shown as heritage fee income in the year of departure.

(n) Comparative Figures

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

(o) Critical Accounting Estimates and Judgments

The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company.

The Company assesses impairment at each reporting date by evaluating conditions specific to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are assessed using value-in-use calculations which incorporate various key assumptions.

(p) Government Grants

Government grants received from Federal government comprising remaining CAC Apprentice funding is recorded as grant income when received or receivable. Expenses related to these grants are shown in expenses by function.

(q) Financial Instruments

Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument, and are initially measured at fair value adjusted by transaction costs.

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

Classification and measurement of financial assets

For the purposes of subsequent measurement financial assets of the Company are classified as loans and receivables. All financial assets are subject to review for impairment at least at each reporting date to determine if there is objective evidence that a financial asset is impaired. All income and expenses relating to financial assets that are recognised in profit and loss are presented within finance costs or finance income except for impairment of trade receivables which is presented within other expenses.

Loans and receivables are non-derivative financial assets with fixed or determinable payments. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect is immaterial. The Company’s trade and other receivables fall into this category of financial instruments.

Classification and measurement of financial liabilities

The Company’s financial liabilities include trade and other payables.

Financial liabilities are measured subsequently at amortised cost using the effective interest method.

All interest related charges, and if applicable, changes in an instruments fair value that are reported in profit and loss are included within finance costs or finance income.

(q) New and revised standards that are effective for these financial statements

There are no new mandatory or amended Australian Accounting Standards applicable to the Company’s financial statements for the year ended 30 June 2025.

NOTE 2: REVENUE & OTHER INCOME

NOTE 3: INCLUDED IN DETERMINING SURPLUS FOR THE YEAR

NOTE 4: TRADE AND OTHER RECEIVABLES

Current trade receivables are non-interest bearing. A provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in the other expenses item.

for Impairment of Receivables

NOTE 5: INVENTORIES

NOTE 6: OTHER ASSETS

NOTE 7: CORE PROPERTY, PLANT & EQUIPMENT

In accordance with Section 41J of the Registered Clubs Amendment Act 2006 the Directors have determined that all freehold land and buildings held by the Club forms part of the Club’s premises and the facilities provided by the Club are for the use of its Members and is therefore core property.

The Valuer General land value at 1/7/24 was $7.60 million. There has not been an updated valuation issued as at the date of this report.

Included within the carrying amount of Plant & Equipment is $NIL (2024: $7,758) of financed equipment and $140,861 (2024: $223,080) of capitalised operating leases. The capitalised operating leases are separately disclosed as right of use assets. Refer to Note 19 for further details of operating leases and financed equipment.

Also included within the carrying amount of Plant & Equipment is $124,685 of intangible assets being licences and design and setup costs of the core IT systems of the Club. These intangible assets are being depreciated over their expected useful life which has been determined as 8 years.

Refer to Note 12 for details of security over property, plant and equipment.

NOTE 8: INTANGIBLE ASSETS

amount at the beginning of the year

NOTE 9: TRADE AND OTHER PAYABLES

NOTE 10: PROVISIONS

A provision has been recognised for employee benefits relating to long service leave for employees. In calculating the present value of future cash flows of long service leave, the probability of long service leave being taken is based upon historical data. The measurement and recognition criteria for employee benefits have been included in Note 1 (g).

NOTE 11: DEFERRED INCOME

In the 2015 financial year the Company leased the telecommunications tower site for 25 years. Rental for the 25 years has been received up front. In determining the correct treatment for the transaction, the Company has taken a view that the monies received are in the nature of a receipt of future rental income. Consistent with the Company’s treatment of other deferred income received in advance the amount received is being released to revenue on a straight-line basis over the full term of the lease period. Deferred income received which will not be released in the next year is treated as long term deferred income. Heritage fees received are deferred and released over 10 years. In the event of a Member resigning within the 10 years the balance of a Member’s heritage fee not previously recognised is released.

NOTE 12:

BORROWINGS

2,130,000 1,705,202 2,284,581

Facilities

In the current year the Company’s NAB borrowing facility reduced from $1.75 Million to $1.15 Million. The current facility expires in July 2025 and is being replaced by new facilities totalling $3.5M which expire between April 2028 and April 2030.

The Company has previously entered into four Commercial Loans for the purchase of course equipment. The term of each of these arrangements is five years and all have now expired as at 30 June 2025.

The Company has operating leases for carts and office printers being recorded as lease borrowings.

During the previous year the Company introduced borrowings from subordinated loan notes with Members. $490,000 was received from 2-year notes which mature in April 2026 and $1,640,000 was received from 3 year notes which mature in April 2027. Interest of 4.75% and 5.5% respectively is payable each six months in October and April.

Security

The Company’s primary banker holds registered first mortgages and floating charges over the assets and uncalled capital of the Company.

The Company’s equipment financier holds a security interest over the equipment purchased for the duration of the financing agreement.

NOTE 13: OTHER LIABILITIES

NOTE 14: PENNANT HILLS GOLF CLUB FOUNDATION RESERVE

The Pennant Hills Golf Club Foundation is a fund operating under a deed of trust and administered by nominated trustees in accordance with the deed. The fund raises income by way of gift, donation, legacy, bequest or otherwise. The fund currently has three specific projects registered with the Australian Sports Foundation to receive donations for the development of promising junior Members, the build of the second entry memorial gates and the build of an indoor teaching facility. The Club has established a “Pennant Hills Golf Club Foundation Reserve” whereby the monies raised by way of donations from Members and contributions from Club activities are held specifically for the foundation. The foundation funds are solely for the benefit of the nominated projects where specifically identified for the project purpose or where not identified as general funding for purposes identified by the trustees. Unspent monies at the close of the financial year being the opening position for the year plus the contributions and less expenditure are represented in the Pennant Hills Foundation Reserve in the Members funds. The underlying cash is held in a separate bank account and recorded in Cash and cash equivalents. During the year net

/ (drawings) of $110,896 (2024: ($14,723)) which included Ex Services and contributions of $5,790 (2024: $5,000) were transferred to/(from) the reserve.

NOTE 15: PENNANT HILLS GOLF CLUB FUTURE FUND RESERVE

During the year the Pennant Hills Golf Club Future Fund was established. The fund will operate under fund rules administered by nominated guardians in accordance with the rules. The fund has been established to raise income by way of donation, bequest or contributions from the Club.

The purpose of the fund is to support the Club’s long-term financial sustainability and provide a strategic reserve for capital projects and major infrastructure. Growth will be driven by donations and bequests and income from strategic investments.

The establishment of the fund has been seeded by a $25,000 contribution from the Club by way of transfer from the Club’s accumulated funds. The contribution will be placed in a separate fixed deposit to be controlled by the guardians of the fund. The Club has established a “Pennant Hills Golf Club Future Fund Reserve” whereby the monies raised by way of the initial seeding contribution and future donations and bequests are held specifically for the future fund. The future fund assets are solely for use as determined by the guardians in accordance with the rules. These include but are not limited to the provision of support to the Club to incur capital expenditure, including for the acquisition or construction of Club assets, thereby supporting financial resilience. Unspent monies at the close of the financial year being the opening position for the year plus the contributions and less expenditure are represented in the Pennant Hills Future Fund Reserve in the Members’ funds.

NOTE 16: RELATED PARTIES

(a) Key Management Personnel

Key management personnel of the Company are those persons having authority and responsibility for planning, directing and controlling activities of the Club and consist of the General Manager, Course Superintendent, Director of Golf and the Finance Manager.

2024

Total Compensation

2025

(b) Transactions with Related Parties

The Company has incurred expenses related to future course repairs and maintenance from a firm over which one of the directors exercises significant influence. The amounts billed for this service amounted to $12,820 (2024: $44,750), based on normal market rates and was fully paid as of the reporting date. Apart from transactions related to activities as Members which include golf, golf services and food and beverage operations the company has incurred no other material transactions with related parties.

NOTE 17: NOTES TO THE STATEMENT OF CASH FLOWS

(a) Reconciliation of Cash

For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet

(b) Reconciliation of Cash Flow from Operations with Net Surplus for the Year

Add/(Less) Items Classified as Investing/Financing Activities: – Profit on Sale of Non-Current Assets

Add/(Less) Non-Cash Items:

Net Cash Provided by Operating Activities before Change in Assets & Liabilities

Change in Assets and Liabilities (Increase)/Decrease in Receivables (74,529) (124,745) (Increase)/Decrease in Inventories

in

NOTE 18: FAIR VALUE MEASUREMENT

Net Fair Values

Fair Value Estimation

The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying values as presented in the balance sheet. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgment and the assumptions have been detailed below.

The fair values disclosed in the above table have been determined based on the following methodologies:

(i) Cash and cash equivalents, trade and other receivables and trade and other payables are short-term instruments in nature whose carrying value is equivalent to fair value. Trade and other payables exclude amounts provided for relating to annual leave and deferred income which is not considered a financial instrument.

Borrowings includes nil drawn against a current $1.15 million bank facility. Interest will be reset at the time of the next drawdown for a period of between 30 and 180 days at the discretion of the Company.

Borrowings in the prior year also included commercial loan equipment finance for two items of course equipment. Equipment loan finance is taken over a period of five years. The carrying value of equipment finance does not include future financing costs and as such carrying value is equivalent to fair value.

The Company borrowings includes the principal amounts outstanding on leases of golf carts and office copier printers which were taken over a period of 4 and 5 years respectively and will expire in February 2027 and October 2028. The carrying value of the leases does not include future financing costs and as such carrying value is equivalent to fair value.

Borrowings includes subordinated loan notes with Members. $490,000 was received from 2-year notes which mature in April 2026 and $1,640,000 was received from 3-year notes which mature in April 2027. The carrying value of the notes does not include future interest costs and as such carrying value is equivalent to fair value.

NOTE 19: CAPITAL AND LEASING COMMITMENTS

Operating Lease Commitments

The Company’s future minimum operating lease payments are as follows:

Lease Payment Due

The equipment lease commitments comprising golf cart and photocopier leases are non-cancellable operating leases with lease terms of four and five years respectively. Lease finance commitments are shown in Borrowings (Note 12) as current borrowings of $87,778 (2024: $80,509) and non-current borrowings of $65,202 (2024: $154,581). The present value of operating leases is booked as an asset and a corresponding liability raised for the outstanding principal. Lease payments are charged to the liability as a reduction in principal and interest is charged to interest expense. During the current year $17,164 (2024: $23,650) was charged to interest cost and $80,510 (2024: $74,405) allocated to reduce principal for operating leases.

Equipment Finance Commitments

Equipment finance commitments are shown in Borrowings (Note 12) as current borrowings of $NIL (2024: $8,672) and noncurrent borrowings of $NIL (2024: $NIL).

NOTE 20: SEGMENT REPORTING

The Company operates predominantly in the hospitality, sporting and entertainment industry.

The Company’s operations and customers are located predominantly in Sydney, New South Wales. The Company provides golfing facilities, food, beverage and other entertainment facilities to Members and guests.

NOTE 21: COMPANY DETAILS

The Company is incorporated and domiciled in Australia as a company limited by guarantee. In accordance with the Constitution of the Company, every Member of the Company undertakes to contribute an amount limited to $2.00 per Member in the event of the winding up of the Company during the time that they are a Member or within one year thereafter. At 30 June 2025 there were 1,380 Members.

The registered office and principal place of the Company is:

Copeland Road, Beecroft NSW 2119

NOTE 22: CONTINGENT LIABILITIES

There are no contingent liabilities that have been incurred by the Company in relation to 2025 or 2024.

NOTE 23: COMMITMENTS

At 30 June 2024 the Company had material capital expenditure contracted for but not yet recognised as liabilities as follows:

NOTE 24: EVENTS AFTER THE BALANCE SHEET DATE

Subsequent to year end the Company’s NAB borrowing facility which was due to expire in July 2025 has been replaced by three new NAB facilities. A $450,000 facility which expires in April 2028, a $450,000 facility which expires in April 2029 and a $2.60 Million facility which expires in April 2030.

There have been no other significant events since the end of the financial year up to the date of this report.

The financial report was authorised for issue on the 4th day of September 2025 by the Board of Directors.

NOTE 25: REPORTING REQUIREMENTS – REGISTERED CLUBS ACT 1976

The Club maintains a register in accordance with the Registered Clubs Act 1976. This register is available for Members to view on appointment at the front office.

NOTE 24: MEMBER NOTES

Under the Corporations Act 2001 – Sect 171 the Company is obliged to maintain a Register of Debenture holders. Under the Privacy Act any information collected from investors in the Note Issue to compile the Register may only be used for the purposes for which it was collected. The following list of members comprises all of the subscribers to the Note Issue and all who have consented to their names being disclosed in this Annual Report.

Peter Abraham

Ruth Binns

Paul Bleakley

Geoff Bourke

Joseph D'Andreti

Anthony & Debbra Dragicevich

Staffan Edstrom

Brett Elsley

Suzanne Fabian

Phil Gilbert

Ross Jackson

John Lawson

Simone Lester

Peter Macourt

Damian Maguire

Peter McBeath

Lyall McLachlan

Antony Moffatt

Robert Paver

Alun & Leslie Roberts

Michael Rowan

David Sefton

Peter Sprowles

Glendon & Leanne Stanford

Rob & Sue Stevenson

David Thorn

Mark Tough

Steve Townsend

Stuart Wagschall

Brett Walter

Ralph Waters

In the opinion of the Directors of Pennant Hills Golf Club Limited:

(a) the financial statements and notes, are in accordance with the Corporations Act 2001, and

(i) comply with Accounting Standards – Tier 2 Simplified Disclosures; and

(ii) give a true and fair view of the Company’s financial position as at 30 June 2025 and of the performance for the year ended on that date.

(b) in the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors:

Michael Rowan Director

David Blackshaw Director

Dated at Beecroft this 4th day of September 2025.

Independent Audit Report

To the Members of The Pennant Hills Golf Club Limited

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Pennant Hills Golf Club Limited (the Company), which comprises the statement of financial position as at 30 June 2025, the statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

In our opinion, the accompanying financial report of Pennant Hills Golf Club Limited, is in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the company’s financial position as at 30 June 2025 and of its financial performance for the year then ended; and (ii) complying with Australian Accounting Standards –Tier 2 Simplified Disclosures and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 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.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Pennant Hills Golf Club Limited, 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.

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 June 2025, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards –Tier 2 Simplified Disclosures and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the 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 related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian 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 this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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

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

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

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

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

BDH Audit & Assurance Pty Limited

Gede Barone Director

Level 12, 111 Elizabeth Street Sydney NSW 2000

Dated at Beecroft this 4th day of September 2025.

Compilation Report

The additional financial data presented on pages 70 to 72 is in accordance with the books and records of the Company which have been subjected to the auditing procedures applied in our audit of the Company for the year ended 30 June 2025. It will be appreciated that our audit did not cover all details of the attached financial data.

Accordingly, we do not express an opinion on such financial data and in particular no warranty of accuracy or reliability is given. We do not undertake responsibility in any way whatsoever to any person (other than the Company) in respect of such data, including any errors or omissions however caused.

BDH Audit & Assurance Pty Limited

Gede Barone Director

Dated at Beecroft this 4th day of September 2025.

Summarised Trading Account

For the year ended 30 June 2025

(116,504) (73,479)

Summarised Trading Account

For the year ended 30 June 2025

Summarised Trading Account

For the year ended 30 June 2025

(260,047) (156,826)