2008 Annual Report by Glenelg Golf Club

2008 Annual Report PROGRESSIVE | PROUD | CHALLENGING

Our Mission

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

Our Vision

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

Our Goals

» To ensure the Club’s financial strength to meet it’s short, medium and long term goals without calls on members. » To develop an environmentally sustainable golf course distinguished from other championship courses by unique characteristics and recognized as among the best in Australia. » To provide outstanding value and service to members and guests. » To foster a sense of belonging and pride among members and improve the profile and reputation of the Club. » To promote the enjoyment of golf and the enhancement of skill through a competition program which meets the needs and expectations of members of all skill levels and interests.

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Office Bearers CAPTAIN

Mr Paul McGrath

VICE CAPTAIN

Mr Neil (Jim) Johnson

PRESIDENT

Mr Bernie Manser

VICE PRESIDENTS

Mrs Avis Moore

Mr John Handford

COMMITTEE

Mr Gavan Fox

Mr Ian Frances

Mr David Gillespie

Mrs Helen McMutrie

Mr Anthony Martin

Mr Gerry Oâ&#x20AC;&#x2122;Brien

GENERAL MANAGER

Mr David Brand

Committee Meeting Attendance Attendance at Committee Meetings for the year ended 31 December 2008.

Ian R Brooks (term completed 26 March 2008)............................................8 Paul R McGrath...................................................................................................... 12 Helen McMutrie.................................................................................................... 12 Sam Koukourou (term completed 26 March 2008).....................................3 Neil J Johnson........................................................................................................ 10 Gavan M Fox........................................................................................................... 10 Anthony J Martin.................................................................................................. 10 Ian K Frances.......................................................................................................... 10 Gerard P Oâ&#x20AC;&#x2122;Brien (elected 26 March 2008).....................................................6 David P Gillespie (elected 26 March 2008).....................................................6

A total of twelve (12) Committee of Management meetings were held for the year ended 31 December 2008.

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Membership

Membership numbers as at 31 December 2008. Category

Male

Female

2008

2007*

2006*

2005

2004

Life

Full

611

100

711

698

710

720

702

Company

Provisional

226

100

326

315

332

313

326

Intermediate

Weekday

Veteran

102

101

108

Temporary

Corporate

Honorary

Non Playing

108

114

120

137

175

245

1,232

274

1,506

1,497

1,572

1,621

1,710

Junior Junior Country Country

Social Honorary Social TOTAL

* 2006 & 2007 figures have been amended due to irregularities in the respective Annual Reports.

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Honour Roll Event

Winner

Runner Up

Men’s Club Championship

Steve Leyshan

Adrian Wickstein

Women’s Club Championship

Christine Trimmer

Jill Hodge

RF Stevens Trophy

David Brand

Adrian Wickstein

Men’s B Grade Championship

Peter Drew

Ian Foord

Men’s C Grade Championship

Chris Gebhardt

Charlie Drew

Women’s B Grade Championship

Jan Fuss

Joyce Thomas

Women’s C Grade Championship

Libby Trim

Sue Milte

Junior Boys Championship

Dylan Antrobus

Jak Carter

Junior Girls Championship

Jess Burns

Men’s Senior Championship

Chris James

Peter Gebhardt

Men’s Club Plate

Luke Bashford

Chris Burns

Jimmy McLachlan Trophy

Ben Tuohy

Matt McGowan

Men’s Foursomes Championship

Matt McGowan & David Brand

Michael Maguire & Leigh Attenborough

Women’s Foursomes Championship

Ruth Martin & Jan Dale-Harris

Christine Trimmer & Wendy Greig

Women’s B Grade Foursomes Championship

Nancy Craigie & Ros Osborn

Jill Gehling & Wendy Vaughan

Women’s C Grade Foursomes Championship

Robin Hayball & Patricia Whelan

Libby Neuling & Chris Larsen

Mixed Foursomes Championship

Adam & Christine Trimmer

Andrew & Jill Hodge

Rhonda Watson Brooch (Gross)

GLENELG GOLF CLUB (Cathy Symons, Christine Trimmer, Jill Hodge)

Rhonda Watson Brooch (Nett)

ROYAL ADELAIDE GOLF CLUB

Brian Ferris Memorial Trophy

Jordan Sherratt (Thaxted Park)

Andre Na (Grange)

Eric Scovell Trophy

Brad Moules (McCracken)

Patrick Sutherland (Kooyonga)

Women’s Vardon

Christine Trimmer

Ebony Heard (Kooyonga)

Owen Whitford Trophy

Geoff & Jenny Watson

Corey Higgins & Peggy Lau-Flux

Lance Begg Trophy

Bruce & Yvonne Du-Rieu

Winter Mixed Pinehurst Foursomes Trophy

Nick & Fiona Eblen

Don Harris Memorial Trophy

Bob & Glenys Bartlett

Holes In One Christine Trimmer

16th

15th January 2008

Simon Mestrov

11th

5th April 2008

Max Dale

14th

12th June 2008

3rd

23rd August 2008

Lloyd Rowlands

Brenton Pope

14th (temp 15th)

23rd August 2008

Kevin Stacey

14th (temp 15th)

3rd September 2008

Cathy Symons

17th (temp) 13th September 2008

Mike Dobson

17th (temp)

8th October 2008

Men’s Event

Winner

Men’s Event

Winner

Governor’s Cup

Jason Blucher

Glenelg Trophy (Juniors)

Jak Carter

Senior Cup

Denis Prider

Rawson Memorial

Doug Clark

Anzac Trophy

Darryl Burns

Don Watson Memorial

Michael Vella

Captain’s Trophy

Simon Mestrov

Frank Collins Memorial

Eric Rowe

President’s Trophy

Paul McGrath & Elliot Shea

AH Smerdon Memorial

Daniel Mather

Glenelg Trophy

Michael Maguire

Steve McKee Memorial

David Wiese

Sam Percival Trophy

Tim Dean

Summer Cup

David Wiese

Milo Sprod Trophy

Ian Grant

Harold Wright Memorial

Dennis Abbott

Norm Omond Medals

A: Denis Prider

Eclectic

A: James McDonald

B: Rob Rawson

B: John Wainwright

C: Michael Pope

C: Phil Miller

Women’s Event

Winner

Women’s Event

Winner

President’s Foursomes

Marg Davis & Sandy Dolman

Shyllie Rymill Foursomes

Jill Stone & Glenys Bartlett

Captain’s Trophy

Jill Gehling

Consistency Cup

Nancy Craigie

Laurel Wreath

Cathy Darling

Aggregate Par Trophy

Jill Hodge

International Bowl

Silver: Sophie James

Veteran’s Handicap

Jane Nelson

Bronze: Marie Winter

Veteran’s Handicap Gross

Joy Giles

Ron Wood Trophy

Ele Davies

Veteran’s Handicap Nett

Joy Cross

Club Medal 1

Cathy Symons

JM Sims Trophy

A: Helen Mesnil

Club Medal 2

Helen Mesnil

B: Gerry Hall

Club Medal 3

Jill Hodge

C: Patricia Whelan

Caddy Trophy

Peg Howard

Past Committee Trophy

Mollie Scott

Grandmothers Trophy

Jan Jeffery

Most Improved Handicap

Mona Bassett

Putting Trophy

Chris Sullivan

Fisher & Paykel Classic

Patricia Whelan

Peugeot Classic

Libby Neuling, Jane Bellgrove, Raelene Aird

Wallace Stroke

Jill Hodge

Jacka Trophy

Cathy Symons

Parfection Prize

Jill Hodge

Saturday Championship

Christine Trimmer

Essex Stroke

Silver: Jane Nelson Bronze: Marg Gordon

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Director Portfolios for 2008 » FINANCE Tony Martin

» HOUSE Helen McMutrie » COURSE Jim Johnson » MATCH Gerry O’Brien » MEMBERSHIP & MEMBER FOCUS Tony Martin

Captain’s Report It is with pleasure that I present this report to all members and stakeholders of this wonderful golf club – the Club of Choice in South Australia. I am encouraged to know that there is a surge of support from many members who feel a positive change in attitude around the clubhouse.

Whilst the Committee is excited about the future, there is no doubt that this year has been one of the most challenging in the Club’s 82-year history. Changes in management personnel and staff, major development and construction work have dominated the attention of the Committee and staff. However, we have also had to deal with the ongoing challenges associated with the Club and Company relationship throughout the year. At the same time, and we hope you agree, we have not taken our eye off our focus to make Glenelg the best value golfing package in Adelaide. One highlight, early in 2008, was the performance of the golf course in the national rankings released by Australian Golf Digest in their biennial Top 100 Australian Golf Courses. Glenelg

was one of only a few courses to rise up the rankings substantially, jumping 23 places from 69th to 46th. This placed Glenelg Golf Club in the top 50 rated golf courses in Australia for the first time in well over ten years. In March, the golf course withstood the debilitating heatwave that saw Adelaide suffer from 15 consecutive days of temperatures over 35 degrees. Despite some issues with the Club’s bores throughout the early part of 2008, our dedicated maintenance staff were able to present the golf course in outstanding condition. However, it did highlight issues associated with reliance upon only one suitable source of irrigation water and confirmation of the importance of the ASR wetland project to the Club’s long term sustainability and survival. Previous committee members, so it seems, were more than correct in going down this expensive but necessary path to ensure the Club’s viability into the future. Also in March, the Club lost its General Manager of almost 6 years when Jeff Zadow announced his resignation to

» MARKETING & COMMUNICATIONS Gavan Fox » HUMAN RESOURCE MANAGEMENT Ian Frances » CAPITAL EXPENDITURE & ASSET MANAGEMENT David Gillespie » STRATEGIC PLANNING Tony Martin » ASR PROJECT David Gillespie » JUNIOR DEVELOPMENT Helen McMutrie » FOUNDATION & HERITAGE FUND Gavan Fox

take up the equivalent role at Lake Karrinyup in Perth, Western Australia. Jeffâ&#x20AC;&#x2122;s contribution to the golf club throughout his tenure was outstanding with strong strategic planning and financial performances being the backbone of his management style. Jeff was the driving force behind planning of the Clubhouse redevelopment project and his efforts will finally be realised once work is completed in March 2009. I am sure that he will be justifiably proud of his time at our wonderful Club. After a thorough two month national recruitment campaign, the Club announced the appointment of David Brand to the role of General Manager in May.

Screw piles being driven into the ground to form foundations for Clubhouse extensions

The recruitment process attracted a field of 68 candidates across most states of Australia and generated interest from Asia, New Zealand, South Africa and the UK. Eleven candidates were short listed and underwent a thorough behavioural style interview process. From there, a short list of four candidates were invited back to be interviewed and deliver a formal presentation to the selection panel. David is a previous employee and has been an active and highly successful playing member of the Club for a number of years. He demonstrates a great deal of passion and enthusiasm for both the Glenelg Golf Club and the game of golf in general and we wish him the very best for a long and successful career at the Club. He has already shown great leadership style and the positive comments from many long term members only confirms that his appointment was the correct one. The Club suffered a significant loss mid-year when our popular and long-serving House Manager, Martyn Kinsman, was admitted to hospital in July for surgery

Excavation work being carried out on the 15th & 16th holes for the ASR development

to remove a tumour from his spine. The recovery time and rehabilitation process involved following this delicate surgery resulted in Martyn taking out an extended period of sick-leave from the Club. We are pleased to report that he is making substantial in-roads into his rehabilitation and we are looking forward to his possible return sometime during 2009. As a result of Martynâ&#x20AC;&#x2122;s absence, a restructure of the Hospitality departments was necessary to ensure the Club continued to offer excellent service to members, guests and function clients. Our Functions Coordinator, Karen Fry, was given the opportunity to take on the role of acting House Manager and through difficult times, managed to deliver some excellent results. Many new initiatives were introduced by Karen and still remain in place, offering similar, yet improved levels of service and choice for members and guests. The Club faced one if its greatest threats in June when the Valuer General revised its land valuation of the property owned by Glenelg Golf Links Ltd (the Company) and used by Glenelg Golf Club (the Club) under a lease agreement signed in 1998. The Club has always paid the Companyâ&#x20AC;&#x2122;s liability in the past. Due to the recent strength of the property market and the sale of Cheltenham Racecourse for housing, the land on which our golf course sits became highly valuable overnight. As of 1st July 2008, the Capital Value of the land increased to a staggering $8,570,000, with a Site Value of $7,200,000. This was an increase of almost 350% from the previous valuation and posed a significant threat to the survival of the Club. As a result of the increased land valuation, the Club now faced the prospect of massive increases to council rates, water rates and

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Page 10 | Glenelg Golf Club Inc. | 2008 Annual Report land tax. Council rates charged by the City of West Torrens increased from approximately $12,000 to $45,000, whilst Land Tax payable to the State Government increased from approximately $45,000 to $240,000. Long term negotiations between the Club and the Company continue with increased urgency to discuss possible options that could resolve the ongoing issues associated with the Club/Company relationship. I am encouraged that both parties continue to work closely together to review all options available. The Club immediately lodged an objection with the Valuer General to have the valuation reassessed. Whilst no progress was made in this department, we would like to thank Club member, Malcolm Barton, who put a lot of time and effort into the Club’s objection. We are still awaiting a response from the Valuer General, expected in early 2009. The Club also sought legal advice from an independent solicitor on solving the Club/Company structure and relationship. Campbell Rankine was engaged to investigate options available to obtain the benefit of the exemption from land tax, that the economic rights of Company shareholders are maintained at all times, and that the process is undertaken in a way that did not crystallise substantial stamp duty or capital gains taxes. Whilst significant progress was made, this advice had not yet been finalised by the end of 2008,

and it is hoped that a solution will be put to the Club and Company in early 2009 for their approval. In April 2008, the first holes were dug on our multi-million dollar Clubhouse redevelopment. For the remainder of 2008, work continued on rebuilding the lower level members’ locker rooms, entry foyer and buggy storage area. In addition, works to extend the Conference Room, the Golfers Bar and Balcony, and Dining Room balconies were carried out. A project team made up of Club representatives, Coffey Projects, Kennett builders, Energy Architecture and a range of consultants worked collaboratively to manage this difficult project. Sam Koukourou and David Brand worked closely with the project team on a daily basis to ensure the project was carried out to the high expectations of the Club. Tony Martin and Helen McMutrie also formed part of the Clubhouse Working Group, given the difficult job of selecting colour schemes and reviewing design changes as the project progressed. The budget for the Clubhouse redevelopment project was approved in early 2008 by the Committee of Management at $2.8million, with every expectation this would increase due to the nature of the works. Once completed in March 2009, the cost of the project will exceed $3.2million. It is important to note that whilst some cost increases resulted from latent

Course ranking increases from 69 to 46 in Australian Golf Digest’s biennial top 100 rankings

Jeff Zadow resigns as General Manager after 6 years in role to take up position at Lake Karrinyup in WA.

New distance markers installed on fairways

Lease approved for Telstra phone tower

14th hole irrigation system upgraded

January

February

State Natural Resource Management representative, Keith Downard (right) with Club General Manager, David Brand

Major Capital Expenditure Purchases for 2008 » Clubhouse Redevelopment ($2,051,292) » ASR Wetland Project ($475,880) » Assorted Irrigation Installations ($105,036) »

Toro Sidewinder Fairway Mower ($65,454)

» Toro Workman Top Dresser ($48,511) »

John Deere Electric Greens Mower ($44,363)

» RedCat POS Computer System ($40,003) » Practice Range Gazebo ($27,665) » Motorised Golf Carts ($33,481)

SAGA & WGSA merge to form Golf SA Glenelg wins McMillan Shield for 2nd time in 3 years

March

Tender is awarded for multi-million dollar ASR wetland project Record heatwave of 15 days over 35 degrees

conditions and construction contingencies, a significant percentage will be as a result of ongoing improvements to the design and extent of the project that will not only benefit members but we are confident will provide increased profits from external functions and conferences. Additional works to be carried out as part of the project include: » Roof replacement; » Carpet replacement throughout the upper level; » New furniture for the Members Lounge, Foyer, Golfers Bar and Balcony; » Extensive civil works across the front of the Club to accommodate a cart path and garden beds; » Changes to the design of the Golfers Bar balcony doors; » Installation of a full audiovisual system in the Conference Room. Once completed in March 2009, there is no doubt Glenelg will have the best Clubhouse facility in South Australia, offering a fresh new look, greater opportunities for utilisation, increased buggy storage space for members, increased profits from external functions and conferences, and one of the best casual Golfers’ Bar & Balcony areas in Australia.

The use of green sand to fill divots is approved 8th tee lake excavated and mounding constructed between 8th & 9th fairways New Practice Range Gazebo opens

Finance Our 2008 financial result again indicates a very successful year, despite the significant interruption to course and clubhouse utilisation as a result of the ASR and Clubhouse redevelopment projects in progress throughout much of the year. Notwithstanding this, the majority of operational areas exceeded budget and in most cases were surprisingly comparable to the previous years’ results. I am sure this is due to the terrific support by loyal members of the Club. The Club posted a Net Operating Surplus of $564,032, up from $442,033 in 2007, with total Equity increasing by the same amount to $4,312,457 The cash position of the Club remains strong, with $1,215,072 in the Club bank account as at 31st December 2008, compared with a previously budgeted figure of approximately $600,000. The Club had drawn down the full $1,200,000 of the 1997 Clubhouse loan, and only $1,500,000 of the Club’s new finance facility. A further $750,000 remains to be drawn. The Clubhouse redevelopment and ASR wetland projects had a substantial impact on the Club’s cashflow in 2008. As at 31st December 2008, $2,051,265 had been committed to the Clubhouse redevelopment whilst a further $475,880 had been committed to the ASR wetland project. A further $1,300,000 remains outstanding on the

Preliminary site works commence on the Club’s multi-million dollar Clubhouse redevelopment

Glenelg hosts Australian Women’s Stroke Play Championship

Development Deed signed for ASR wetland project

Members Wallet Discount increased from 5% to 10%

April ASR Wetland Project infrastructure installed adjacent the 17th tee

Page 11 | Glenelg Golf Club Inc. | 2008 Annual Report

Page 12 | Glenelg Golf Club Inc. | 2008 Annual Report Clubhouse redevelopment project, which is expected to be completed by March 2009. Continued strong demand for membership, which should lead to better clubhouse utilisation in the coming years, provided a significant increase in Membership income for 2008. In addition, recent changes to membership structures, affordability, eligibility, flexibility and member focus should also enhance future membership demand and participation. Our recent rise in the course rankings, up 23 places to 46th in Australia, has clearly been reflected in the performance of Match, with increased visitor and corporate golf day activity resulting in strong green fee income. Bar and Catering profits were adversely affected by the Clubhouse redevelopment project with some loss of trade from functions. No conferences were booked throughout the duration of the redevelopment work and there were very few day-time functions except in the lead up to Christmas. The popularity of our venue for weddings continued to remain strong with 44 receptions held in 2008. Additional resources and extra costs associated with unexpected staffing issues also had a significant impact on the performance of the hospitality departments.

Course

2008 will go down as one of the most significant in the Clubâ&#x20AC;&#x2122;s history as it will be remembered as the year the Club secured a long term, high quality water source for the golf course that also meets the demands of the community and environment for stormwater harvesting and reuse. Without doubt, the Aquifer Storage and Recharge (ASR) System has been the biggest development on the course for many years, but not only has the construction of the wetland system served a functional purpose, it also promises to enhance holes 15, 16 and 17 enormously, adding significant strategic and aesthetic values to this section of the golf course.

New Practice Range Gazebo, associated landscaping and paving

A great deal of credit must go to our Course Architect, consultants and staff for the planning that has seen the integration of the wetland system so successfully with the course; something which was possible through a solid working relationship with the ASR project management team and engineers. The ASR system will not be able to inject water into the underlying aquifer system until wetland plants have matured sufficiently to perform their function of filtering water to a suitable quality, but in the meantime, water can be harvested directly from the wetland for irrigation if required. A landscape contractor will be responsible for the maintenance

Construction commences on ASR wetland project

Club appoints David Brand to the role of General Manager

Entrance Fees for Junior & Intermediate members reduced

Mounding is constructed along LHS of 5th fairway

Historic horse drawn mower acquired for future display

Saturday playing rights for male Provisional members amended

May Completed ASR Wetland adjacent the 17th hole

of the wetland for two years, and in that time, the operation of the infrastructure associated with the testing, injection and extraction of water will be fine-tuned to improve operational efficiency for our staff in the future. The ASR scheme will potentially see more water injected into the aquifer than extracted for irrigation, so members can be assured that the financial investment to date, and into the future, to manage this system, is vitally important for the Club’s future.

Summary of Major Course Works for 2008 » Excavation of 8th tee lake

» Construction of mounding, removal of Casuarina trees and planting of Pine trees between 8th & 9th fairways » New Irrigation systems on 14th, 15th & 17th holes » Redevelopment of Practice Range teeing area » Landscaped mounding and new bunker complex on 5th hole » Reconfiguration of 17th tee, and integration of ASR wetland into course layout

The total cost of the ASR project will be approximately $2.4 million upon completion of the 2-year maintenance period. The project has been overseen by the State Government’s Natural Resource Management Board, and funding is evenly split between the Federal and State Governments, and the Club. As promising as the ASR scheme is, the Committee of Management is mindful of the uncertainty associated with water supply in the future and regulations associated with it. Discussions commenced with SA Water in 2008 to reinstate a connection to recycled effluent water (either from the Glenelg to Adelaide Pipeline, or from a separate connection). This would assure water supply from two sources, and see the golf course irrigated entirely from recycled water, fulfilling our commitment to sustainable environmental management.

Social membership costs & entitlements amended

Valuer General increases land valuation from $2.7m to $8.57m

New member incentive program introduced

Glenelg wins Bonnar Cup pennant

Popular and long serving House Manager, Martyn Kinsman, commences recovery from surgery on spine

June

July

Course staff have again been extremely busy in 2008, not only contending with the ongoing drought conditions, but also coordinating work associated with the ASR wetland project, Clubhouse redevelopment and driving range improvements. New irrigation systems and associated satellite control infrastructure were installed on the 14th, 15th and 17th holes and around the Clubhouse gardens and lawn areas using the latest technology to ensure responsible water usage in these testing times. A significant amount of work was carried out to reinstate areas around the 15th, 16th and 17th holes damaged through the construction of the ASR project. This included a new 17th carry, mounding adjacent the 15th and 17th fairways, the reconstruction of fairway bunkers, and the commencement of reconfiguration work around the 17th tee to accommodate the ASR pump system and wetland design. Staff were heavily involved in the coordination of the ASR control system installation and commissioning. The Practice Range teeing area received a well deserved upgrade to integrate the new Gazebo and gardens into a much more practical area for members. Again, positive comments from members seem to confirm this costly but necessary improvement. Work on the 8th and 9th holes included the deepening of the 8th tee lake, the construction and

Review of hospitality structure commences

New finance facility approved for Clubhouse redevelopment project

Absentee membership categories consolidated into one and costs revised

Distinctive Club colour palette chosen for Clubhouse redevelopment

Page 13 | Glenelg Golf Club Inc. | 2008 Annual Report

Page 14 | Glenelg Golf Club Inc. | 2008 Annual Report establishment of new mounding between the two fairways, and the removal of a number of shallow-rooted Casuarina trees, now replaced with new pine trees. An opportunity arose in early 2008 to make use of the considerable amount of fill excavated from the ASR project for construction of mounding along the left of the 5th fairway. Over 15,000 tonnes of sand was transported from one side of the golf course to the other to help alleviate the very necessary issue of ball escape along the boundary fence. A new fairway bunker complex was integrated into the mounding, whilst new pine tree plantings, when established, will allow for much of the untidy vegetation along the fence to be removed. In the long term, it is our goal to make it more attractive to neighbours whilst maximising safety – a balance difficult to obtain but one we are committed to complete.

surfaces and presenting the course as well as they have. This year we farewelled four valuable team members with over 65 years combined experience from our course staff, with the loss of Erica Rees (Vegetation Officer), James McDonald, Dylan Caldwell (Qualified Greenkeepers) and Erik Lutke-Schipholt (Turf Equipment Technician). We thank them all for their invaluable contribution to the Club, and wish them all the best with their future endeavours. We have since welcomed Peter Foreman (Course Foreman) from Metropolitan Golf Club in Melbourne, Simon Grieve, Perry Harvey (Qualified Greenkeepers), Matthew Sugg (Apprentice Greenkeeper), and Will Sadler (Turf Equipment Technician).

Member Focus

Our pine tree replacement program continued through 2008 with over 100 new pine trees planted throughout the golf course. Many hundreds more will be planted over the next few years.

Activities in 2008 were dominated by a shift in focus by the Club towards a more Club orientated environment, offering more affordable and flexible membership options yet still maintaining the importance and attractiveness of the Club’s core membership categories.

Throughout the year, there have been continuous disruptions to the irrigation system, reducing its capacity significantly. When coupled with another dry year with only 339mm of rain compared to an average of 451mm, our course staff have done an outstanding job of providing the quality of playing

The Membership and Member Focus Working Group met regularly throughout the year focusing on the restructuring of membership categories, to provide flexibility and affordability, and the provision of quality member services.

Adrian Wickstein & Christine Trimmer selected as captains of their respective State teams. Matt McGowan selected in Colts team Pint glasses introduced for first time

July cont.

A spectacular array of wines were kindly donated as prizes for the 2008 Winery Challenge

Summary of Changes to Membership policies in 2008

» Reduction in Junior & Intermediate Membership Entrance Fees » Modifications to Social membership entitlements » Introduction of PGA Member categories » Consolidation of Absentee categories into one for added flexibility and affordability » Introduction of New Member Incentive Program » Increased Wallet discount from 5% to 10% » Changes to quotas for Full, Provisional and Weekday membership New Coffee Machine purchased

Land Tax liability increased from $45k to $240k due to land revaluation

Meeting held with SA Water regarding access to effluent water through Greening Adelaide Pipeline

Objection lodged with Valuer General over land valuation

Erica Rees resigns from Vegetation Officer role after almost 9 years

Discussions commence regarding replacement of Maintenance Facility

August

September

Major construction work completed on ASR wetland project

Phil Day appointed to Bar Manager role Long serving Mechanic, Erik Lutke-Schipholt retires after 15 years in the job

Junior & Intermediate membership entrance fees were reduced substantially in an effort to minimise the worrying decline in new Junior and Intermediate members joining the Club. Entrance fees for Junior members were reduced to 25% of the full entrance fee, whilst Intermediate members now pay 35%. The entrance fee had increasingly become a major stumbling block when trying to promote Junior membership to parents. As a result, there was an increase in new Junior members joining the Club during the latter part of 2008 and this trend has continued into 2009. Playing rights for Intermediate members were amended to match that of Junior members, thereby carrying similar entitlements for young members through to the age of 23, at which point they transfer to either Provisional or Full membership. The playing rights of male Provisional members on Saturday were again revised, with changes made to enable them to play anytime after 12:30pm all year round. Provision was also included to allow play between 12:00pm and 12:30pm if the tee is free and the 14-hole Provisional competition was abandoned. Social membership costs and entitlements were modified to promote the category once again as a great introduction to the Club and to encourage more people to make use of our fantastic clubhouse facilities, whilst a PGA member category will be introduced in 2009 for

Head Chef Craig Bright resigns after 4 years, and is replaced by 2nd chef Craig Jeffery Overwhelming interest is received in Women’s Try Golf Program with over 250 registrations

the benefit of members who currently play on the PGA tours in Australia and around the world. The Membership & Member Focus Working Group reviewed changes made to Absentee membership in 2007, noting the playing rights offered were restrictive and did not provide sufficient flexibility. Feedback had also been received saying subscriptions were too expensive. As a result, the policy was changed to allow Absentee members to play up to six games per year, at Social green fee rates and at times applicable to their respective categories. Subscriptions were reduced to 20% of the respective category, with all other guidelines remaining in place. Several membership incentive programs were implemented in 2008, with a new member incentive offered to any member proposing a new person for membership. A loyalty bonus will be introduced in 2009, giving all members who reach the milestones of 20, 30, 40, 50 and 60 years’ membership a one-off “Wallet” bonus of an equivalent cash amount to be spent at the bar or bistro. A thorough review of the policies relating to Full, Provisional and Weekday membership categories was carried out in December. Accordingly, quotas were increased in Full and Weekday categories, and decreased in the Provisional category in the first steps toward the elimination of the Provisional membership category.

Installation of new RedCat POS system and Membership Management Database Thursday Twilight trial commences

Eisenhower Cup & Espirito Santo Trophy held at Grange & Royal Adelaide

October Members and Guests enjoyed the relaxed atmosphere and wine tasting at the 2008 Winery Challenge

Page 15 | Glenelg Golf Club Inc. | 2008 Annual Report

Page 16 | Glenelg Golf Club Inc. | 2008 Annual Report The Committee of Management acted decisively in December when it approved a recommendation from the Membership and Member Focus Working Group to introduce entrance fee instalment plans for new Provisional members joining after 1st April 2009. The Committee felt it was necessary to ensure every possible opportunity was given to new members wishing to join the Club, despite the impact on our cash flow. By far, the outstanding success of 2008 was the Womenâ&#x20AC;&#x2122;s Try Golf Program. Over 250 women registered to be a part of the 5-week program for beginners. Unfortunately, only 90 could be involved in the 2008 program, with two more programs planned for 2009 for the remaining 160 women. However, it showed the amazing pool of potential Club members currently sitting untapped in the local community. In 2009, the Club plans to introduce more activities and opportunities for these women, encouraging them to take up the game of golf and make use of the Clubâ&#x20AC;&#x2122;s excellent facilities.

House The Food and Beverage departments faced ongoing disruptions throughout 2008 with staffing issues and the Clubhouse redevelopment project having an expected negative impact on revenue and net profits. In the first three months of the year, 42 conferences were held

Vandals break into temporary cart storage and take 4 carts on joyrides, with one cart driven into the 1st lake

at the Club before construction work commenced in April. Many bookings were turned away throughout the year, however it is pleasing to note that many of these clients have already booked conferences for 2009 onwards. The Club continued to be a popular Wedding reception venue, with 44 held in 2008. There were two cancellations as a direct result of the redevelopment work. This compares with 47 in 2007 and 46 in 2006. Another 117 functions were also held at the Club throughout 2008, slightly up on 2007 bookings. Total net profit from Bar and Catering was just over $130,000, significantly less than the $295,000 net profit reported in 2007. Much of this can be attributed to the ongoing disruption faced by the Clubhouse redevelopment project, which affected trade for 9 months of the year. No daytime conferences or functions were booked during this time. Bar sales were down by approximately 6% on 2007 performances, whilst Catering sales were down by almost 8%. However, the loss of Martyn Kinsman mid-year created a large hole in the management and operations of the Bar and Catering departments, resulting in significant increases to employee costs for the remainder of the year in an effort to maintain the level of service offered to members and guests.

Staff and Committee attend a Strategic Planning weekend at McCracken Country Club to discuss 2009-2013 Strategic & Business Plan

Will Sadler appointed to Turf Equipment Technician position

November Dylan Antrobus on his way to winning the 2008 Club Junior Championship

A restructure of the hospitality departments commenced after the extent of Martyn’s recovery time was known, resulting in the appointment of Karen Fry to Clubhouse Operations Manager and Craig Jeffery to Executive Chef. In addition, Phil Day was appointed to the role of Bar Manager and Daniel Nettlebeck to 2nd Chef. A number of friendly new casual staff were also hired. These appointments offered some stability and professionalism to the performance of the hospitality departments in the latter part of 2008. Men’s Club Champion, Steve Leyshan driving from the 8th tee during the final

Summary of Club Champions for 2008 » Men’s Club Champion Steve Leyshan

» Women’s Club Champion Christine Trimmer » Boys’ Club Junior Champion Dylan Antrobus » Girl’s Club Junior Champion Jess Burns » Men’s Foursomes Champions Matt McGowan & David Brand » Women’s Foursomes Champions Ruth Martin & Jan Dale-Harris » Mixed Foursomes Champions Adam & Christine Trimmer

Women’s Try Golf Program commences Water is pumped into ASR wetland for the first time

Reciprocal rights established with Clearwater Golf Club in NZ Club’s Hot Weather Policy amended

Among some of the many changes implemented in 2008 included the installation of a new point of sale system, the acquisition of an espresso coffee machine, uniforms for all bar and catering staff, new wine and pint glasses, new menus for tables and new stock lines such as Corona beer. I am sure that all members join me in wishing Martyn a speedy recovery – we miss him very much.

Match The match program was very busy and successful for the Club and its members in 2008. In March, the two bodies responsible for overseeing golf in the State, the South Australian Golf Association and Women’s Golf SA merged to form one united body, Golf South Australia (Golf SA). Work is well underway in bringing together men’s and

women’s events under the one banner, with 2009 promising to be an exciting year with all men’s and women’s Championships, Vardon and Pennant events to be played in conjunction with each other. Glenelg took out two major team titles in 2008, winning the McMillan Shield junior matchplay competition in March and the Bonnar Cup (men’s B Pennant title) in June, with a resounding 5½ to 1½ victory over Grange. Our Women’s Grade 2 team were successful in reaching the final, but went down to Royal Adelaide in a close tussle, 3 matches to 2. Unfortunately, our Simpson Cup, Women’s Grade 1 and Junior Pennant teams failed to make the finals. In April, Glenelg was host for the 2008 Srixon Australian Women’s Stroke Play Championship, won by Grange’s Stephanie Na. Her four round total of 281 included two stunning course record rounds of 69, leading her to victory by seven shots. Our own Christine Trimmer performed well in the event, shooting a four round total of 300 to finish in a tie for seventh. Christine Trimmer had an outstanding 2008, winning the Women’s Club Championship and the State Champion of Champions, taking out the Glenelg Women’s Vardon, and shooting a sub-par round in the Riversdale Cup, earning her a Gold Laurel Wreath. Christine was also a member of the winning Glenelg team in the Rhonda Watson Brooch with Cath Symons and Jill Hodge.

Landscape planting commences on ASR wetland project Waiting List Golf Day held with over 70 prospective members attending

17th hole re-opened following completion of ASR wetland project

Extension to Golfers Bar and Balcony, and Dining Room Balcony opened for use

December Page 17 | Glenelg Golf Club Inc. | 2008 Annual Report

Page 18 | Glenelg Golf Club Inc. | 2008 Annual Report Christine was named captain of the Women’s State Team for the Gladys Hay Interstate Series and she partnered with her husband, Adam, to win the Club Mixed Foursomes Championship. What a year!

Another successful Pro Am was run in April by Ron Wood, with Adtrans kindly sponsoring the $25,000 tournament along with a number of other supporters. Victoria’s Chris Gaunt won the event with a 4-under round of 67.

Adrian Wickstein was selected as Captain of the Men’s State Team in 2008 - the first time in many years that Glenelg members had been selected as captains of their respective State teams. Matt McGowan was selected in the Colts side for the interstate series held in Sydney in September. We are very proud of their achievements.

Our Trainee Professional, Sam Hughes was successful in 2008, wining the Bridgestone Trainee Invitational at North Lakes Golf Club in Brisbane.

Thaxted Park’s Jordan Sherratt won the Gliderol Brian Ferris Memorial Trophy with rounds of 65, 74 (139 – 1 under), while McCracken’s Brad Moules took out the Eric Scovell Junior Vardon trophy. Steve Leyshan won the Men’s Club Championship from defending champion Adrian Wickstein in a close match won on the 35th hole, whilst Dylan Antrobus played the game of his life to beat Jak Carter in the Club Junior Championship final. Jess Burns won the Girl’s Junior Championship. It was a successful year for our new General Manager, David Brand, who was a member of the winning Bonnar Cup side, took out the Men’s Pennant Player of the Year, won the RF Stevens Trophy and joined forces with Matt McGowan to win the Club Foursomes Championship.

Glenelg continued to have representatives, both current and former members, on PGA Tours around the world, with Tamie Durdin, Brendan Chant and Ben Hallam all playing events in 2008. By far, the outstanding performer in 2008 was Anna Rawson who played in her rookie year on the LPGA Tour in America.

Attendees on the inaugural Junior Trip to McCracken & Links Lady Bay

The Club again provided support throughout 2008 to a number of elite golf programs, with Golf SA State teams, Junior teams and members of the SA College of Elite Golf given valuable access to the Club’s outstanding practice facilities. These agreements, some commercial and some charitable, will continue into 2009 and beyond as we continue to provide the necessary support to ensure South Australia remains a leader in promoting the game of golf and its development.

Summary of the Glenelg Golf Club Foundation activities for 2008

Our own Junior Development Program was well supported in 2008 with the popular Sunday morning junior clinics continuing to introduce a number of new juniors to the game of golf. A successful trip to McCracken, South Lakes and Links Lady Bay in October dominated the

Facility Upgrade

Junior Golf

Member Donations Various Fundraising

$5,634.35 $4,580.08

Expenses

($8,867.95)

Member Donations

$2,956.83

year for our Juniors with eleven attending the inaugural trip. It was a thoroughly popular trip and each player represented the Club in the best possible way. Ron Wood, Paul Gander, Melissa Wundersitz, Helen McMutrie, David Gillespie, Bob McLuckie and Jill Hodge managed the Junior program in 2008 and we thank them for their tireless efforts. Junior Development will continue to get strong support into the future.

Foundation

Club members out supporting the Women’s Pennant teams

The Glenelg Golf Club Foundation had a quiet year in 2008 with no Foundation Day held due to the ongoing clubhouse renovations. Having said that, a little over $8,500 was raised through donations from members whilst another $4,500 was earned from various fundraising events. In total, just over $8,800 was spent on Junior Golf in 2008 including payment of entry fees into Junior events and specialised training for our Junior members, coaching clinics on Sunday mornings and the McCracken/ Links Lady Bay Junior Trip. The Glenelg Golf Club Foundation Day golf event will return in 2009.

Staff No Club can be successful without great staff. The decision to appoint David Brand to fill the large hole left by the resignation of Jeff Zadow has

proved extremely successful with our key performance indicators being exceeded in most areas well above expectations. David is proving himself as a committed leader with empathy and hard work as very endearing traits amongst staff and members alike. The course staff ably led by Graham Stevens have again done a superb job under more than trying conditions to present a course that we can all be proud of. The majority of members’ comments are extremely encouraging. Glenelg is a course where you can be proud to bring a friend without fear of them finding it a push-over. I personally thank the course staff for their ongoing commitment to our great course. The hospitality staff continue to impress many members and guests whilst being ever vigilant in improving their skills to ensure top level service as they are acutely aware that they are on the front line for a total experience at Glenelg. Sadly, many long serving and key personnel left the Club in 2008 with Jeff Zadow, Erik Lutke-Schipholt, Erica Rees, Dylan Caldwell, James McDonald and Craig Bright all leaving with our thanks and best wishes. I wish to acknowledge their dedication and commitment over the years. Ron Wood and his staff have a critical role in providing members and visiting golfers with the level of service commensurate with Glenelg’s status in the golfing community, and their efforts are much appreciated.

Page 19 | Glenelg Golf Club Inc. | 2008 Annual Report

Page 20 | Glenelg Golf Club Inc. | 2008 Annual Report

Committee

It is hard to know where to begin as there have been so many strong performances over the year from members on your committee. The most encouraging words came from within by one enthusiastic committee member who stated “it is now a pleasure to serve – not a chore”. I hope this attitude is shared by all who served – it certainly is confirmed by me. Ian Brooks has continued his excellent service following his term as Captain and I wish to thank him for his guidance and support over the last year – we will miss him, his wisdom and experience as of April. I hope he enjoys a well deserved break and can relish in the wonderful product that he has been a part of for so long. He, along with other past Captains, I am sure, will be strong supporters to the future committees of the day. Helen McMutrie leaves us this year after a long and distinguished career on committee. I am proud to say that I served with Helen. Many of us have learned much in so many aspects of golf from her deep and passionate love and knowledge of our great game and Club. I know that Helen would have made an excellent leader within the ranks of committee but has chosen to spend more time on the course and with her husband and grand children, we wish her well. Thanks Helen. Ian Frances has also put in many long hours on general committee

as well as on specialist task groups and I thank him for his efforts. My Vice- Captain, Jim Johnson, has proved to be a more than worthy choice and will be a great leader into the future. His commitment is amazing when considering his business needs and I thank him for his hard work and thought provoking insight. Whilst I have singled out the people above, it has to be said that the whole committee has worked as one to make Glenelg the Club of Choice. Every member can hold their head high as I feel that it is a better Club due to their efforts.

Everyone was a winner following the 2008 Winery Challenge!

Supporters Once again, the Club could not operate effectively without the support and assistance received from a long list of sponsors and volunteers. It would not be possible to individually thank everyone for their support in 2008, however some deserve special mention. Graeme Bignell (Adtrans) and Warwick Lumbers (Gliderol) have supported their Club for many years by way of generous donations and sponsorship and 2008 was no different. Their support covered an array of events including the Junior Shootout, the Pro Am, the Brian Ferris Memorial Trophy Vardon event and the Owen Whitford Trophy. Others include Jim Rawson (JR’s Surf and Ski), Bridgestone, SA Brewing and Coca Cola Amatil.

Glenelg members again came out in force to volunteer in local events, including junior member, Austin Tremaine

Our volunteers faced an extensive workload in 2008 with the World Amateur Teams Championship and Women’s Try Golf Program requiring hundreds of helpers to be successful. Thank you to everyone who put their hand up to assist in these two events – in total well over 150 members were involved. As usual, many members volunteered throughout the year with a variety of duties ranging from traffic duty to envelope stuffing to drinks cart operators. Too may to name, but too valuable to ignore.

Obituary

Into the silence, we regret the loss of the following members in 2008 and extend our sympathy to relatives and friends. » John Betterman

Again, Sam Koukourou has to be mentioned for his continued efforts in regard to the clubhouse redevelopment. Without his support, David would have found the work much more difficult and would not have had the time to concentrate on the day to day running of the Club. Sam, your efforts are very much appreciated. Thank you to everyone who assisted the Club in 2008.

In Conclusion Overall, it has been a hectic but enjoyable year in which I feel we moved ahead admirably. Only time will tell how we have done but when reading back through this report it is hard to believe how much has been completed. This said, we know we have so far to go. With continued support and positive input from interested members we can only get better. As a member you should feel confident that the committee is solidly committed to making this Club “the Club of Choice”. The changes seen are just the start and I am confident that this new wave of member focus will continue for many years. I plead to all members to enjoy your upgraded and refreshed surroundings. Bring a friend and be proud of your Club – share your experience to ensure the longevity of this Club that we all love to belong to. Happy Golfing.

» Tom Bonnily » Perce Burton » Pauline Cuthbertson » Ron Hewitt » Bill O’Brien » Bob Stevens Paul McGrath CAPTAIN

Page 21 | Glenelg Golf Club Inc. | 2008 Annual Report

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008 Note NET INCOME Membership Subscriptions Entrance Fees Land Tax Levies Water Levy Full Paid Membership Subscriptions Match Competition Fees Locker Fees Green Fees Cart Hire Motorised Buggy Storage Affiliation Fees Trophies Professional Retainer Other Match Expenses Bar Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries and Associated Costs Replacements and Repairs Other Expenses Depreciation Catering Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries and Associated Costs Laundry Replacements and Repairs Cleaning Materials Stationery and Advertising Other Expenses Depreciation Other Income Catering Levy forfeited Interest Received Phone Tower Government Grant Miscellaneous

TOTAL NET INCOME The accompanying notes form part of these accounts

Consolidated 2008 2007 $ $

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

1,677,027 193,061 41,252 1,911,340

2008 $

Golf Club 2007 $

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

1,677,027 193,061 41,252 1,911,340

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

51,198 3,225 281,436 38,546 6,405 (1,131) (44,438) (36,232) (58,742) 240,267

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

51,198 3,225 281,436 38,546 6,405 (1,131) (44,438) (36,232) (58,742) 240,267

643,250 (250,285) 392,965

683,049 (262,988) 420,061

643,250 (250,285) 392,965

683,049 (262,988) 420,061

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

(240,060) (3,171) (11,079) (13,102) 152,649

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

(240,060) (3,171) (11,079) (13,102) 152,649

740,214 (272,578) 467,636

803,112 (276,701) 526,411

740,214 (272,578) 467,636

803,112 (276,701) 526,411

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

(309,441) (17,716) (10,300) (6,640) (5,366) (14,864) (19,106) 142,978

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

(309,441) (17,716) (10,300) (6,640) (5,366) (14,864) (19,106) 142,978

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

51,618 33,007 17,300 101,925

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

51,618 33,007 17,300 101,925

2,978,808

2,549,159

2,978,808

2,549,159

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008 Note

Consolidated 2008 2007 $ $

2008 $

Golf Club 2007 $

EXPENDITURE Administration and Support Services Salaries and Associated Costs Audit Fees Advertising Depreciation Finance Costs Bank Charges & Merchant Fees Insurance Postage, Printing and Stationery Telephone Council Rates Land Tax Legal and Consulting Travel and Accommodation Computer Consumables and Maintenance Other Administration Expenses Course Salaries and Associated Costs Maintenance Redevelopment Refurbishment Irrigation Landscape Maintenance RIVAP Machinery Other Expenses Depreciation House Laundry Repairs and Maintenance Contract Cleaning Light, Power and Water Other House Expenses Depreciation Other Expenses (Profit)/Loss on Sale of Fixed Asset

TOTAL EXPENDITURE NET SURPLUS

The accompanying notes form part of these accounts

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

326,247 5,882 27,579 33,716 7,730 6,554 33,406 22,347 15,714 15,348 41,940 13,426 240 18,667 38,168 606,964

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

326,247 5,882 27,579 33,716 7,730 6,554 33,406 22,347 15,714 15,348 41,940 13,426 240 18,667 38,168 606,964

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

640,582 222,090 553 20,724 24,882 14,053 55,388 26,951 276,156 1,281,379

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

640,582 222,090 553 20,724 24,882 14,053 55,388 26,951 276,156 1,281,379

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

11,934 30,070 42,368 46,578 13,407 87,845 232,202

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

11,934 30,070 42,368 46,578 13,407 87,845 232,202

(28,107) (28,107)

(13,409) (13,409)

(28,107) (28,107)

(13,409) (13,409)

2,414,776

2,107,136

2,414,776

2,107,136

564,032

442,023

564,032

442,023

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY BALANCE SHEET AS AT 31 DECEMBER 2008 Note

Consolidated 2008 2007 $ $

2008 $

Golf Club 2007 $

CURRENT ASSETS 2 3

1,469,405 210,579 16,612 126,693 1,823,289

1,490,388 102,481 41,845 128,596 1,763,310

1,469,405 210,579 16,612 126,693 1,823,289

1,490,388 102,481 41,845 128,596 1,763,310

4 5

6,426,912 6,426,912

4,003,500 4,003,500

609,456 5,798,188 6,407,644

609,476 3,374,756 3,984,232

8,250,201

5,766,810

8,230,933

5,747,542

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

217,232 127,907 8,058 331,035

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

217,169 127,907 8,058 331,035

1,099,182

684,232

1,099,119

684,169

115,704 2,722,858

122,012 1,212,141

115,704 2,722,858

122,012 1,212,141

Total Non-Current Liabilities

2,838,562

1,334,153

2,838,562

1,334,153

TOTAL LIABILITIES

3,937,744

2,018,385

3,937,681

2,018,322

NET ASSETS

4,312,457

3,748,425

4,293,252

3,729,220

Retained Earnings Outside Equity Interests in controlled entity

4,284,210 28,247

3,720,178 28,247

4,293,252 -

3,729,220 -

TOTAL EQUITY

4,312,457

3,748,425

4,293,252

3,729,220

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

6 7a 8a 10

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

7b 8b

EQUITY

The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2008 Retained Earnings $

Reserves

Total

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

3,720,178

Balance at 31 December 2008

4,284,210

28,247

4,312,457

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

3,729,220

564,032

Balance at 31 December 2008

4,293,252

Balance at 1 January 2007 Profit attributable to members of controlling entity

3,278,155

28,247

3,306,402

Balance at 31 December 2007

3,720,178

28,247

3,748,425

Balance at 1 January 2007 Profit attributable to members of controlling entity

3,287,197

442,023

Balance at 31 December 2007

3,729,220

564,032

28,247 -

3,748,425 564,032

Controlling Entity

Year End 2007 Consolidated Entity

442,023

Year End 2007 Controlling Entity

The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008 Note

Consolidated 2008 2007 $ $

Golf Club 2008 $

2007 $

CASH FLOWS FROM OPERATING ACTIVITIES 1,383,464 2,167,262 377,528 (2,896,567) (43,116)

Bar and Catering Sales Subscriptions and Entrance Fees Green Fees and Competition Fees Payments to Suppliers and Employees Interest Paid Donations, Fundraising and Other Sundry Receipts

1,486,161 1,916,310 380,810 (2,970,687) (7,730)

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

1,486,161 1,916,310 380,810 (2,970,687) (7,730)

357,108

101,925

357,108

101,925

1,345,679

906,789

1,345,679

906,789

Payments for Property, Plant and Equipment Proceeds from Sale of Property, Plant and Equipment

(2,923,372) 39,761

(484,433) 13,983

(2,923,372) 39,761

(484,433) 13,983

NET CASH (OUTFLOW) FROM INVESTING ACTIVITIES

(2,883,611)

(470,450)

(2,883,611)

(470,450)

Repayment of Borrowing Additional Lease Established Loan Facility Debentures Repaid

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

(6,891) 18,044 -

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

(6,891) 18,044 -

NET CASH PROVIDED INFLOW (OUTFLOW) FROM FINANCING ACTIVITIES

1,516,949

11,153

1,516,949

11,153

NET CASH INFLOW FROM OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

NET INCREASE / (DECREASE) IN CASH HELD

(20,983)

Cash at Beginning of Year Cash at End of Year

The accompanying notes form part of these accounts

447,492

(20,983)

447,492

1,490,388

1,042,896

1,490,388

1,042,896

1,469,405

1,490,388

1,469,405

1,490,388

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporations Act of South Australia. The financial report covers the consolidated entity of Glenelg Golf Club Inc as the individual controlling entity and the controlled entity, Glenelg Golf Links Limited. The financial report of Glenelg Golf Club Inc and the controlled entity and Glenelg Golf Club Inc as an individual controlling entity comply with all Australian equivalents to International Financial Reporting Standards (IFRS) in their entirety except where compliance is not mandatory for non-corporate entities. The following is a summary of the material accounting policies adopted by the consolidated entity in preparation of the financial report. The accounting policies have been consistently applied unless otherwise stated. The financial report has been prepared on an accrual basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. t U Unless l otherwise therwise stated, the accounting policies adopted are consistent with those of the previous year. Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2008 reporting periods. The consolidated entity's assessment is that there will be no impact from these new standards and interpretations. a)

Principles of Consolidation The Club controls the share capital of Glenelg Golf Links Limited. The consolidated accounts incorporated the assets and liabilities of Glenelg Golf Links Limited as at 31 December 2008 and the results of the Company for the period then ended. The effects of all transactions between the Club and the Company are eliminated in full. Outside equity interests in the results and group equity are shown separately in the consolidated profit and loss account and balance sheet respectively. The cost of acquiring shares in Glenelg Golf Links Limited have been accounted for as an interest in the land owned by that company and reflected accordingly.

Financial Instruments Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below: Available-for-sale financial assets Available-for-sale financial assets include any financial assets that are not considered to be "loans and receivables" or held for selling in the short term. Available-for-sale financial assets are reflected at fair value. Where fair value cannot be reliably estimated, the asset is stated at its initial cost. Unreliased gains and losses arising from changes in fair value are taken directly to equity. Financial Liabilities Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES c)

Property, Plant and Equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land is shown at cost. Building is shown at cost less any accumulated depreciation and impairment losses. Plant and Equipment The depreciable amount of all fixed assets including building, but excluding freehold land, is depreciated on a straight line basis over their useful lives to the consolidated entity commencing from the time the asset is held ready for use. The depreciation rates for each class of depreciable assets are based on the following estimated useful lives, expressed in years: Category Administration furniture and fittings B plant Bar l t and d equipment i t Catering plant and equipment Clubhouse Building Clubhouse Other Course buildings House plant and equipment Motor vehicles Office equipment Course plant and equipment Entrance Road

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

Impairment of Assets At each reporting date, the Committee reviews the carrying values of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is expensed to the income statement. Where it is not possible to determine the recoverable amount of an individual asset, the Committee estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES e)

Employee Benefits Provision is made for the association's liability for employee benefits arising from services rendered by employees to balance date. Employee entitlements expected to be settled within one year together with entitlements arising from wages and salaries, annual leave and long service leave which will be settled after one year, have been measured at their nominal amount. Other employee entitlements payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those entitlements.

Subscription Income Members subscriptions are included as income in the year the invoice is raised. Subscription year is from April of the current year to March of the following year. Any subscription fees invoiced for the quarter of January to March of the following year is recognised as income of the current year. This has been treated consistently from year to year.

Income Tax The Club is exempt from Income Tax in accordance with Section 50-5 of the Income Tax Assessment Act, 1997.

Inventories Inventories are measured at the lower of cost and net realisable value.

Course Redevelopment Expenditure Expenditure incurred on redevelopment of the course is charged to operating profit as incurred.

Construction - Work In Progress Construction work in progress is stated at the aggregate of contract costs incurred to date.

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

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

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 Note

Consolidated 2008 2007 $ $

2008 $

Golf Club 2007 $

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

1,215,072 250,000 4,333 1,469,405

1,236,083 250,000 4,305 1,490,388

1,215,072 250,000 4,333 1,469,405

1,236,083 250,000 4,305 1,490,388

The effective interest rate on short-term bank deposits was 7.9% (2007: 8.72%); these deposits have an average maturity of 20 days. Reconciliation of Cash

Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the balance sheet as follows: Cash & Cash Equivalents

1,469,405

1,490,388

1,469,405

1,490,388

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

(5,688) 56,903 51,266 102,481

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

(5,688) 56,903 51,266 102,481

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

NOTE 4 - FINANCIAL ASSETS Available for sale financial assets comprise of: Shares - Glenelg Golf Links Ltd Loan - Glenelg Golf Links Ltd

608,328 1,128

608,328 1,148

Total Financial Assets

609,456

609,476

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT 628,704

628,704

Clubhouse Less Accumulated Depreciation

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

2,371,212 (473,515) 1,897,697

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

2,371,212 (473,515) 1,897,697

Clubhouse Plant and Equipment Less Accumulated Depreciation

247,156 (167,384) 79,772

258,036 (152,448) 105,588

247,156 (167,384) 79,772

258,036 (152,448) 105,588

Course Buildings Less Accumulated Depreciation

196,306 (71,308) 124,998

167,049 (50,617) 116,432

196,306 (71,308) 124,998

167,049 (50,617) 116,432

Freehold land

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 Note

Consolidated 2008 2007 $ $

Golf Club 2008 $

2007 $

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT (CONT.) Administration Plant and Equipment Less Accumulated Depreciation

202,531 (174,096) 28,435

206,053 (170,875) 35,178

202,531 (174,096) 28,435

206,053 (170,875) 35,178

Bar Plant and Equipment Less Accumulated Depreciation

159,761 (144,427) 15,334

144,007 (135,560) 8,447

159,761 (144,427) 15,334

144,007 (135,560) 8,447

Catering Plant and Equipment Less Accumulated Depreciation

197,192 (171,531) 25,661

178,172 (156,876) 21,296

197,192 (171,531) 25,661

178,172 (156,876) 21,296

Motor Vehicles Less Accumulated Depreciation

103,809 (50,802) 53,007

98,977 (55,653) 43,324

103,809 (50,802) 53,007

98,977 (55,653) 43,324

Course Plant and Equipment Less Accumulated Depreciation

2,918,084 (1,454,456) 1,463,628

2,282,725 (1,347,920) 934,805

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

2,269,512 (1,334,747) 934,765

Entrance Road Less Accumulated Depreciation

265,104 (123,185) 141,919

265,104 (98,993) 166,111

265,104 (123,185) 141,919

265,104 (98,993) 166,111

Capital Improvements Less Accumulated Depreciation

1,163 (598) 565

1,163 (513) 650

1,163 (598) 565

1,163 (513) 650

Work In Progress - ASR Project

TOTAL PROPERTY, PLANT AND EQUIPMENT

45,268 45,268

6,426,912

4,003,500

5,798,188

3,374,756

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 5 - PROPERTY, PLANT AND EQUIPMENT (CONT.) b)

Movement in Carrying amount Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year. Golf Club Carrying amounts at 1 January 2008 Clubhouse

1,897,697

Additions

Disposals

Work in Progress

Depreciation

Carrying Write Back of Accumulated amount at 31 Depreciation December 2008

2,051,265

(350)

(84,073)

350

3,864,889

Clubhouse Plant & Equipment

105,588

1,292

(12,172)

(27,108)

12,172

79,772

Course Buildings

116,432

29,257

(20,691)

124,998

35,178

12,021

(15,543)

(18,401)

15,180

28,435

Administration Plant & Equipment

8,447

15,754

(8,867)

15,334

Catering Plant & Equipment

21,296

19,020

(14,655)

25,661

Motor Vehicles

43,324

33,482

(28,650)

(14,080)

18,931

53,007

Course Plant & Equipment

934,765

806,549

(171,190)

(276,132)

169,616

1,463,608

Entrance Road

166,111

(24,192)

141,919

650

(85)

565

45,268

(45,268)

Bar & Plant Equipment

Capital Improvements Work In Progress

3,374,756

2,968,640

(227,905)

(45,268)

(488,284)

216,249

5,798,188

Consolidated Entity

Freehold Land

Carrying amounts at 1 January 2008

Additions

Disposals

Work in Progress

628,704

1,897,697

2,051,265

(350)

(84,073)

350

Clubhouse Plant & Equipment

105,588

1,292

(12,172)

(27,108)

12,172

79,772

Course Buildings

116,432

29,257

(20,691)

124,998

35,178

12,021

(15,543)

(18,401)

15,180

28,435 15,334

Clubhouse

Administration Plant & Equipment

3,864,889

8,447

15,754

(8,867)

Catering Plant & Equipment

21,296

19,020

(14,655)

25,661

Motor Vehicles

43,324

33,482

(28,650)

(14,080)

18,931

53,007

Course Plant & Equipment

934,805

806,549

(171,190)

(276,152)

169,616

1,463,628

Entrance Road

166,111

(24,192)

141,919

650

(85)

565

45,268

(45,268)

Bar & Plant Equipment

Capital Improvements Work In Progress

4,003,500

Depreciation

Write Back of Carrying Accumulated amount at 31 Depreciation December 2008

2,968,640

(227,905)

(45,268)

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

(488,304)

216,249

6,426,912

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 Consolidated 2008 2007 $ $

2008 $

Golf Club 2007 $

NOTE 6 - TRADE & OTHER PAYABLES Trade Creditors Other Creditors

478,440 168,074 646,514

187,343 29,889 217,232

478,440 168,011 646,451

187,343 29,826 217,169

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

139,154 59,540 (70,787) 127,907

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

139,154 59,540 (70,787) 127,907

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

117,581 20,636 (16,205) 122,012

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

117,581 20,636 (16,205) 122,012

NOTE 7 - PROVISIONS (a)

SHORT-TERM PROVISIONS

Annual Leave Opening Balance Additional Provisions Raised Amounts Used

(b)

LONG-TERM PROVISIONS

Long Service Leave Opening Balance Additional Provisions Raised Amounts Used

NOTE 8 - BORROWINGS (a)

SHORT-TERM BORROWINGS

Hire Purchase

(b)

14,290 14,290

8,058 8,058

14,290 14,290

8,058 8,058

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

1,200,000 11,141 1,000 1,212,141

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

1,200,000 11,141 1,000 1,212,141

LONG-TERM BORROWINGS

Bank loan Hire Purchase Debentures

The Club has a Bank Overdraft facility of $19,500 and a loan facility of $2,700,000 which are secured by registered mortgages over land owned by Glenelg Golf Links Limited. At 31 December 2008, $2,700,000 of the Club's facility was utilised. $1,200,000 of the loan facilities is offset for interest purposes by the balance held in the Club's transaction account. Which means the interest on the $1,200,000 is only payable once the balance on hand falls below $1,200,000.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 Consolidated 2008 2007 $ $

2008 $

Golf Club 2007 $

NOTE 9 - CAPITAL & LEASING COMMITMENTS Hire Purchase Lease Commitments Payable - minimum lease payments not later than 12 months between 12 months & 5 years greater than 5 years Minimum Lease Payments

16,615 25,396 42,011

Less future finance charges

(5,863)

(3,578)

(5,863)

(3,578)

Present Value of minimum lease payments

36,148

19,199

36,148

19,199

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

20,620 7,700 98,827 10,637 28,982 26,557 63,134 42,578 32,000 331,035

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

20,620 7,700 98,827 10,637 28,982 26,557 63,134 42,578 32,000 331,035

564,032

442,023

564,032

442,023

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

433,932 (6,816) (13,409)

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

433,932 (6,816) (13,409)

(108,098) 20

4,970 20

(108,098) 20

4,970 20

414,375 25,233 1,903

59,485 (5,509) (7,907)

414,375 25,233 1,903

59,485 (5,509) (7,907)

1,345,677

906,789

1,345,677

906,789

9,571 13,206 22,777

16,615 25,396 42,011

9,571 13,206 22,777

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

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

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 12 - FINANCIAL INSTRUMENTS (a)

Interest Rate Risk The club's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changes in market interest rates and the effective weighted average on those financial assets and liabilities, is as follows: Weighted Average Effective Interest Rate 2008 2007 % % Financial Assets Cash at Bank Cash on Deposit

7.9 0.00

Financial Liabilities Borrowings

(b)

8.55

8.72 8.00

Floating Interest Rate 2008 2007 $ $ 1,215,072 250,000 1,465,072

8.72

1,236,083 250,000 1,486,083

Fixed Interest Rate Maturing Within 1 Year 1 to 5 Years 2008 2007 2008 2007 $ $ $ $ -

14,290 14,290

8,058 8,058

2,722,858 2,722,858

1,212,141 1,212,141

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

(c)

Net Fair Values The aggregate net fair values and carrying amounts of financial assets and financial liabilities are not materially different from those disclosed in the Balance Sheet and in the notes to and forming part of the accounts.

(d)

The Club has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. The sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks. At 31 December 2008, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows: Consolidated Golf Club 2008 2007 2008 2007 $ $ $ $ Change in Profit Increase in the interest rate by 2% (34,000) (34,000) Decrease in the interest rate by 2% 34,000 34,000 Change in Equity Increase in the interest rate by 2% Decrease in the interest rate by 2%

(34,000) 34,000

6,650 6,650

6,350 6,350

6,650 6,650

6,350 6,350

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

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 14 - RELATED PARTIES (a)

The Club paid rent of $20 to Glenelg Golf Links Limited in which it has a majority shareholding, for use of the Golf Course (2007 - $20).

(b)

The names of the persons who were officers of the Glenelg Golf Club Incorporated at any time during the year ended 31 December 2008 are as follows: Paul R. McGrath Neil J. Johnson Sam Koukourou Gavan M. Fox Ian K. Frances David P. Gillespie Helen McMutrie Anthony J. Martin Gerard P. O'Brien Ian R. Brooks

(Captain) (Vice Captain) term completed 26 March 2008 elected 26 March 2008 elected 26 March 2008

elected 26 March 2008 term completed 26 March 2008

During the financial year no Committee members received either directly or indirectly as a member of a firm or body corporate any payments as a result of contracts or transactions with the Club. NOTE 15 - CONTINGENT LIABILITIES Contingent Liabilities of $6,392 exist in respect to the redeemable amounts of full paid membership subscriptions in accordance with the terms of their issue. The members who took up the full paid membership option did so to receive full playing rights at a one off fee. This fee could be redeemed over the next 9 years at a diminishing value. After these 9 years the membership cannot be redeemed. NOTE 16 - AFTER BALANCE DATE EVENTS No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the entity, the results of those operations, or the state of affairs of the entity in future financial years. NOTE 17 - SEGMENT REPORTING The consolidated entity operates predominantly in one business and geographical segment being the provision of golf course usage to its members. NOTE 18 - ASSOCIATION DETAILS The principal place of business of the association is James Melrose Road, Novar Gardens.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 19 - CAPITAL EXPENDITURE COMMITMENTS $ Capital expenditure commitments contracted for: Plant & Equipment Purchases Capital expenditure projects Clubhouse Redevelopment

1,300,000 1,300,000

Payable: not later than 12 months between 12 months and five years greater than 5 years

1,300,000

1,300,000 The committee members control the capital of the club in order to maintain a good debt-to-equity ratio and to ensure that the club can fund its operations to continue as a going concern. The club's debt and capital includes financial liablities, supported by financial assets. There are no externally imposed capital requirements. The committee members effectively manage the club's capital by assessing the club's financial risks and adjusting its capital structure in response to changes in these risks and in the market. The responses include the management of debt levels. There have been no changes in the strategy adopted by management to control the capital of the club since the prior year. This strategy is to ensure that there is sufficient cash to meet trade and sundry payables and borrowings. 2008 NOTE 20 - CONTROLLED ENTITIES Parent Entity Glenelg Golf Club Inc Subsidiary Glenelg Golf Links Ltd

y Incorporation

2007

Percentage owned (%)*

Australia Australia

*percentage of voting power in proportion to ownership

GLENELG GOLF CLUB INCORPORATED STATEMENT BY COMMITTEE

In the opinion of the Committee of Glenelg Golf Club Incorporated: (a)

The attached consolidated statements of Glenelg Golf Club Incorporated, comprising the balance sheet, income statement, statement of changes in equity, statement of cash flows and notes to the financial statements for the year ended 31 December 2008 are, in our opinion, properly drawn up so as to give a true and fair view of the state of affairs of the Club and the consolidated entity as at 31 December 2008, and of their results for the year then ended.

(b)

At the date of this statement there are reasonable grounds to believe that the Club will be able to pay its debts as and when they fall due.

The accounts have been made out in accordance with applicable Accounting Standards. In accordance with section 35(5) of the Associations Incorporations Act, 1985, the Committee of Glenelg Golf Club Incorporated hereby states that during the financial year ended 31 December 2008: (a)

(i) (ii) (iii)

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

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

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

This report is made in accordance with a resolution of the committee and signed by two Members of the Committee. Dated this 31st day of January 2008.

PAUL McGRATH Captain

JIM JOHNSON Vice Captain

James Melrose Road NOVAR GARDENS SA 5040 Phone: (08) 8295 3793 Fax: (08) 8294 8894