Kooyonga Golf Club Annual Report 2020/21

Annual Report 2020 - 2021

VISION To be recognised as one of Australia’s premier golf clubs CORE VALUES A progressive and proud club that; Is respectful of its traditions Has a commitment to excellence Is inclusive Promotes the enjoyment of golf

MISSION To provide members with an outstanding experience on a championship golf course while offering first class facilities and services CONTENTS 37 FINANCIAL STATEMENTS 42 STATEMENT OF FINANCIAL POSITION 02 OFFICE BEARERS AND COMMITTEE 43 STATEMENT OF CHANGES IN EQUITY 03 CAPTAIN’S REPORT 44 STATEMENT OF CASH FLOWS 07 COURSE 45 NOTES OF THE ACCOUNTS 12 HOUSE, EVENTS & HERITAGE 55 STATEMENT BY THE COMMITTEE 16 FINANCE 56 AUDIT REPORT 21 MEMBERSHIP 58 FIVE YEAR SUMMARY 25 MATCH 59 KOOYONGA FOUNDATION REPORT 32 COMPETITION RESULTS 34 SURVEY ANALYSIS

Annual Report of the Committee Office Bearers and Committee MR TERRY ANDERSON, CAPTAIN MR CRAWFORD GILES, VICE-CAPTAIN MR HARRY MOORE, PRESIDENT Attended 11 out of 11 GC meetings Attended 11 out of 11 GC meetings Not required to attend Committee meetings GC (Chair), LMN, W FARG (Chair), C&W, HE&H LMN DR WALFORD THYER, VICE-PRESIDENT MR SAM ATKINS, COMMITTEE MR GEOFF BRENNAN, COMMITTEE* Not required to attend Committee meetings Attended 10 out of 11 meetings Attended 7 out of 8 meetings LMN C&W (Chair), M&MS FARG, C&W MRS ZOEE DOLLING, COMMITTEE MR DAVID FRATERMAN, COMMITTEE MR MICHAEL GILROY, COMMITTEE Attended 7 out of 8 meetings Attended 10 out of 11 meetings Attended 11 out of 11 meetings W (Chair), FARG, HE&H M (Chair), C&W HE&H (Chair), M&MS MR GEOFF KAY, COMMITTEE DR LYNN STEWART, COMMITTEE MRS JILL TRENORDEN, COMMITTEE Attended 11 out of 11 meetings Attended 11 out of 11 meetings Attended 11 out of 11 meetings M&MS (Chair), FARG, C&W M&MS, M M&MS, M, W *Committee appointed. Retiring Committee members - Debbie Alexander attended 2 of 2 meetings, Angas Hains attended 2 of 2 meetings. GC - General Committee. FARG - Finance, Audit, Risk & Governance. C&W - Course & Water. M - Match. HE&H - House, Events & Heritage. M&MS - Membership & Member Services. W - Women’s Sub Committee. LMN - Life Membership Nominations. Annual Report 2020/21 Page 2

Annual Report of the Committee Captain’s Report The 2020/21 reporting year could be The challenges we face in the future are It is important to stress that the clubhouse characterised as one of significant no different from most other clubs around redevelopment is first and foremost about achievements against the backdrop of Australia and indeed around the world. In improving facilities for members. While one of the most most difficult times in the what seems to be a contradiction, all clubs outside functions provide us with valuable Club’s history. are experiencing record numbers of rounds income, they will never be at the expense COVID-19 certainly tested us as a club but being played after many years of declining of member enjoyment. The redevelopment the fact that we got through the worst of membership. was not predicated on the basis of attracting it relatively unscathed is a testament to Again, I’ll talk more about that later in more outside functions and our financial the culture of our membership and the this report but the management of the modelling did not include a substantial professionalism of our staff. unprecedented number of rounds being increase in non-member functions. While we have almost returned to something played is one of the biggest challenges like normal, the effects of COVID-19 have we will face. It is important that we remain It is worth repeating what we got as part of lingered and will for a while to come and I flexible in our approach. this redevelopment: would like to publicly thank our members and CLUBHOUSE OPENING • A new women’s locker room staff for their forbearance during this difficult While the newly redeveloped clubhouse • An expanded men’s locker room time. opened for members in mid September, • A new function area capable of seating Undoubtedly, the highlight of the reporting we decided to hold the official opening in year was the completion and opening of our February this year to make the most of the up to 200 people new clubhouse and I’ll talk more about that weather. The opening was a stunning success • A wine room later. and we were fortunate to have the Premier • A business centre and flexible area officially open the new facilities. More than 450 members and guests attended the suitable for small meetings/bridge etc event which was superbly organised by Anna • A new administration area Fontaine. • A new members’ entrance and new As I’ve said before the $8.75M price tag for the clubhouse is a vast sum of money honour boards and trophy cabinets in anyone’s language but I believe it needs • A refurbished formal dining room to be seen as an investment in our future. • A new Committee room By incorporating most of what was on our • Extra storage capacity for carts & buggies wish-list, we have ensured that no major • Extra storage for furniture and other expenditure on the clubhouse will be required for many years to come. function equipment • A refurbished members’ bar • A lift • An expanded kitchen area • A new bar servicing the Centenary Room • Two new balconies overlooking the 18th green It’s an impressive list and we now have a facility that is equal to or better than anything else in Australia.

Annual Report of the Committee Captain’s Report FINANCES COURSE Our operating surplus of $379.9K was a pleasing result but Sam Atkins will give a comprehensive report on the course it has been somewhat skewed by the Government subsidies later in this report. The 13th green was replaced in 2020 received as part of the COVID-19 response. and returned to play in June. We also took the opportunity to The subsidies offset significant decreases in revenue fill in the 13th fairway bunker as we didn’t believe it had any from hospitality and golf operations plus write-offs from impact on the hole’s strategy. We also renovated the path the old building, plant and equipment scrapped as part from the green to the 14th tee and replaced the foliage that of the redevelopment. Crawford Giles will give a more had been storm damaged or was dead. comprehensive review of our finances later in this report We also moved the 12th tee back about 6 metres as a result and a summary of the budget for 2021/22 which forecasts of clearing out some vegetation. Apart from the need to an operating loss partly due to our planned reduction of remove dead and dying vegetation, it has also allowed more members, plus increased interest costs and depreciation. sunlight onto the tee area as the tee had suffered from lack Course expenditure at $1.8M (up $108K on the previous of growth at certain times of the year. year) continues to account for a large proportion of our No greens will be replaced during 2021 and this will allow expenses but that’s as it should be given that is the reason the course staff to concentrate on course presentation we joined this club! We have endeavoured to keep costs and the one-percenters including weed control, bunker down in other areas and Crawford Giles will expand on that maintenance and turf repair. in the finance report. While it was disappointing not to stage the Women’s I would just like to emphasise that investment in other areas Australian Open in February 2021, we did manage to secure of the Club will never be at the expense of the course as the Australian Amateur Championship which gave our evidenced by the fact that course expenditure represents course staff the opportunity to showcase the course. The nearly 50% of our total operating costs. condition of the course was universally acclaimed by players PROPERTY ACQUISITION and spectators alike and Richard and his team are to be congratulated for the superb presentation of the course. During this reporting year, the Club developed a policy for Because of the Amateur, we carried out our annual the acquisition of properties that adjoin the course where renovations in October 2020 rather than December and those properties are of strategic value. the course recovered very well. We are planning to do Under this policy, the club bought a neighbouring property renovations at the same time in 2021 because of the at 5 Willingale Avenue, Lockleys through a bank loan. The scheduled Women’s Australian Open in February 2022 and property has been leased out at a very favourable rental it is likely that this practice will continue into the future. and represents some flexibility should we want to lengthen the 16th hole. We have included a line in the financial statements that reflects the profitability of this investment.

Annual Report of the Committee Captain’s Report Most of the significant projects involving the course have As members would be aware, we have incorporated a now been bedded down and no major work is planned for new Women’s Sub Committee into our main governance some time. structure. I would like to thank Jill Trenorden for chairing A vegetation plan has now been approved by Committee this Sub Committee during the transtition period and Zoee in an effort to provide consistency in our approach to Dolling for taking on the role in recent months. Thanks vegetation. also to Gill Hicks - our last Women’s President - for her We are continuing to develop plans for a redevelopment of contribution and for staying on the Sub Committee during the maintenance facility to make it more efficient and bring the transition phase. staff facilities up to standard. MATCH We are also in the planning stages for a major overhaul of The past year has seen a somewhat disjointed competition our irrigation system and we are in the early stages of a program because of COVID-19 with the pennant season masterplan for its eventual replacement and updating. being cancelled and where for a period, members I would like to take this opportunity to thank Sam Atkins for played social golf only. We were able to stage the Club his great work as Chair of Course over the past two years. Championships in October 2020 and in an amazing feat we MEMBERSHIP had Frank Vucic and Matilda Miels winning both the Junior Managing membership continues to present an enormous and Club Championships for 2020. Well done to both of challenge to the Committee and Management. them. While we have taken a decision to reduce our membership Further details of our major winners through the year are numbers, it is proving to be somewhat problematic because contained in David Fraterman’s Match Report. of an unusually low attrition rate of 3.5 per cent during the Judging from some comments in the members’ survey, there recent renewal period (the lowest it has been in 10 years) is a perception that slow play is an issue at Kooyonga that compared with the 5 year average of 6.25 per cent. is not being addressed. Firstly, it needs to be stressed that Geoff Kay will outline this in more detail in his report but it despite very large fields on Saturdays and Wednesdays and will take some time to meet our strategic target of reducing increased demand throughout the week, round times have Category 1 members to 450 (from 525). decreased slightly. We do monitor playing times and where We have taken a decision to place prospective members players are deemed to be consistently slow, they are spoken on a waiting list until at least April 2022 to help offset the to and encouraged to speed up and we offer suggestions low attrition rate. What has been pleasing is that following as to how they might do that. Something that does need changes to our junior membership categories, we have to be borne in mind is that we are an ageing membership inducted 29 new juniors out of a total of 49 new members and some members simply can’t get around the course in and I would like to thank our young members taskforce who three and a half hours. As a club we should exercise some have worked hard to organise golf and social events for this tolerance in that regard. vital membership category. As will be highlighted in the Match Report, we will have to look at alternative strategies to manage the number of rounds being played, something that also contributes to speed of play. We continue to have concerns at the number of women we are able to attract to the Club and what is particularly concerning is the number of current female members in the over-70 bracket. The Womens’ Sub Committee is working side by side with the Membership Committee to address this issue which is something being faced by all golf clubs. Annual Report 2020/21 Page 5

Annual Report of the Committee Captain’s Report MEDICAL ADVISORY GROUP STAFF Following a number of serious medical incidents and serious One of the most rewarding parts of being Captain is to work injuries, I appointed a medical reference group to ensure our closely with our wonderful staff and I thank them for their emergency responses represented best practice. The group dedication, professionalism and friendliness. In particular, comprises Cardiologist, Dr Angas Hains (Chair), Dr Melissa my heartfelt thanks to General Manager, Brett Lewis and I Nelligan, an Emergency Physician and Dr Andy Potter, a was delighted (and relieved!) when he recently agreed to Sport and Exercise Physician. The group has developed a new five-year contract extension. Before signing him, we protocols for dealing with emergencies and has made a engaged Hender Consulting to undertake a performance number of recommendations which will be announced at a appraisal and unsurprisingly, Brett rated very highly. later date. Unfortunately, our Club Operations Manager, Anna Fontaine COMMITTEE has resigned to achieve a better and healthier work/life I would like to thank all members of the Committee for balance. Anna was responsible for a huge improvement in their hard work during the year. As has been noted before, our service standards and her strong work ethic and quiet Committee can be a thankless task but it can also be very efficiency will be sorely missed. We wish Anna well. rewarding. These past two years have been challenging and Thank you to all members for your support over the last two in addition, I set Committee some challenges over that time years. I have enjoyed serving the Club but above all else, I and they responded magnificently. enjoy being a member of Kooyonga and all it has to offer. Crawford Giles has been a great Vice-Captain and his loyalty, We sometimes take it for granted but I don’t believe there hard work and energy have been greatly appreciated. I is anything that equals our experience as members of this have every confidence he will go on to be an equally great great Club. Captain. Terry Anderson Two Committee members, Sam Atkins and Lynn Stewart are Captain retiring and I thank them for their sterling service.

Annual Report of the Committee Course Ayear like no other is how COVID-19 COURSE MAINTENANCE ACTIVITIES we can best describe During the short closure period, we took the opportunity 2020 as we dealt with the to safely undertake a number of spray applications, many onset of the COVID-19 of which come with the risk of tracking herbicides onto pandemic and what that susceptible surfaces. We also began the replacement of meant to how we not just large areas of bentgrass turf impacted by couch invasion managed the Club and golf on collars, with the process made a little easier due to the course, but the safety of nature of the golf being played. Multiple areas of fairway our staff and members that were poorly shaped or where subsidence had affected and the ongoing care the surface were tended to, with existing fairway turf lifted, and maintenance of our sand added to level and smooth contours and sod re-laid. wonderful golf course and Modifications were carried out to the irrigation system, all facilities. designed to improve our irrigation coverage and efficiency Richard James and Adam Fry did a great job of managing and further reduce the need for irrigation with hoses and staff through a series of split shifts and careful management mobile sprinklers. Another important maintenance task on to ensure we got through the lockdown period in good the irrigation system was the adjustment of sprinklers and shape, having used the time well to undertake several valve boxes. We were able to work through a list of heads on-course activities that would otherwise have not been requiring attention, successfully raising and levelling over 75 undertaken or completed under normal circumstances. heads, improving the presentation of the playing surfaces I mentioned in last year’s report that the evidence of a lot of and ensuring the correct operation of the individual the early work would become clear later in 2020 and early sprinklers. 2021 and I think that was unmistakable in the presentation CONSTRUCTION ACTIVITIES of the golf course for the Australian Amateur event held The 13th hole was returned to play in June 2020 after from 8-12 February 2021. Media reports confirmed this fact being closed in February to make improvements and minor (see quotes overleaf). modifications to the green complex. The fairway bunker on Whilst we were all disappointed in the cancellation of the 13 was filled in and the contours softened to allow for the 2021 Women’s Australian Open we are looking forward to fairway line to be extended through this area, and a large again presenting the course for championship play at the area of the approach was improved with replacement of 2022 Women’s Australian Open supported by the amazing common couch with Santa ana turf. new clubhouse and facilities. Golf as an industry has seen somewhat of a renaissance The path from the 13th green to the 14th tee was revitalised throughout Australia as a result of COVID-19. Whilst this is with removal of the storm damaged vegetation allowing for very pleasing as an industry, it does put added pressure on the 12th tee to be extended by approximately 6 meters. The the golf course and practice facilities with rounds exceding path through this area was renewed along with the addition 52,000 rounds over the past 12 months. With the lack of 94 native trees and shrubs. The green has performed very of travel, and more flexible working hours we are seeing well since reopening, and the new vegetation surrounding some serious pressure on the practice range and facilities, the path is establishing very well. which will become even more evident as the couch grass THE YEAR AHEAD falls dormant in the winter period. We are doing our best There will be no green rebuild undertaken during 2021, with to manage this with the use of the hitting mat; however our focus to remain on course presentation, including; with the amount of bucket sales recorded on the facility • We have a plan in place for a number of short-term increasing by 7.5% over the last 3 years, plus pennant practice, the challenge is clear. As a Committee we need to hole closures in the coming months that will enable us look at how we can best manage and improve the practice to facilitate maintenance items such as collar sodding, area and this has become an agenda item moving forward. irrigation and drainage installation, improvements and To follow is a summary of the material course activities maintenance and items from within the recently released undertaken over the past 12-month period and upcoming Vegetation Plan. planned activities: Annual Report 2020/21 Page 7

Annual Report of the Committee Course • We will also be continuing to carry out routine maintenance tasks Irrigation used on course in such as bunker grooming and levelling. 2020/21 • Along with major collar sodding to control couch encroachment into 223mL the bentgrass, the lack of a major construction project will allow us to continue to focus on removing small couch plants beginning to be COMPARED TO 248ML USED seen arounds the edges and at times into the green surface, which we IN 2019/20 have been working at in recent months. Together with Poa, couch is the major weed issue we face within the bentgrass areas. 373mm Rainfall in 2020/21 • Poa treatment will continue, with hand weeding continuing to be SLIGHTLY MORE THAN successful in maintaining a very low percentage in greens up to the 6-8 year mark. We have carried out some trial applications with a new 369MM EXPERIENCED IN 2019/20 herbicide for Poa control in bentgrass that has taken the turf industry by storm and will continue to use small amounts in spring as another 11’ 8” tool to assist us in managing Poa in the bentgrass. Whilst we saw positive results for the most part, there is no expectation that it will be Average stimpmeter anything but another tool to add to our arsenal for poa control. reading 2020/21 CLUBHOUSE LANDSCAPE COMPARABLE TO 2019/20 One of our major tasks for the year was establishing the landscape AVERAGE OF 11’ 9” surrounding the clubhouse following the building reconstruction works, completing what was a very big project by establishing the landscape Course maintenance UP 8.5% around the building and seamlessly integrating the clubhouse surrounds costs per hectare COMPARED into the golf course. TO $34.5K IN Whilst we have established Santa ana as the turf surface on the $37K 2019/20 northern lawns and to connect the landscape to the golf course along the putting green and 18th surround, we selected a fine fescue blend 49% for the entrance lawns. This blend is made up of 4 varieties of fine fescue, which tolerates low mowing and is being presented similarly to Course maintenance our on course bentgrass collars. Establishment to full cover as a dense, costs as a percentage of resilient turf sward has been a little slow, however once fully established we expect these lawns to be very visually appealing for the entry to the total operating costs clubhouse. AUSTRALIAN AMATEUR Whilst the groundstaff were disappointed at the cancellation of the Women’s Australian Open in February this year, the opportunity to present the course for the Australian Amateur was well received. We were fortunate to have 7 volunteers from other local golf clubs join us for the entire week to assist with course presentation, which was crucial in assisting us to complete the intensive presentation tasks in preparing the course to the standard of a major event. Fairways were maintained at our standard mowing height and presented in an anti-clockwise shadow pattern that was mown twice per day through the week of the event. Green surrounds were maintained with no distinct pattern, whilst approaches were striped at 90 degrees to the direction of play. Tournament tees were handcut with the direction of play, which presented them in a very aesthetically pleasing manner, mown every morning of the event with prominent tees often mown twice per day. Annual Report 2020/21 Page 8

Annual Report of the Committee Course The course was presented to perfection every day, and this year. We plan to undertake a very the positive feedback from players and Golf Australia similar program across all areas, with a staff was emphatic. slight increase in the amount of sand - James Sutherland, CEO Golf Australia used on the fairways and the change in equipment on the greens the only The quality of presentation of the golf course is among material changes to the program. There the best I’ve ever seen. is a plan to lightly verti mow and dust - Trevor Herden, Tournament Director fairways again just prior to Christmas 2021 to further refine the playing Whilst the greens performed well We carried out a quite aggressive surface, however the need for this will during the week and met the desired program of scarifying, verti mowing and continue to be assessed once recovery speed and firmness requirements, circle cutting of the fairway surfaces, from scarifying is complete. they did require a little more work than which removed quite a lot of grain and STAFF anticipated to achieve this. Mowing thatch. This was followed for the first We have had some change to our staff frequency was increased to daily in time with a light topdressing of sand group during the past 12 months, the week leading into the event, with over all fairway surfaces to further with a couple of new appointments all mowers sharpened at this point to dilute thatch and smooth the playing made in senior positions. Mechanic ensure peak performance. We also surfaces. We also applied bulk gypsum Andrew Sekulitch departed into semi- rolled frequently during the week to the wetter areas on selected fairways retirement during the year after 19 prior to ensure firmness levels were to improve soil structure and drainage years of service to the Club. Andrew was as desired, and applied plant health capacity of these areas. a very valued and loyal staff member products and growth regulation was The greens were deep solid tyned whose knowledge and ability in the applied to ensure turf health for the with the tractor mounted verti workshop and many other areas of the duration of the event. drain, followed by hollow tyning and Club was well utilised over a long period. We were quite pleased with the quality topdressing with amended sand being We have been fortunate to employ a of the turf surfaces presented for the used to refill the core holes. We hired in similarly experienced mechanic to fill week and we received some very good an air injection machine to use on some the role, with Travis Mayo coming to us feedback on the quality of the turf and of the newer greens to avoid use of the from across the road at the Adelaide way the golf course was presented for tractor to limit disturbance on the new Airport where he was a long-term the event. This was great for the staff profiles prior to coring, which was very employee involved in the maintenance to hear; a great reward for the amount successful. of a wide range of plant and equipment. of dedication and hard work carried In assessing our processes and results Since beginning in August, Travis has out to achieve the turf quality and following recovery, we have purchased fitted into the role very well, picking level of manicure seen. There were a an air injection unit, as the benefits of up the unfamiliar intricacies of turf number of staff given different tasks deep tyning and injection of air into the equipment very well, which has and opportunities to take ownership of profiles without the need for tractor and been ably supported by Andrew who different areas of the course, and I’m the stress it creates on the greens were generously gave his time in the initial sure there were plenty of learnings for clear to see in the improved recovery. stages to come in and spend time with all staff at all levels during the event. These benefits will also be available to Travis to assist his transition into RENOVATIONS us throughout the entire year, with the the role. Our major course renovation was low surface disturbance of the unit sure shifted forward to October from to be of benefit when used in tandem December during 2020, which was with our current pedestrian Procore at planned to allow additional recovery appropriate times of the year. time for the turf with the hosting of the Recovery rates of the turf were very Women’s Australian Open in February good and not any longer than we would 2021 in mind and to test if this was a expect in December, and we have viable option moving forward. every confidence we will see similar Annual Report 2020/21 Page 9

Annual Report of the Committee Course We have also seen a change in our improvements to the facility and course us greater uniformity and control over Course Foreman’s role, with Thomas maintenance operations, and we look where we place our water, meaning Burridge returning from a 2 year stint forward to the possibility of getting we will achieve our turf quality goals at Peninsula Kingswood Country Club underway. with greater control over our water in Melbourne to assume the position IRRIGATION MASTERPLAN consumption. left vacant by previous foreman We have also been progressing the On behalf of the Course Committee, Brenton Clarke securing a Course masterplan for an upgraded irrigation thanks, must again go to Richard James Superintendent role in country Victoria system, with a draft layout nearing and his tireless work and leadership on late in the year. Thomas completed completion. Multiple options are being course ably supported by Adam Fry. his traineeship at Kooyonga prior to considered, including dual mainline I would also like to acknowledge the moving to Melbourne, in the process system that allow for a separate water support and work of both our General having his dedication to his chosen source to be applied to our greens as Manager, Brett Lewis and Captain, Terry career acknowledged by becoming the opposed to the supply to the couch Anderson who both have an in depth first South Australian recipient of the areas. We often see an impact from knowledge of our golf course and its Australian Golf Course Superintendents the bore water in the bentgrass during needs and requirements. Association Graduate of the Year award. summer months, and the ability to Finally thanks to the members for their Thomas has fitted back into the group provide treated water to these areas on-going commitment to looking after very well and is working closely with will be most beneficial. Along with this wonderful golf course and it’s Assistant Superintendent Adam Fry to this, various treatment plant options playing surfaces. further progress his knowledge and are being investigated to be able to Sam Atkins experience. produce this treated water, which Chair - Course & Water Infrastructure MAINTENANCE FACILITY may include additional water storage Plans are continuing to progress for requirements and expanded pumping some upgrades to be made at the capacity. maintenance facility, which we ideally Whilst we have investigated different aim to progress in the coming year. draft layouts in terms of sprinkler This will add some much needed layout, the preferred option is a hard- additional shed space to increase edged system that uniformly irrigates equipment storage capacity, an area to the edge of the fairway and primary we are currently severely lacking. Along rough line with additional secondary with additional storage, we will also heads installed to control the water be able to carry out a reconfiguration applied outside of this line to irrigate of our existing storage layout, vastly roughs. improving our operational efficiencies This is an important design element, as in accessing equipment. we now have a prescribed allocation of A mezzanine level within the roof space bore water that we must work within of the new shed extension is being as a part of our licensing agreement planned to house the administration with the Department of Water and area, which will allow for expansion and Environment. Whilst historically we have improvement of the lunchroom into been able to apply as much water as we the current office area, offering much desired to maintain the golf course, we needed additional space for the staff. now have a figure of 229mL allocated A new locker room is planned while the to us to irrigate the course with each old washroom is to be refitted, which irrigation season (July to June). Whilst will create two separate bathroom our long-term average use is within areas that can be unisex as required. this figure, we have had low rainfall or Workshop space will be increased, tournament preparation years where giving our mechanic, Travis, dedicated we have exceeded this amount of spaces to carry out service and water. Progressing with the design and repairs. All of the above will offer great installation of a new system will offer Annual Report 2020/21 Page 10

VEGETATION PLAN 2020-2024 2020 2021 2022 2023 2024 Quite a deal of time was spent throughout the past year in developing a Vegetation Management Plan, a working document forming part of the Course Maintenance Guidelines to provide specifics encompassing all areas of vegetation management within the club’s boundaries. One of the key aims is to acknowledge the heritage of the property and its vegetation and maintain it in a way that adds to the architectural aspects of the golf course to provide the first-class golfing experience we aim for, and to preserve, maintain, restore and enhance the vegetation and features of our course, its natural dunes and wetlands that so attracted Cargie Rymill’s attention to May’s Paddock as a site for a golf course of national standard. Along with information on the history of the property and its vegetation, the plan contains planting lists of preferred vegetation species to be used in regeneration activities. There is also a list of hole by hole plans detailing activities that are to be undertaken over the 5-year life of the plan to enhance selected areas of the property. Examples of works to be undertaken in the next 6 months include: 2ND TEE Progression of plans for improved screening of the boundary adjacent to the tees to replace the currently declining vegetation 3RD PATH Removal of the fork at the end of the path and the wedge of vegetation that lies in the fork, creating a single path that leads to the 9th tees with a wide area of multiple exits for traffic on the 3rd. Included is improvements in both irrigation and turf quality along this section of path 7TH Maintenance pruning of Melaleuca halmaturorum on the eastern and northern edges of the hazard, along with the clearing of the reeds from its base, adding Gahnia filum plantings and other samphire species in its place along with native grasses around the surrounds 10TH Encourage native grass growth through existing sandy hollows under Casuarina plantings between the 10th fairway and beyond to the 11th fairway. Promote plantings of Disthiclis spicata and saltbush varieties under the row of casuarinas to match other areas of the course, including between the 1st and 13th holes 12TH Removal of couch from low areas of the left and right sides of the carry, exposing natural ground and planting with appropriate native grasses to match existing vegetation in the area. Further along the hole, we will be exposing remnant bunkers in the right rough with partial sand exposure to their bases along with native grass plantings extending along the entire right side of the fairway, joining into the 11th and 19th holes. Plantings of appropriate endemic trees, shrubs and grasses will be undertaken through this area, along with the selective removal of exotic species VIEW FULL VEGETATION PLAN

Annual Report of the Committee House, Events & Heritage The last 12 months has The team were constantly required to adapt during the year been an extremely and I highlight a number of their achievements: challenging but rewarding • Setting up temporary clubhouse bar and catering outlets on year for clubhouse operations. During the first multiple occasions in the golf shop and clubhouse through half of the year we grappled COVID-19 with ever changing COVID-19 • Managing our COVID-19 responsibilities throughout the restrictions whilst also clubhouse in a highly professional way completing a significant • Coping with ever changing temporary facilities, dust, noise, clubhouse project that hoarding, building hazards with little to no fuss, complaint or required us to set up and impact to our service levels operate various temporary • Continuing to prepare exceptional food from heavily facilities for members. This restricted kitchen facilities throughout COVID-19 and the difficult period of the year was soon forgotten as we clubhouse upgrade revelled in the excitement of opening the new clubhouse • Preparing the new clubhouse facilities including bars, and witnessed members utilise and enjoy showing family, kitchen, wine room, stores etc for re-opening in such a short friends and colleagues through the new facilities over the time frame and no impact on the membership last six months. The interruptions of COVID-19 and the clubhouse project The team remained fully committed to our high service certainly affected our ability to provide our members with principles and went above and beyond in difficult the quality of services and facilities that members have circumstances to exceed member expectations. We are very come to expect, with our management team constantly on fortunate to employ quality people who go above and beyond their toes keeping up with the changes and communicating what is expected to ensure members are provided with first- with the membership. I cannot thank members enough for class service in the clubhouse. their patience and cooperation over the last 12 months, Prior to the re-opening of the Clubhouse in September 2020, the Committee and management really appreciated all your we announced the appointment of Zac Ronayne as Head Chef. support and understanding. After six months in the role, Zac has settled in well, receiving We congratulate and thank the entire hospitality team for excellent feedback on his culinary flair and the quality of food the outstanding food and beverage service at Kooyonga over offerings. It would be remiss of me not to extend sincere thanks the last year despite the inconveniences experienced by the to Sous Chef John “Yani” Panagiotakopoulos and our entire clubhouse project and the COVID-19 pandemic. kitchen team for maintaining such a high quality of meals in the absence of a Head Chef for the 12 month period prior to the clubhouse re-opening.

Annual Report of the Committee House, Events & Heritage I take this opportunity to acknowledge Clubhouse Operations Manager, Average F&B spend per round of golf Anna Fontaine who tendered her resignation from the Club in April 2021 and will finish up at Kooyonga in late June / early July 2021. Anna has been $24.81 a highly dedicated and valuable employee of the Club and will be difficult to replace and sadly missed by staff and members. Anna has improved the 20% INCREASE FROM $20.62 overall standard of service and the reputation of our hospitality operation PRE COVID-19 & CLUBHOUSE during her five year tenure with the Club. Anna was integral to the recent REDEVELOPMENT clubhouse redevelopment, having a key involvement in the selection of furniture and final design of the new clubhouse layout including the 28.75% kitchen, Members’ Bar and dining facilities. Her attention to detail and ability to run events has been meticulous and is reflected in the numerous of total F&B revenue testimonials we receive on a regular basis from members and external was from function clients who have held their functions at Kooyonga. As I write this report, we activity in 2020/21 are advertising for Anna’s replacement and hope to make an appointment mid-year. COMPARED TO 42% PRE COVID-19 & With hospitality services significantly impacted by COVID-19 and the CLUBHOUSE REDEVELOPMENT clubhouse redevelopment as mentioned above, it is not surprising that our total food and beverage revenue fell 5% below last year’s results. In fact, 6,945 our turnover has fallen 24% since the commencement of the clubhouse project due to a 48% decline in function activity with limited space Guests attended available for club and third party events. Since re-opening the clubhouse, functions in 2020/21 we have seen steady growth in member utilisation of the clubhouse with average spend per round up 20% compared to prior years. The new wine COMPARED TO 11,393 PRE COVID-19 & room has certainly helped generate additional sales of premium wine and CLUBHOUSE REDEVLEOPMENT we have experienced increased demand for member functions, weddings and corporate events to be held in our new clubhouse. This increased F&B revenue in 2020/21 utilisation of the clubhouse by members and third party events will help improve efficiencies and the profitability of our hospitality operations in $1.344M years to come, with our goal for a break-even result, a $200K improvement on this year’s result. 24% DECLINE FROM HIGH The Clubhouse Project has been a significant undertaking for the Club OF $1.768M PRE COVID-19 & over the last two to three years and the Committee are thrilled with the CLUBHOUSE REDEVELOPMENT finished product and have been overwhelmed with positive feedback from members and guests as to the quality of the design and internal finishes. $125K Projects of this scale cannot be undertaken without significant support and advice from many individuals and consultants in the building industry. Profit from functions I firstly wish to acknowledge our project management team including Crawford Giles (Vice Captain), Brett Lewis (General Manager), Matthew (including corporate Cleave (Project Management advice) and Geoff Brennan (Legal advice) for green fees) their tireless efforts to oversee the project on behalf of Committee. While there are too many contractors to name in this annual report, I sincerely A DECREASE OF 57% OR $167K thank Walter Brooke (Architects), Schiavello Constructions (Builder), Rider PRE COVID-19 & CLUBHOUSE REDEVELOPMENT Levett Bucknall (Cost Consultant), Combe Pearson & Reynolds (Civil & Structural Engineer), BESTEC (Services Engineer) who all contributed to Wine sales make up the success of our project. There were also many members (too many to name) who were sub-contractors to Schiavello or provided products or 41% services to the Club at lower than standard industry pricing. On behalf of Committee and members, I thank everyone involved for their contribution of beverage revenue which has helped deliver a spectacular clubhouse and importantly, reduced the financial cost of the project for the benefit of all current and future INCREASE OF 4% SINCE members. COVID-19 AND CLUBHOUSE RENOVATIONS Annual Report 2020/21 Page 13

Annual Report of the Committee House, Events & Heritage FAMILY FUN DAY With the clubhouse redevelopment all but completed, the CARNIVALE DI KOOYONGA House, Events & Heritage Committee will now look towards other key projects and priorities in the 2020-25 strategic plan; CAPTAIN’S v PRESIDENT’S TEAM • To complete interior decoration of the new clubhouse with GOLF EVENT artwork and expanded display of club memorabilia and Annual Report 2020/21 Page 14 history photos, including curation of the new display case in the member’s corridor to showcase special achievements and key events from the Club’s 100 years of history. • We will work closely with our Centenary & History Book Taskforce to commence planning for a variety of events that will be scheduled during the 2023 calendar year as part of our centenary celebrations. • With financial support from the Kooyonga Foundation, an additional on course toilet facility is currently being planned for construction left of the 5th tee. The facility will include male and female toilets, a filtered water station, sunscreen and other amenities as well as an undercover area with seating for protection from inclement weather. Detailed design plans are currently being finalised for development approval, with the goal for this facility to be constructed within the next 6-12 months. An update will be provided at the Annual General Meeting and plans will be posted on notice boards once finalised for member information. • The House Committee are currently considering options to upgrade the halfway hut, which is looking tired and not representative of our high standards. As part of this project, Committee is reviewing food and beverage offerings from the halfway hut, with member feedback in the survey suggesting that this is an area of improvement. • New marketing material including a new video highlighting areas of the Club and membership benefits will be developed to promote our new services and expansive facilities to grow our share of hospitality income from external sources. We encourage members to consider and promote Kooyonga as a perfect venue for any family or corporate function. The 2020/21 social calendar was impacted by COVID-19 restrictions and our temporary clubhouse facilities prior to completion of the main building works in September 2020. Prior to Christmas we hosted a few regular social events including Medallist Dinner, RS Thomson Golf & Dinner Event, Melbourne Cup Lunch, Christmas Twilight, Family Fun Day and the President’s Team v’s Captain’s Team Lunch and Golf Event. All events were well supported by members and their guests. Another spectacular event was the Italian ‘Carnivale di Kooyonga’ evening on the 1st tee organised by Di and Tania with authentic Italian Cuisine prepared by guest chef, Salvatore Pepe. The event sold out in a matter of days and the 90 members and guests in attendance were treated to perfect weather conditions and a world-class hospitality experience that exceeded all expectations.

Annual Report of the Committee House, Events & Heritage The clubhouse opening function held on Saturday 5 February offer in our wine room. We recently held two intimate premium 2021 was the standout social event for the 2020/21 year, with tasting events showcasing Torbreck Wines and Elderton Wines, in excess of 450 members and family members in attendance with excellent feedback from those attending. to witness Club Captain, Terry Anderson and Premier, Steven Our social functions are a great way to build camaraderie and spirit Marshall cut the red ribbon to officially open the new clubhouse. within the Club and I really do encourage members to get involved The cocktail event showcased a large variety of food, beverage and get to know other members in a social environment. and entertainment offerings scattered throughout the clubhouse One of the key objectives of our strategic plan is that the and surrounds and was impressively designed and executed by clubhouse atmosphere is alive, progressive and vibrant with a our hospitality team. Member feedback following the event was much broader participation of membership accessing a wider exceptional, with many members encouraging Committee to range of facilities underpinned by first-class service. Undoubtedly, introduce more cocktail style events as opposed to the traditional we now have a clubhouse that members can proudly invite family formal plated dinners. and friends to enjoy, so I encourage members to utilise the facility With more exclusive member areas as well as flexible spaces such and promote the high-quality hospitality services on offer at the as the new northern deck with external bar facilities, the House Club. Committee plan to introduce a range of social events over the next The new Edward Leaver Room is providing members with a 12 months that appeal to different groups of members, taking dedicated place to work/study/read or even play bridge at the into account the diverse age profile of our membership and survey Club, with a number of tables recently acquired for a group of keen feedback on the types of functions that members are interested in bridge players. I remind members to actively promote our social attending. membership to non-golfing family members and colleagues to A Young Members taskforce was formed in 2020 to develop a attract and promote growth in utilisation of the Club. range of annual events for younger members. Special thanks In closing, I wish to express my sincere thanks and appreciation to to Matt Ormsby, Ned Looker and Jordan Kane who joined the my fellow Committee members for their contributions and efforts taskforce and helped organize and promote two golf and social over the last year. events held on a Sunday afternoon in recent months. Michael Gilroy Committee plan to organise a variety of wine related functions in Chair - House, Events & Heritage the Rymill Room over the next 12 months showcasing wines from Club members who are winemakers and other premium wines on

Annual Report of the Committee Finance The operating result for The previous summary highlights that the receipt of the 2020/21 financial $776K in Government subsidies in the form of JobKeeper, year was an operating Cashflow boost and apprentice incentives was vital financial surplus of $379.9K, an assistance to maintain the level of Club services and our improvement of $120.4K financial viability during such an extremely difficult year as over last year’s result a result of the global pandemic. This financial assistance, and $362K ahead of the together with additional subscription fees and entrance budget thanks largely to fees were the three primary reasons for the improved Government subsidies financial result compared to last year. received in response to The below commentary provides a brief explanation of our COVID-19. trading performance compared to last year and an outline Given the significant impacts of the main costs items that offset the additional income of COVID-19 on our daily operations that resulted in referred to above: clubhouse and golf shop closures for extended periods, • Profitability from our house operations fell by an as well as further complications due to the clubhouse renovations project, it is difficult to fully compare the additional $66K on top of last year’s loss of $133K due financial result against last year and budget. to the multitude of trading restrictions brought on by However, the below table provides a quick reference to COVID-19 and the impacts of temporary clubhouse explain the reasons for the improved financial performance facilities during renovations which reduced our ability to compared to last year. generate income and profitability from external functions I encourage members to read the Financial Statements and events. Our annual food and beverage income fell included within this annual report for more detailed by a combined $422K (24%) since commencement of information. the clubhouse redevelopment project, of which $356K related to the decline in third party events and member 2019/20 Operating Surplus $ 259,489 functions, while the remaining $66K related to a small Add: Increase in subscription fees 97,478 decline in member food and beverage sales via the Add: Increase in entrance fees Members’ Bar. Add: Government subsidies 146,731 • The impacts of COVID-19 and clubhouse renovations Less: Decrease in Hospitality (net) 775,930 has highlighted the value of external income to the Less: Decrease in Golf (net) (65,805) profitability of our hospitality operations, as such Less: Write-off of Building/ Plant & Eq (214,983) activity improves our gross profit margins and wage Less: Increase in Depreciation Costs (319,804) efficiency without significant increase in overhead costs. Less: Increase in Interest Costs & Bank Fees (143,381) Our strategic goal is to generate a break-even result Less: Increase in Overhead Costs (74,179) for hospitality, a $200K improvement in our financial Other (44,569) performance compared to the current year, which is (36,987) achievable within the next 2-3 years with conservative growth in the number of third party events as well as member utilisation of our new clubhouse facilities. 2020/21 Operating Surplus $ 379,920 On a cash basis we achieved a cash operating surplus of $1.0M for the year prior to Government Incentives and costs associated with our hosting of the Australian Amateur Championships. This cash surplus was an $180K decrease on the cash surplus of $1.18M achieved last financial year, primarily due to the loss of green fee revenue from restrictions imposed by the Club on visitors playing at Kooyonga over the last 12 months due to COVID-19. Annual Report 2020/21 Page 16

Annual Report of the Committee Finance • Profitability from our golf shop retail operations fell • Members will notice that the financial statements now sharply by $215K compared to last year due to a $103.5K include a line item in the Statement of Comprehensive decline in green fees from cancelled corporate golf Income showing profitability from property investments events and $131.5K decline in member introduced and following the purchase of a neighbouring property at 5 visitor green fees due to COVID-19 restrictions imposed Willingale Avenue Lockley’s in December 2020 for a cost by the Government and the Club over the last 12 months. of $1.326M including stamp duty, fees and charges. The Our retail golf shop sales held up quite strongly despite property has been split between a value of $225K for the closure in the early stages of COVID-19, with overall dwelling and balance of $1.101M for the land within the sales falling by 4.3% over the last 12 months. Turnover Balance Sheet. The acquisition cost has been rented for would have finished stronger if not for lengthy delays an initial 12-month period, with the financial statements experienced with delivery of golf clubs on order from the showing a net cost of $5K of ownership for the financial majority of our hardware suppliers. Our net income from year after accounting for interest, depreciation and tuition fell by 14K (20%) due to COVID-19 restrictions on property management fees. I have commented further lessons for a three-month period earlier in the financial below on this property purchase and the Committee’s year, but have since returned to normal levels, with John updated policy on the acquisition of properties of Corbett and Daniel Blackwell finding it difficult to keep up strategic value on our boundary. with current lesson demand. • Demand for membership at Kooyonga remains steady, • Course operating expenses increased by $108K with low attrition increasing wait times for new members compared to last year with $68K related to an increase and those seeking upgrade to Category 1 Membership. in wage costs as we employed a full complement of 15 Entrance fee income was $367K for 2019/20 compared budgeted staff for the entire year, whereas last year we to $220K reported last year. I remind members however ran short for a period of the year while recruiting new that there was a change in accounting standards that team members. The remaining $40K increase in cost was impacts the recognition of entrance fee revenue from related to the implementation of expanded programmes 1 April 2019 as referred to in Note 1 of the Financial to help control Poa in our greens, fairways and roughs Statements. This change in recognition resulted in a as well as the application of additional top-dressing $41,321 decrease in entrance fee revenue reported for sand and amendments to improve our recovery from the 2019/20 financial year and a $57,696 increase in renovations. Committee remain committed to maintain entrance fee revenue reported for the 2020/21 financial the course to the highest possible standard within year, accounting for $99K of the $147K additional budget constraints. income reported in 2020/21. Committee remains of the view that the entrance fee revenue reported as • House operating expenses increased by $203K $309,434 (compared to $261,720 in the prior year) in compared to last year primarily due to $168.5K increase the cashflow statement provides more useful information in depreciation related to the new clubhouse facilities to the users of the Financial Statements. and an additional $30K spent on clubhouse supplies in preparations for the clubhouse opening, including • During 2020/21 we completed a comprehensive review glassware, crockery, cutlery etc. of the asset register and as a result of this review, the financial results include the write-off of $320K in • Administration expenses decreased by $111K compared assets demolished or strapped as part of the clubhouse to last year primarily due to a $96K saving in payroll tax redevelopment. as part of a State Government COVID-19 relief package and $26K savings in wages during COVID-19 restrictions. These savings were offset by $24K in one-off costs associated with the clubhouse opening function held in February 2021. • Finance costs and bank fees increased by $74K compared to last year due to the use of Commonwealth Bank loan facilities to help finance the cost of the clubhouse redevelopment. I have commented further within on the final cost of the clubhouse project and have also provided an update on borrowings and our cashflow position. Annual Report 2020/21 Page 17

Annual Report of the Committee Finance 2021/22 BUDGET $380k Accounting profit In preparing the 2021/22 budget, Committee considered a number for 2020/21 BUDGETED LOSS OF $3K of conflicting interests: FORECAST IN 2021/22 • Committee’s commitment to maintain the maintenance of the DUE TO AN INCREASE IN DEPRECIATION AND course, services and facilities to the highest possible standard in INTEREST COSTS AND NO line with the Club’s vision GOVERNMENT SUBSIDIES • Committee’s strategic goal to reduce the number of rounds of golf at Kooyonga by 15% $1M • The need to improve the Club’s operating performance and bridge a $375K financial shortfall between an average annual operating Cash profit in 2020/21 deficit over the last 10 years (adjusted for $150K in additional excluding govt subsidies annual depreciation of the new clubhouse) and the Committee’s target within the 2020-25 strategic plan of achieving a modest FORECAST CASH PROFIT FOR 2021/22 $1.175M annual operating surplus of $100K prior to entrance fees and net interest (EBI). $7.205M The Committee prioritised a planned reduction of 75 playing Capital expenditure members over the next 3 years by natural attrition to help reduce the in 2020/21 number of rounds of golf at Kooyonga and improve member access to the course. To fund such a membership reduction and help bridge the $4.205M financial shortfall referred to above without cost control measures Net bank debt at that would compromise the Club’s vision, Committee approved a 7.5% 31 March 2021 subscription fee increase in 2021/22. I have commented below on Committee’s desire to diversify our income to reduce reliance on such $6.35M subscription fee increases in future. The 2021/22 budget forecasts an operating loss of $175K prior Peak debt forecast in to entrance fees, net interest and costs associated with the 2022 February 2022 Women’s Australian Open. The overall budget result after accounting for these items is a forecast deficit of $3K for the 2021/22 financial DEBT FORECAST TO BE REPAID BY year. 2026/27 (EXCLUDING PROPERTY LOAN With hospitality and golf trading income expected to grow over the next 12-18 months post COVID-19 and completion of the clubhouse AMORTISED OVER 30 YEARS) redevelopment project, we are projecting our financial performance to improve year on year and have forecast a break-even operating result (EBI) by the 2024/25 year. As mentioned earlier in my report, profitability will grow as operational efficiencies are achieved with greater utilization of our facilities. Aside from operational efficiencies in hospitality and golf operations, our fixed operating expenses in administration, course and clubhouse continue to be reviewed and minimised wherever possible. Taking into account budgeted increases in maintenance costs associated with our significantly larger clubhouse, our total operating expenses have increased by a combined 7.5% over the past five years, equivalent to an average of 1.5% per annum. Annual Report 2020/21 Page 18

Annual Report of the Committee Finance CORONAVIRUS The balance was for replacement assets to operate the Club. As I write this report, the current COVID-19 restrictions We have budgeted for $885K in capital expenditure in the imposed by the State Government are no longer causing 2021/22 financial year including an estimated $500K to significant impacts to our day-to-day Club operations or upgrade the maintenance facility to provide additional ability to achieve budget. However, Committee are cognisant shedding space and improved staff amenities. We also that the situation could change in an instance and there plan to construct an on-course toilet facility at the 5th tee, remains some risk to our financial performance in 2021/22 however the cost of this facility is to be fully funded by the without any commitment of further Government subsidies. Kooyonga Foundation. Our budgeted green fee revenue of $365K and as well as LAND ACQUISITION $125K improvement in our annual hospitality profitability Over the last 12 months, Committee reviewed and updated remain our greatest area of financial risk in the year ahead. its policy on the acquisition of properties of strategic value We are currently tracking slightly ahead of budget to the end on our boundary as this was a key initiative documented of May 2021 however the recent lockdown in Victoria will within the 2020-25 Strategic Plan. impact June green fees and highlights the vulnerability of The updated policy states that the Club will actively pursue this income stream for the rest of the year. the acquisition of a key strategic boundary property that CLUBHOUSE PROJECT meets one or more of the below criteria: The final cost of the clubhouse project was $8.738M • The acquisition of the land eliminates or reduces a high including architectural and engineering consulting fees, the building contract with Schiavello Constructions as well or extreme risk to the Club including but not limited to as furniture, plant and equipment. The overall cost finished the following risks: $748K or 9.3% above the original budget of $7.990M - the potential use or development of land should it not however this overrun included approximately $400K of unbudgeted items that were added by the Club during the be purchased by the Club; construction phase including a fire place, lower ground - the loss of leasehold rights; store room, alterations to the southern canopy, enomatic - safety or neighbour related risks; and wine machine, multiple auto doors, exposed aggregate - risks that adversely impact activities that are integral pathing etc. which were all valuable additions to the finished clubhouse. to the Club’s operations As indicated prior to construction, the project was to be • The acquisition of the land directly or indirectly provides funded from the cash reserves of the Club mentioned above and a loan facility of $5.5M in place with the Commonwealth the opportunity to improve the “championship” status of Bank. Our total debt peaked at $5M in January 2021 the golf course; including $250K borrowed from the Kooyonga Foundation • The acquisition of the land directly provides the at a low interest rate of 1.5%. The Club has a commitment in opportunity for the Club to enhance or expand the place with the Commonwealth Bank to re-pay a minimum services and facilities available for the benefit of amount of $500K of the loan facility on an annual basis. members; However, as indicated prior to commencement of the • The acquisition of the land has been earmarked by project, we plan to repay the loan facility in full by 2026/27. Committee as having important strategic value to the CAPITAL EXPENDITURE Club. For the 2020/21 year the Club spent $7.205M in total The policy defines financial and risk criteria that must be capital expenditure which was funded from the annual met before a property is considered by Committee for cash operating surplus of $2.49M, loan facilities of $4.3M acquisition. Such criteria will be reviewed by Committee and the remaining from cash reserves. The clubhouse on an annual basis and collectively will ensure potential redevelopment was the major capital project for 2020/21 acquisitions are evaluated and only approved by Committee with other capital expenditure including $1.3M for the if ownership is considered in the best interests of the Club purchase of 5 Willingale Avenue, $110k for course works and do not expose the Club to significant risk. including the 12th tee, 13th green complex, landscaping surrounding the clubhouse and irrigation extensions. Annual Report 2020/21 Page 19

Annual Report of the Committee Finance Committee has also engaged a planning consultant to take into account changing economic and industry to provide guidance on zoning and potential uses of factors. surrounding properties of interest, which will help guide Committee are currently modelling the cashflow impacts of future decision making. a longer waiting list to join the Club after unexpected low attrition during the recent membership renewal period. With As mentioned earlier in my report and in line with the Committee committed to a 15% decline in member rounds updated policy, the Club purchased a neighbouring over the next 3-5 years through a reduction in membership property at 5 Willingale Avenue, Lockley’s in December numbers, entrance fees will be lower than previously 2020. The property is directly South of the 16th tee and projected. The Membership Sub Committee is modelling was purchased because ownership may help facilitate changes to the entrance pathway to the Club to achieve potential future lengthening of the 16th hole or reducing targeted round reduction and noticeable improvement in boundary risk behind the 16th green if the need arises. The member comfort levels. property was funded via a loan facility established with the As mentioned in last year’s finance report, the Committee Commonwealth Bank of Australia, secured with a mortgage is investigating opportunities to generate non golf related against the value of the property and with loan repayments income to reduce reliance on membership subscription fees amortised over a 30 year period. in the future to generate the necessary income to offset the annual operating costs to run the Club. CASHFLOW We are experiencing conflicting forces in terms of providing access to the course in an environment of more flexible Our net bank balance (debt) was $(4.205)M on 31 March working lives and healthier and longer lifestyles. This is a 2021, calculated by totalling the bank and loan facilities challenge all golf clubs are facing and whilst it is much better listed below: than the existential one facing clubs over the past 10 years, it presents challenges to our finance model. Your Committee Bank & Loan Facilities is committed to navigating through this challenge whilst minimising fee increases to ensure membership remains CBA Loan facility - clubhouse project (3.178)M affordable. This will most likely involve the Club investing to CBA Loan facility - 5 Willingale Avenue (1.288)M generate an alternative source of income. Kooyonga Foundation Loan Facility (0.250)M I am fully committed to make progress on this front within CBA Transaction Account Balance my Captaincy and plan to present a proposal at a member 0.511M information session later in 2021. Our goal is to grow our annual cash operating surpluses to Net Bank Balance (Debt) $ (4.205)M $1.5M within 3 years to fund critical CAPEX projects and importantly return the Club to cash reserves by 31 March Members will observe that the loan facility for the clubhouse 2027. project had been reduced from its peak of $5M in January THANK YOU 2021 to $3.178M as at 31 March 2021. The reduction is a I take this opportunity to thank my fellow Committee result of the decision to transfer subscription fees received members for their valued assistance and contributions in advance for the 2021/22 membership renewal against over the last 12 months on the Finance, Audit, Risk and the loan facility to minimise interest costs. The level of total Governance Committee. debt will steadily increase during the 2021/22 year to a projected peak of $6.35M in February 2022 as funds are redrawn from the loan facility on a monthly basis to fund our normal operating expenses and planned capital expenditure for the year. 10 YEAR CASHFLOW & THE FUTURE The Committee continues to maintain a 10-year cashflow Crawford Giles forecast to help project cash balances in the coming years Chair – Finance, Audit, Risk & Governance Committee based on planned capital expenditure and major capital projects yet to be prioritised. The forecast includes key assumptions about the membership and operational areas of the Club which are being re-modelled on a regular basis Annual Report 2020/21 Page 20

Annual Report of the Committee Membership Playing Male Female 2019/20 Male Female 2020/21 Category 4 4 Total 3 3 Total 8 6 Life 1 2 1 2 499 25 3 495 37 3 Honorary Membership 126 198 524 128 176 532 Category One 194 43 324 185 42 304 Category Two 4 0 237 4 0 227 Absent 19 2 4 21 2 4 Clergy 113 71 21 104 71 23 Country 23 2 184 19 1 175 Honorary Social 27 6 25 21 5 20 Interstate 9 9 33 11 9 26 Junior 0 1 18 0 1 20 Junior Cadet 30 3 1 25 3 1 Junior Country 10 1 33 6 0 28 Overseas 5 3 11 5 3 6 Senior 6 9 8 25 10 8 Social 25 1 15 40 6 35 Temporary 20 1 26 24 1 46 Under 30 (18-24) 0 1 21 0 1 25 Under 30 (25-29) 1,115 382 1 1,117 373 1 Veteran Associate 1,497 1,490 Our total membership 2018/19 year and an average of 47 new members inducted numbers declined per year over the last 5 years. slightly over the last 12 Following changes that were introduced to our junior and months from 1497 to 1490, young member category age brackets at the 2019 Annual although the total number General meeting to provide a more competitive junior of playing members membership offering, I am pleased to report that 29 of the increased by 2 in a year 49 new members inducted in 2020/21 were junior and significantly impacted by under 30 members, up 30% from the 22 new members COVID-19. inducted in these categories in the 2019/20 year. Throughout the membership Our ability to attract younger members has been enhanced year we had a net 47 playing by the efforts of our young members taskforce with members either resign or assistance from Matt Ormsby, Ned Looker and Jordan Kane transfer to a non-playing in particular who helped organise and promote golf and category in 2020/21, an attrition rate of just 4.7% compared social functions for younger members. It is hoped such to an average attrition rate of 6.25% over the last 5 years. events for younger members will encourage friends and This reduction in playing members was well below initial family of members to consider Kooyonga as the club of projections when COVID-19 first impacted the Club during choice. the 2020 renewal period. To offset this reduction, we inducted 49 new playing members to the Club in 2020/21 compared to 45 in the Annual Report 2020/21 Page 21

Annual Report of the Committee Membership The average age of Category 2 members joining the Club in 2020/21 4.7% Member attrition was 49, below our current average age of 56 for men and 64 for rate 2020/21 women. The below graph highlights the age profile of our membership WELL DOWN ON 6.25% and in particular the significant percentage of women members over AVERAGE OVER LAST 5 YEARS the age of 70. (ATTRITION FELL BELOW 4% AT 2021/22 RENEWAL) 15% Planned decline in Category One members from 532 to 450 over next 3 years As was reported with membership renewals and is mentioned in the 57.5 y.o match section within the rounds report, we have seen unprecedented growth in the number of rounds played by members over the last 12 Average age of months. For the 2020/21 membership year, our total rounds of golf Kooyonga members at Kooyonga increased by 8.25% from 48,500 to 52,500 despite the reduction of 3,750 rounds attributed to visitors and corporate golf MALE - 55.9, FEMALE - 63.8 participants due to the impacts of COVID-19. The phenomenon of rounds growth has not been isolated to the last 49 y.o 12 months. The Committee has been concerned with the trend of growth in average annual rounds played by members for the last 5 Average age of playing years, with the average member playing 49 rounds of golf at Kooyonga members who have in 2020/21 compared to 35 rounds per annum in 2015/16. joined in the last year This trend initially prompted the Committee to reduce the number of Category 1 members from 575 to 525 between 2016 and 2019. female members make up Committee subsequently established a strategic goal in 2020 to reduce annual rounds to a maximum of 45,000 by 2025 to improve 22.9% member comfort levels on the course and ensure we maintain our status as a premium golf club. of total playing members Prior to the most recent membership renewal, Committee decided to further reduce Category 1 members from 525 to 450 by attrition over DOWN FROM 30% 10 YEARS AGO the next 2-3 years to help achieve this targeted round reduction. The Committee is mindful that such a reduction in Category 1 members 20.85 years needs to be balanced with its impacts on subscription fee income for the Club to remain financially strong, which I have left for the Finance Average length Chair to mention within the Finance Report. of membership As I write this report, the membership renewal period for 2021/22 is all but finalised with the level of attrition at 3.5%, its lowest level at Kooyonga recorded over the last 10 years. While it is a strong sign of overall satisfaction in Club membership it will not help reduce the number of rounds of golf at Kooyonga in 2021/22. Annual Report 2020/21 Page 22

Annual Report of the Committee Membership As a result, alternative strategies to manage rounds are Recent changes to the social membership category to being considered by Committee. It also means prospective remove the catering levy for those transferring from members are being placed on a waiting list for entry to a playing category are aimed at helping those women the Club until 1 April 2022 at the earliest, with the only members transitioning out of playing categories to retain opportunity for men to join the Club via the 12 month their financial and social interest in the Club via the social “Pathway to Membership” programme with restricted category. playing rights. The Club will continue to ballot women as The Social category is also aimed at attracting non golfing Category 2 members as a “special measure” to improve family and friends of members to join the Club and enjoy the gender balance and diversity within the Club. clubhouse facilities and social activities of the Club. The Committee has remained concerned with the decline in As members would be well aware, Committee has recently the number of women playing members over recent years, conducted another comprehensive member survey to which is set to continue and potentially gain momentum in better understand the views of members and identify areas the years ahead given the age profile of the membership as of the Club that require attention. I sincerely thank the depicted above. 490 members who provided feedback, I really appreciate The Women’s Sub Committee has spent considerable the time that members invested in their responses, with time over the last 12 months strengthening the mentoring the average member taking 53 minutes to complete the programme with temporary members as well as improving survey and enter their comments. A high-level overview of engagement with infrequent playing members and absent the results is included within the annual report for member members via targeted clinics and social gatherings. information, however significant analysis and benchmarking Their efforts are starting to pay dividends, with 7 women will be completed by Committee in the months ahead to upgrading to playing membership categories over the help guide future decision making, with a detailed survey last 12 months from our introductory 6 month “Tee off report to be distributed to members in due course. with Friends” temporary membership and the 12 month I take this opportunity to thank my fellow Committee “Pathway to Membership” programmes. In addition, 6 absent members for their valued assistance and contributions to women members have returned to playing categories during decision making on the Membership Sub Committee over the recent membership renewal. the last 12 months. I would particularly like to acknowledge While this is a positive step in the right direction, the Susie Mathews, our Golf & Membership Manager for the Membership Sub Committee will be working closely with highly professional way she coordinates the application the Women’s Sub Committee in the year ahead to further and induction process for new members, she provided a develop our pathway and mentoring programmes to attract wonderful first impression and welcome for new members new women members to our Club and will implement to the Club. further “special measures” if required to prioritise the entry Geoff Kay of women members into the Club. All members can assist Chair - Membership and Member Services by acting as “ambassadors” and promoting the benefits of membership to prospective women members.

IN LOVING MEMORY Ann Saunders 1 NOVEMBER 1943 – 8 AUGUST 2020 It was with sadness that during the year we announced the death of Life Member, Ann Saunders who passed away on Saturday 8 August 2020 at the age of 76. Ann was a member of Kooyonga for over 61 years and was granted Life Membership in 2016 for her selfless contribution to State, Club and junior golf. She mentored many, was financially generous, held positions of responsibility and played solid golf both individually and in teams. She was a popular member of the Club, and gave more than she took from golf. Through her leadership and support of junior girl’s golf, she was known and respected by players, parents and clubs throughout South Australia. IT IS WITH SADNESS THAT WE RECORD THE DEATHS DURING THE YEAR OF THE FOLLOWING MEMBERS; Mr DW Martin, 2 April 2020 Mr RC Thomas, 4 September 2020 Mrs NL Bowler, 27 December 2020 Dr DM Southwood, 9 April 2020 Mr GM Cox, 24 September 2020 Mr BDP Walsh, 23 December 2020 Mr A Pontifex, 22 June 2020 Mr PJ Bourke, 20 October 2020 Dr IH Hodgson, 19 December 2020 Mrs A Saunders, 8 August 2020 Mr WA Dawson OAM, 1 October 2020 Mr AH Brien AM, 2 February 2021 Mr WG Blunden, 19 September 2020 Mr PG Dixon, 19 November 2020 Mr GB Schwartz OAM, 28 March 2021 WELCOME TO NEW MEMBERS DURING 2020/2021 APRIL Mr DJ Mickan* Mr JM Schell Mr MJ Parker Ms NL Bassett* Mr TH Dave Mr DJ Sullivan* Mr AJ Webster Mrs S Linehan* Mr W Hedrick III* Mrs KP Thaker JULY Mr JL Howarth* DECEMBER Dr A Gilhotra* Mr PW Cleggett Mr BJT Caruso Ms SL Nicolson* Mrs DA Davi MARCH Mr ST Dave Mr FS Packer Mr W Rogers* Mr A Huang Mr J Summons JUNE Mr WJ Stratford Mr PJH Henshaw Miss F Ocampo Mr KB Comley Mr JJ May AUGUST Mr CJ Williams Miss FM Flett Mr WA Crawford Dr N Solanki Mr WK Sawers Mr MJ Camacho Mr MP Kingston Mr JG Crawford Miss SR Parker Dr C Langton OCTOBER Mr N Woolford* Mr M Marshall Mr J Martin* Mr R Saim Mr MP Corby* Mr BM Cousins Ms MK Flett Dr C Balasis* Mr D Williams* Mrs CM Smith* Mr J Butcher Mr DJT Ellis* Mr S Michos* Mr B Jarman* Mr TB Schmusch JANUARY Dr SA Whitmore* Mr A Johnson* Mr A Winskill* NOVEMBER Mr J Cocks Mrs PL Yap* Mr G Parker* Mr JC Whiting* Dr R Linehan* FEBRUARY Mr A Ross* Mr PJ Lynch Dr AJ Bauze* Mr A Coombe* Dr Y Kishimoto Mr MA Crawford* Mr TC Yap Mr B Wilson Ms V Co* Miss A Giles Ms RL Jones* Dr JE Penna SEPTEMBER Mr HWG Cranendonk Mrs S Smith* Mrs NL Day* Mr TD Moore* Mr P Krieg Mr GD Dounas Mr RA McIntyre* Mrs CE Lam* Mr TJ Baker* Mr J Plamenac Mrs LA Tucker* Mr DJ Jacobs* Mr A Amin *denotes temporary member at time of admission Annual Report 2019/20 Page 22

Annual Report of the Committee Match It was a tough start to the 2020/21 3hr 54min 18secs membership year with the COVID-19 pandemic impacting the ability to play Average time competition golf. No competitions were run per round in April or May due to COVID-19 and most golf played during this time was played in SLIGHT REDUCTION OF pairs. 1 MIN AND 7 SECS FROM It was an extremely busy year on the golf course with a total of 52,500 rounds being PREVIOUS YEAR recorded for the year, an increase of 8.25% on the 48,500 rounds played in 2019/20. 52,500 Member rounds increased by 19% from 41,641 to 49,505 and made up 94.4% of total rounds Total rounds played in played for the year. 2020/21 Our growth in member rounds closely matched the trend across the golf industry in Australia with restrictions in international and domestic travel as 8.25% INCREASE FROM 2019/20 well as more flexible work arrangements for many Australians providing greater opportunities for members to play golf. While COVID-19 has certainly been a catalyst for rounds growth over the last 12 months, the below graph shows year on year growth in member play; 94% of all rounds in 2020/21 were member competition and social rounds UP FROM 86% IN 2019/20 As you will read throughout the Annual Report, the Committee is committed to 49 reduce the number of rounds of golf on the course to 45,000 to reduce wear and tear on the course and improve member access to avoid disappointment Average rounds when a member cannot book their preferred tee time. There is no quick fix per member to achieve this goal without a reduction in the number of playing members which is primarily the role of the Membership Sub Committee. The Match 40% INCREASE OVER LAST Sub Committee implemented restrictions on reciprocal, visitor and corporate 5 YEARS golf rounds in response to increased member tee time demand we have experienced over the last 12 months which is reflected in the decline in non-member rounds seen in the graph above. The Match Sub Committee will continue to assess other initiatives to reduce round numbers if necessary, which could include widening of tee time intervals on certain days to limit field sizes or introducing further restrictions on visitor access to the course. Annual Report 2020/21 Page 25

Annual Report of the Committee Match Given the growth in member play over the last 12 months are planned for release later in 2021 including a feature to as mentioned above, it is not surprising that average field montitor speed of play during a round. sizes on our key competition days of Tuesday, Wednesday Due to COVID-19 many competitions were postponed and Saturday have all increased as can be seen in the or cancelled at the start of the 2020-2021 membership graph below. The increased participation is a positive sign year. Events which didn’t go ahead included the Kooyonga of member engagement and interest in competition golf, Cup, Anzac Cup, Anzac Memorial Trophy, Mixed Four-Ball however builds pressure on demand for key tee times as Competition and State Father & Son Cup however we were well as speed of play. lucky to be able to reschedule a lot of our events after competitions resumed from June 2020. The 2020 Men’s & Women’s Club Championships were moved to the October long weekend and the change to this date was well received and will continue for the foreseeable future. Speed of play at Kooyonga continues to be a regular topic The Men’s Club Championship was won by Frank Vucic who of discussion at Match Committee, with weekly time per defeated Darcy Salamon in the 36-hole final. Frank also won rounds reports reviewed and slow groups identified and the Junior Boy’s Championship, defeating Darcy Salamon, contacted where necessary to discuss their round and any which topped off a great year for him. Heath Riches was issues that led to their position being lost to the field. A key awarded the WS Shephard Medal for the lowest 36 hole measure used by Committee is a comparison of average qualifying score and congratulations also go to John Dally daily round times against historical data. The introduction of who defeated Stephen Hicks in the B Grade Trophy, Alex the MiScore app during the year has made it a little difficult Gray who defeated Stephen Daniels in the C Grade Trophy, to accurately compare against prior years due to a change George Giotis who defeated Brayden Jenke in the A Grade in methodology of calculating the actual time a member Plate, Daniel Gibbs who defeated Lynn Stewart in the B completed a round. We settled on a 5 minute adjustment Grade Plate and Karl Kirsten who defeated John Frogley in to the time scores are submitted and on this basis, the the C Grade Plate. statistics show that our average round time has marginally There was a similar story for the women’s major events in decreased from 3 hrs 55:25 minutes in 2019/20 to 3 hrs 2020 with Matilda Miels winning both the Women’s Club 54:18 in 2020/21. That is a 1 minute, 7 second decrease in Championship and Junior Girl’s Championship. Matilda the overall average round time. defeated seven-time Club Champion Lyn McGough in the 36 hole final. Congratulations also to Pam Marshall who defeated Janet Marriott in the Bronze Cup, Melissa Emmett who defeated Cassi Heath in the C Grade Salver and Merry Frogley who defeated Linda Ferris in the A Grade Plate. As mentioned above, use of the MiScore app was introduced in 2020 for competition and social golf scoring. The app also provides distances to the green along with a map of the hole. Golfers are able to select points on the map to check distances, i.e. distances to fairway bunkers, and other features on the app include a pace of play indicator, shots indicator and round score card. Kooyonga purchased a MiScore licence for every member to be able to use the app at Kooyonga without needing to pay for an individual license. Most members are now very used to the visuals and functionality of the app and further enhancements Annual Report 2020/21 Page 26

Annual Report of the Committee Match FRANK VUCIC, MEN’S AND JUNIOR BOY’S CLUB CHAMPION WITH TERRY ANDERSON AND MATILDA MIELS, WOMEN’S AND JUNIOR GIRL’S CLUB CHAMPION The winners of the 2020 Men’s Foursomes Championship Cup is one of Australia’s most important and longest running were Nick Deutrom & Heath Riches who won by one shot over amateur events. Frank finished tied 7th in the Port Phillip Open Freddie Cassell & Alex Nemer. Well done also to Gary Allison & Amateur (open age OOM) qualifying for the Match Play finals, Mark Kelly who won the Handicap Foursomes competition. but unfortunately lost his quarter final 4/2. In 2020, the Women’s Foursomes Championship was changed Both Frank and Matilda qualified for their respective SA to a 36 hole event played in conjunction with the Men’s Amateur Championships. Frank qualified for the Men’s SA Foursomes Championship. Matilda Miels & Emily Giotis took Amateur Matchplay in October 2020 but unfortunately lost out the inaugural event by two shots over Jodie Deacon & in the 2nd round against Jack Thompson from Grange. Darcy Lyn McGough. The women also played their handicap match Salamon also qualified but lost in the 1st round on the 19th. play Foursomes competition in August 2020 over a week Matilda Miels qualified in the Women’s SA Amateur but lost in with the qualifying on the Monday & Tuesday and the match the quarter finals 5 & 4 against Charlie Jacobs from Glenelg. play rounds on the Thursday & Friday. The winners of the Emily Giotis also qualified but lost in the first round 5 & 4. Ross Sawers Match Play Trophy (Women’s A Grade Match Play Congratulations to Jordan Percey who won the SA Junior Open Foursomes) were Ann Ewer & Karen Chenoweth, Bantick Salver at Blackwood in December 2020 in a play off against Nicholas (Women’s B Grade Match Play Foursomes) were Anna Wyett & Siegmund. Margaret Foley and Olive Griggs Cup (Women’s C Grade Match Well done to Freddie Cassell who won the Kooyonga Vardon in Play Foursomes) were Anne Brown & Nol Parkyn. Well done to March 2021 with a score of 76. Kyle Hayter, Frank Vucic and all winners! Greg Blewett all tied for 2nd place behind Freddie. Frank Vucic Congratulations to Nicholas Fotinos who defeated William has had a great start to the Vardon year with x3 runner up Stratford in the Junior Boy’s Handicap Match Play final which finishes from 6 starts. was played at the same time as the Junior Boys Championship. As previously noted, congratulations go to Frank Vucic Congratulations to Frank Vucic, Matilda Miels and Emily Giotis and Matilda Miels who won the Junior Boys and Girls who were recently selected for the 2021 Golf Australia (SA) Championship respectively for a second straight year as well High Performance Squad. John Corbett and Daniel Blackwell’s as the Men’s and Women’s Club Championship in 2020. They ability to develop a high performance culture with our elite both had some success away from Kooyonga, with Matilda players is to be commended. finishing tied second in the 2021 Riversdale Cup (Junior Open) played at Riversdale Golf Club in Victoria. The Riversdale Annual Report 2020/21 Page 27

Annual Report of the Committee Match MATILDA MIELS FRANK VUCIC HEATH RICHES FREDDIE CASSELL As Club Champions, Frank and Matilda were invited to play The popular and most prestigious mixed golf event at in the Australian Amateur Championship help at Kooyonga, Kooyonga, the RS Thomson Mixed Canadian Foursomes, was which was great reward for their individual performances well supported in 2020 given the limitations in the number and a thrill for our members. They each played some quality of members able to attend the dinner due to COVID-19 golf during the four-round event, both making the cut and restrictions. Congratulations to Melissa Nelligan & Richard finishing in the top 20. Heath Riches and Freddie Cassell Payne who won the event with a fantastic score of 69.125 also proudly represented Kooyonga in the event, but by three shots from Sarah Gower & Craig Weckert. unfortunately missed the cut. The 2020 Bonython Medal, a highly competitive event which Hosting events such as the Australian Amateur brings together all of the male monthly medal winners from Championship enhances our reputation and standing in the previous year, was won by Nicholas Conlon over Frank Australian golf and allows us to showcase the course to Vucic. The women introduced a similar event for Saturday golfers from around the globe (except when there is a women medal winners in 2020, known as the Saturday pandemic which prevents international travel). Throughout Women’s Medal for Medal Winners and this inaugural event the week we saw the men’s course record of 65 equalled was won by Jillian Trenorden. Well done to Nick & Jill! twice along with some great golf from both the men and women. We were inundated with accolades from players and officials on the quality and condition of the course as well as the overall experience of playing at Kooyonga. RS THOMSON WINNERS, NICHOLAS CONOLAN, BONYTHON JILL TRENORDEN, SATURDAY WOMEN’S MELISSA NELLIGAN & RICHARD PAYNE MEDAL WINNER WITH CHRIS BONYTHON MEDAL FOR MEDAL WINNER Annual Report 2020/21 Page 28

Annual Report of the Committee Match A hotly contested event each year on the women’s golf calendar is KYM DUVAL AND MICHAEL DUVAL the Valerie Hill Memorial trophy. The excitement around this year’s FATHER & SON WINNERS event was no exception with the result going down to the wire. Congratulations to the 2020 winner Melissa Nelligan who won the LIZ HEATH AND CASSIE HEATH event on a countback from runner up Jane Hunter. Melissa played MOTHER & DAUGHTER WINNERS solid golf in the final round scoring a nett 71 which won her the trophy! Well done Melissa! GEORGE GIOTIS AND EMILY GIOTIS The family golf events were played in a different style in 2020, i.e. FATHER & DAUGHTER WINNERS all on the same day due to COVID-19, and some family pairs had to choose which competition to enter in due to this. The exciting aspect DEBRA PERCEY AND JORDAN PERCEY of the 2020 format was to see so many members involved in the MOTHER & SON WINNERS events. The Duval’s continued to dominate the competition in 2020 with Kym Duval & Michael Duval taking out the Kooyonga Father & Annual Report 2020/21 Page 29 Son Cup title over Timothy Simpson and Harry Simpson. The 2020 Kooyonga Mother & Daughter competition was won by Elizabeth Heath & Cassi Heath for the second straight year and the runners up were Wendy Nelligan & Melissa Nelligan. In the Father & Daughter competition, George Giotis & Emily Giotis won the 2020 event (one place better than their result in 2019) with the runners up being William Hards & Taylor Hards and in the Mother & Son competition, Debra Percey & Jordan Percey won the 2020 event with the runners up being Helen Egar & Thomas Clarke. Congratulations to all. The Kooyonga Premier Leagues (men & women) were disrupted due to the restriction imposed on competition golf however restarted later in 2020 when competition golf resumed. A change to the competition in 2020 was that the number of players in each team increased from 6 team members to 7 team members which proved to be a popular move. In the men’s competition, congratulations go to the 7 Up team who won the 2020 Kooyonga Men’s Premier League. The team consisted of Ken Parker, Lindsay Elliott, Keith Plummer, John Anderson, Richard Payne, Richard Henshaw and Chris Muirhead. In the final the 7 Up team defeated the Ginge team which comprised of Gary Allison, Bevan O’Connor, Kym Duval, Mark Mitton, Paddy Bowler, Geoff Kay and Mark Kelly. The individual honours for the season, the Men’s Brownlow Medal for Golf at Kooyonga, was awarded to Keith Plummer in 2020. Well done Keith for a great season! In the women’s competition, the final match was decided by just one point. Congratulations to the Partee Birdies team who won the 2020 Kooyonga Women’s Premier League competition. The team consisted of Margie Gregg, Debra Parry, Cate Birch, Suzanne Hockley, Miriam Van der Zalm, Leonie Millard & Nina Wright. In the final the Partee Birdies team defeated the Rat Pac team (who finished as the runner up team for the second straight year) which comprised of Ros Brown, Anna Wyett, Jill Trenorden, Judi Denton, Helen Egar, Elizabeth Clisby and the late Jill Phillips who is sadly missed. Well done to the Partee Birdies team for a great season! The individual honours for the season, the Women’s Brownlow Medal for Golf at Kooyonga, was awarded to Christine Flynn in 2020 who won the medal for the second straight year. Well done Christine for two years of consistent golf!

Annual Report of the Committee Match BRUCE LINDNER (LEFT) GEOFF RANEBERG LIZ HEATH SANDRA LUNN SENIOR CHAMPION VETERAN’S TROPHY SENIOR WOMEN’S SALVER VETERAN’S TROPHY WITH DAVID FRATERMAN The Men’s senior and veteran’s events needed to be rescheduled PENNANT GOLF due to COVID-19 however were well supported when played Due to COVID-19, the Pennant competition was unfortunately later in 2020. Congratulations to Bruce Lindner for defeating cancelled in 2020. The current 2021 season is the first time the David Fraterman in the Senior Championship and to Gerry Green elite men’s and women’s pennant squads have trained together. for defeating Peter Pavy in the Senior Handicap competition. Our Club Professionals, John Corbett and Daniel Blackwell are Gerry’s win was his second Senior Handicap win in consecutive overseeing an elite golf program which will ensure our teams years! In the Veteran’s Trophy congratulations to Geoff Raneberg are prepared for the challenges of matchplay golf. As I write for defeating John Brewster-Jones and to Craig Parsonage for this report, the 2021 season has been embraced by all squad defeating Peter Castley in the Veterans Handicap competition. members and at approx mid season, most of our teams are in a Well done to Bruce, Gerry, Geoff and Craig for great wins! strong position to make finals. The standard of golf is something The Women’s senior and veteran’s events were played in a to behold, particularly from our youngsters, and I would friendly spirit and congratulations go to Elizabeth Heath who encourage members to head over to the hosting clubs to show won the 2020 Senior Women’s Salver by two shots over Robyn your support in the remainder of the season. Burgan and to Sandra Lunn who won the 2020 Women’s Veteran’s Trophy by one shot over Judi Watson. Congratulations Senior pennant was able to proceed and we congratulate our to Liz and Sandra for excellent results! Senior Div 3 Pennant team who defeated Mt Osmond 6.5 to 0.5 As most members will be aware, the 2020 golf season was a little in the finals played in December 2020, bringing home the flag. disruptive however we were lucky to be able to play most events and witnessed some great golf when the competitions resumed. As I write this report, Bruce Lindner and Richard Payne both have Thank you to all members for their acceptance of the changes a strong lead each midway of the Senior Order of Merit season to the program and congratulations to all of the winners in the with Bruce having won 3 events and Richard winning 2 so far. 2020-2021 membership year. Bruce is also leading the overall combined Senior/Super Senior Men’s Net OOM. SENIOR DIV 3 PENNANT TEAM WINNERS Annual Report 2020/21 Page 30

Annual Report of the Committee Match JUNIOR GOLF Hole-in-One The McMillan Shield is a junior development competition and is viewed as a springboard for juniors in representing their club at a higher level. Well Congratulations to the following done to our team who competed this year and finished at a respectable 5th members who achieved a hole-in-one position given many of the participants are new to competitive golf; Darcy Brown, Nic Fotinos, George Bartley, Samir Dave, Hayden Howard, William from 1 April 2020 to 31 March 2021 Jessen, Taylor Hards, Bingqi An, Raghav Saim and Malachy Marshall. The MyGolf Junior League Kooyonga team, the ‘Mighty K’s’ finished a CRAIG WECKERT, HOLE 7 creditable 4th place in what was quite a disrupted 2020 schedule. This 10 June 2020 group of young prospects have been associated with our Sunday program and were very new to the game, some never even playing a round of SEAN HEYLEN, HOLE 14 competitive golf before. The event is designed to build experience and 19 July 2020 will bode well for this young group moving forward. We even had our youngest junior member in Kooyonga’s history participate (Frankie Flett) JOHN SHARPE, HOLE 3 at only five years of age! Well done on their efforts and congratulations on 31 July 2020 representing Kooyonga in such an enthusiastic and respectable manner. Congratulations to Frankie Flett (youngest junior member at 5 years of age) KYM LAWRENCE, HOLE 7 who earlier this year, won the Australian Under 6yr Junior Championship at 5 August 2020 Royal Pines Golf Course on the Gold Coast. Well done also to Tyron Howard for finishing third in the Under 9yrs US Kids Golf Event at Woodlands Golf SIMON HAMMOND, HOLE 15 Club in Victoria. We certainly have some juniors showing impressive golf 13 August 2020 skills at such a young age. Well done to Emily Giotis and Jaime Hards who both represented Kooyonga GEOFF KAY, HOLE 7 in the Australian Junior Amateur at Gold Creek Country Club in the ACT in 19 August 2020 April this year. Whilst they didn’t make the cut, they gave it a good effort and made it through to the 2nd round. ANDREW KULIWABA, HOLE 7 30 August 2020 MCMILLAN SHIELD TEAM (IN ATTENDANCE) NIC FOTINOS, HAYDEN HOWARD, WILLIAM JESSEN, DEAN WILLING, HOLE 7 TAYLOR HARDS, DARCY BROWN, MALACHY MARSHALL 12 September 2020 JAIME HARDS AND EMILY GIOTIS PENNY WARK, HOLE 7 27 October 2020 SIMON HAMMOND, HOLE 14 12 December 2020 MAURO ZOPPA, HOLE 14 10 January 2021 MELISSA NELLIGAN, HOLE 3 19 January 2021

Annual Report of the Committee Competition Results Men’s Competition Results STATE EVENTS WINNER RUNNER-UP Simpson Cup Not Played Due to COVID-19 Not Played Due to COVID-19 Bonnar Cup Not Played Due to COVID-19 Not Played Due to COVID-19 Senior Pennant (Div 3) Kooyonga Flagstaff Hill CLUB EVENTS WINNER RUNNER-UP Club Championship Frank Vucic Darcy Salamon WS Shephard Club Medallist Heath Riches Frederick Cassell ‘A’ Grade Plate George Giotis Brayden Jenke ‘B’ Grade Trophy John Dally Stephen Hicks ‘B’ Grade Plate Daniel Gibbs Lynn Stewart ‘C’ Grade Trophy ‘C’ Grade Plate Alex Gray Stephen Daniels Club Senior Championship Club Senior Handicap Karl Kirsten John Frogley Veteran’s Trophy Veteran’s Handicap Bruce Lindner David Fraterman Club Foursomes Championship Club Handicap Foursomes Gerald Green Peter Pavy Club Junior Championship Club Junior Handicap Geoffrey Raneberg John Brewster-Jones Monthly Medals (April & May Not Played Due to COVID-19) Craig Parsonage Peter Castley Junior Summer Trophy Nick Deutrom & Heath Riches Frederick Cassell & Alex Nemer HL Rymill Championship Kooyonga Cup Gary Allison & Mark Kelly Gerald Green & Adam D’Achille Bonython Medal Playfair Putter Frank Vucic Darcy Salamon TH Brown Trophy JW McGregor Cup Nicholas Fotinos Will Stratford Captain’s Trophy Anzac Cup A: Matthew Ormsby, Bruce Lindner, Kym Duval (2), Richard Fleming. David Fraterman, Anzac Memorial Father & Son Cup Rod Marsh, Gary Chenoweth, William Zaharis, Peter Pavy FS Mann Winter Eclectic B: John Christensen, Guy White, Peter Robinson, Greg Stirling, Sam Atkins, Kenneth Pittman, Summer Eclectic Michael Coro, William Hards, Marinos Harkotsikas, James Looker Winter Four-Ball C: John Frogley (2), Ajit Bedi, John Doyle, Nicholas Conolan, Anthony Davis, Summer Four-Ball Andrew Kennedy (2), Andrew Klomp, David Garrett Charlie Nobbs (The Vines of Reynella) Andrew Park (Southport) Frederick Cassell Kyle Hayter Not Played Due to COVID-19 Not Played Due to COVID-19 Nicholas Conolan Frank Vucic William Somerfield Frederick Cassell David Garrett Patrick Bowler Peter Hoffmann Charles Burfield Mark Kelly Keith Barnard Not Played Due to COVID-19 Not Played Due to COVID-19 Not Played Due to COVID-19 Not Played Due to COVID-19 Kym Duval & Michael Duval Timothy Simpson & Harry Simpson A - Darcy Salamon A - George Giotis B - Michael Davey B - Mark Dowd C - Carey Weston C - John Doyle A - Matthew Ormsby A - Scott Duval & Mark Kelly B - Nick O’Connell B - Guy White & Greg May C - Ivan Hutchin C - Jon Cox George Waterhouse & Hugh Cranendonk Shannon Kroehn & Adam Rogers Nick O’Connell & Rowan Fielke Graham Ascough & Craig Lockhart Annual Report 2020/21 Page 32

Annual Report of the Committee Competition Results Mixed Competition Results STATE EVENTS WINNER RUNNER-UP Sharp Cup Not Played Due to COVID-19 Not Played Due to COVID-19 Junior Division 2 Pennant Not Played Due to COVID-19 Not Played Due to COVID-19 CLUB EVENTS WINNER RUNNER-UP RS Thomson Richard Payne & Melissa Nelligan Craig Weckert & Sarah Gower Father & Daughter George Giotis & Emily Giotis William Hards & Taylor Hards Mother & Son Debra Percey & Jordan Percey Helen Egar & Thomas Clarke Family Mixed Foursomes Chris George & Olivia Giotis Jodie Deacon & Mark Deacon Club Mixed Foursomes Championship Heath Riches & Isabella Cahill-Terrell David Mattner & Jodie Deacon Mixed Four-Ball Not Played Due to COVID-19 Handicap Foursomes Not Played Due to COVID-19 Richard Payne & Marian Pavy The Masters at Kooyonga Trevor Hockley & Suzanne Hockley Darcy Salamon Jaime Hards RUNNER-UP Women’s Competition Results Not Played Due to COVID-19 STATE EVENTS WINNER Not Played Due to COVID-19 Not Played Due to COVID-19 Sanderson Cup Pennant Not Played Due to COVID-19 Not Played Due to COVID-19 Pike Cup Pennant Not Played Due to COVID-19 Women’s A3 & A4 Pennant Not Played Due to COVID-19 Women’s A4 Pennant Not Played Due to COVID-19 CLUB EVENTS WINNER RUNNER-UP Club Championship Matilda Miels Lyn McGough ‘A’ Grade Plate Meredith Frogley Linda Ferris Bronze Cup Pamela Marshall Janet Marriott ‘B’ Grade Plate ‘C’ Grade Salver Not Played Due to COVID-19 Not Played Due to COVID-19 ‘C’ Grade Plate Melissa Emmett Cassandra Heath Women’s Foursomes Championships Ross Sawers Championship Not Played Due to COVID-19 Not Played Due to COVID-19 Bantick Salver Matilda Miels & Emily Giotis Lyn McGough & Jodie Deacon Olive Griggs Cup Ann Ewer & Karen Chenoweth Jodie Deacon & Melissa Nelligan Vice Captain’s Foursomes Anna Wyett & Margaret Foley Louise Bowler & Pamela Marshall Club Junior Championship Anne Brown & Nolene Parkyn Angela Fleming & Virginia Lacey Junior Girls’ Invitational Jillian Trenorden & Lyn McGough Amanda MacKenzie & Joanne Woods Captain’s Trophy Matilda Miels Emily Giotis President’s Trophy Rebekka Stutley (Royal Adelaide) Sarah Hammett (Emerald Lakes) Valerie Hill Trophy Barbara Clapp Christine Hildyard Mother & Daughter Karen Chenoweth Anne Brown Women’s Medal for Medal Winners Melissa Nelligan Jane Hunter Monthly Medals (Tuesday) Elizabeth Heath & Cassandra Heath Wendy Nelligan & Melissa Nelligan Jillian Trenorden Barbara Burnet (April & May Not Played Due to COVID-19) A: Christine Hildyard (2), Emily Giotis, Jodie Deacon, Jillian Trenorden, (November n/a) Monthly Medals (Saturday) (April & May Not Played Due to COVID-19) B: Kayoko Miki, Suzanne Hockley (2), Joanne Woods, Pamela Marshall, Anna Wyett C: Janine Wright, Sally Sarah, Robyn Burgan, Elizabeth Heath, Melissa Emmett, (Nov n/a) Joanne Woods, Zoee Dolling, Linda Ferris (2), Anne Brown, Jillian Trenorden, Emily Giotis, Hayley Hunt, Julie Brown (2) Annual Report 2020/21 Page 33

EXCELLENCE LIKELIHOOD OF REFERRING A FRIEND 8.0/10 TO KOOYONGA PROGRESSIVE INCLUSIVE 7.8/10 7.3/10 Culture & 7.0/10 Values A decrease from 8.1/10 in 2019 but 7.6/10 on par with rating in 2017 RESPECT PROUD FRIENDLINESS & CAMARADERIE OF 8.1/10 7.7/10 FELLOW MEMBERS 8.2/10 A slight decrease from 8.3/10 in 2019 but on par with rating in 2017 MEMBERSHIP REPRESENTS VALUE FOR MONEY 7.2/10 A decrease from 7.7/10 in 2019 and 8.5/10 in 2017 SATISFACTION OF HOW WELL WE LIVE UP TO OUR VISION & MISSION 7.9/10 Slight decrease from 8.0 in 2019 and 8.2 in 2017 Thank you to all members who participated in the overview of results and plan of action for the various SURVEY REPORTING 2021 Member Satisfaction Survey. We received a areas of the Club will be distributed to members by TIMELINE DATES record number of 490 responses which provides September 2021 following detailed review by the fantastic insight as to how members perceive our Committee. > May 2021 Club, with a number of new questions added to obtain A key indicator used globally to measure and track how Analysis of survey results more qualitative data via comments. Committee and a business is perceived by its customers is the “Net > June 2021 management have commenced the detailed analysis Promoter Score” which in our case, is based on responses Provide high level overview process comparing the key areas of the Club against prior to the question “On a scale of 1-10 where 10 is ‘very in Annual Report and at AGM member surveys completed in 2017 and 2019. likely’ and 1 is ‘not at all likely’, how likely are you to refer > July 2021 The overall results show a small decline in overall member a friend to join Kooyonga Golf Club”. The calculation Conduct comprehensive satisfaction compared to the 2019 member survey, which subtracts the percentage of detractors (respondents analysis & reporting would appear to be linked to concerns with the recent who score 0-6) from promotors (respondents who score > August 2021 7.5% subscription fee increase, our strategic direction 9-10) to give a net promotor score. The respondents who Consultation with key and our inclusiveness as a Club. In saying that, a pleasing score 7-8 are satisfied but less enthusiastic and so are Management & Committee aspect of the survey results is the improved satisfaction not included in the calculation. According to our global with the overall condition of the course, with both the benchmark data, which accounts for the NPS of more > September 2021 condition of greens and fairways rated 8.6 compared to than 150,000 organizations, the average score is +32. Provide comprehensive 8.2 in the 2019 survey. Our Net Promotor Score has declined to 23.4 from a high report back to members A snapshot of the survey results has been provided of 36.4 in 2019, which along with the concerns raised herewith and further information will be presented at the above, gives an indication of declining satisfaction with Annual General Meeting, however a more comprehensive the Club which will need to be reviewed and addressed by Committee.

TOP 5 WORDS DESCRIBING KEY AREAS OF KOOYONGA MEMBERSHIP COURSE CLUBHOUSE ENJOYABLE EXCELLENT EXCELLENT GOOD CHALLENGING GOOD PRIVILEGE GOOD GREAT EXPENSIVE GREAT MODERN EXCELLENT BEAUTIFUL FANTASTIC 8.0KOOYONGA OVERALL /10 Satisfaction A slight decrease from 8.3/10 in 2019 and 8.5/10 in 2017 8.3GOLF COURSE /10 Overall satisfaction A slight increase from 8.1/10 in 2019 but decrease from 8.7/10 in 2017 8.8GOLF SHOP /10 Overall satisfaction An increase from 8.7/10 in 2019 and 8.0/10 in 2017 8.4CATERING & CLUBHOUSE /10 Overall satisfaction A slight decrease from 8.5/10 in 2019 but increase from 8.1/10 in 2017 8.4ADMINISTRATION /10 Overall satisfaction A slight decrease from 8.5 /10 in both 2019 and 2017 8.8KOOYONGA STAFF /10 Overall satisfaction A slight decrease from 8.9/10 in 2019 but on par with 8.8/10 in 2017

Financial Report For the Year Ended 31 March 2021 Content of Financial Statements Statement of Comprehensive Income 37 Statement of Financial Position 42 Statement of Changes in Equity 43 Statement of Cash Flows 44 Notes to and Forming Part of the Accounts 45 Statement by the Committee 55 Audit Report 56 Five Year Summary 58

Statement of Comprehensive Income For year ended 31 March 2021 Classification of Income and Expenses by Function 2021 2020 Note $ $ Income (refer supplementary information) 3,482,850 3,375,175 (199,330) (133,525) Membership 10,764 225,747 House (net) (5,319) Golf Shop Operations (net) (290,787) - Property (net) 775,930 59,024 Other Government Subsidies 3,774,108 - Total Income (107,286) 3,526,421 (862,347) Expenses (refer supplementary information) (1,847,337) (33,107) (944,348) (973,608) Finance expenditure (1,739,522) Administration expenditure (3,761,318) (741,094) Course expenditure House expenditure 12,790 (3,487,331) Total Expenses 367,130 39,090 Operating surplus/(deficit) before Entrance Fees 379,920 220,399 Entrance Fees 32,560 259,489 (22,675) Total Surplus/(Deficit) for Year - 389,805 (12,500) Amounts Received from Kooyonga Foundation for Artwork State & National Golf Events 246,989 Total Comprehensive Income The accompanying notes form part of the financial statements. The accompanying notes form part of the financial statements Annual Report 2020/21 Page 37 Page 2

Statement of Comprehensive Income For year ended 31 March 2021 (supplementary information) THE KOOYONGA GOLF CLUB INCORPORATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2021 Membership Income 2021 2020 $ $ Membership Income Subscriptions 3,419,333 3,321,855 Other 63,517 53,320 Total Membership Income 3,482,850 3,375,175 House Contribution 671,939 653,082 (292,050) (266,032) Bar Sales 379,889 387,050 Less: Cost of Sales Gross Profit (2021: 56.5%, 2020: 59.3%) 662,291 745,945 (334,253) (370,459) Food Sales 328,038 375,486 Less: Cost of Sales Gross Profit (2021: 49.5%, 2020: 50.3%) 10,054 10,275 Other Income 717,981 772,811 Total Trading Gross Profit Less: (933,239) (941,753) (18,400) (12,561) Salaries and associated costs Other direct expenses (951,639) (954,314) Profit/(loss) for the year (233,658) (181,503) Add: Unused catering levy Total House Contribution 34,328 47,978 (199,330) (133,525) The accompanying notes form part of the financial statements. The accompanying notes form part of the financial statements Annual Report 2020/21 Page 38

Statement of Comprehensive Income For year ended 31 March 2021 (supplementary information) THE KOOYONGA GOLF CLUB INCORPORATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2021 Golf Shop Operations Contribution 2021 2020 $ $ Retail Sales Less: Cost of Sales 534,740 558,743 Gross Profit (2021: 29.1%, 2020: 29.6%) (378,878) (393,208) 155,862 165,535 Other Golf Operations Income Tuition (net) 54,699 68,433 Driving Range 69,633 61,227 Hire Equipment 16,129 Club & Buggy Handling & Cleaning Fees 6,041 88,288 Competition Fees 83,651 178,087 Green Fees 190,780 229,138 Motorised Cart Fees 97,721 76,026 Trade days income 80,324 177,999 Other 74,507 23,646 14,832 Total Trading Gross Profit 1,084,508 828,050 Less Golf Operations Expenditure (7,284) Buggy Expenses (20,485) (92,752) Depreciation (77,651) (14,707) Driving Range (8,054) (29,385) Other (36,757) (29,390) Pennant Expenses (1,895) Promotion & Communication (8,576) (7,690) Repairs and Maintenance (2,913) Salaries & Associated Costs (852) (516,516) Trophies & Prizes (502,584) (158,124) (160,432) (858,761) (817,286) 225,747 Total Golf Shop Operations Contribution 10,764 The accompanying notes form part of the financial statements. The accompanying notes form part of the financial statements Annual Report 2020/21 Page 39

Statement of Comprehensive Income For year ended 31 MarchTHE KOOYONGA GOLF CLUB INCORPORATED 2021 (supplementary information) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2021 SUPPLEMENTARY INFORMATION (CONT.) Property Contribution 2021 2020 $ $ Income Rental Income 8,495 - 8,495 - Total Income (2,645) - Less Property Expenditure (8,919) - Property Expenses (2,250) - Interest (13,814) - Depreciation (5,319) - Total Expenses Total Property Contribution Other Income 6 37,710 (319,113) 691 Other Income Bank income 28,320 20,623 Profit/(Loss) on sale or disposal of property, plant & equipment 59,024 Other income (290,787) - Total Other Income - - Government Subsidies - Government Subsidies 1 (a) 635,210 Job Keeper Payments 100,000 Cashflow Boost 40,720 Apprentice Incentive 775,930 Total Government Subsidies The accompanying notes form part of the financial statements. The accompanying notes form part of the financial statements Annual Report 2020/21 Page 40

Statement of Comprehensive Income For year ended 31 March 2021 (supplementary information) THE KOOYONGA GOLF CLUB INCORPORATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2021 SUPPLEMENTARY INFORMATION (CONT.) 2021 2020 $ $ Course Expenditure: Bore maintenance, electricity & water costs 67,256 74,371 Chemicals, turf & sundry expenses 237,581 191,158 Consultants fees Course maintenance 8,194 7,933 Depreciation 54,211 48,578 Petrol, oil & lubricants 367,526 379,257 Plant maintenance 15,594 21,061 Vegetation & Tree Maintenance 62,856 58,068 Wages & associated costs 29,906 22,499 1,004,213 936,597 1,847,337 1,739,522 House Expenditure: 583,046 414,528 Depreciation 83,267 88,477 Cleaning 61,506 44,874 Maintenance 81,706 81,547 Light, power & gas 21,164 30,653 Laundry 36,097 30,194 Upkeep of Surrounds 77,562 50,821 Other 944,348 741,094 Administration Costs: 2 8,150 7,900 Auditors remuneration 19,439 26,867 Committee expenses 52,894 51,318 Computer software & website expenses 42,590 42,534 Insurance premiums and claim expenses 17,766 17,665 Printing, stationery, postage & telephone 108,712 113,817 Rates & Taxes 539,660 Salaries & associated costs 513,452 93,133 Payroll Tax (3,361) Membership Promotional & Marketing Expenses 7,380 6,377 Depreciation 6,806 5,112 Other 88,519 69,226 973,608 862,347 32,757 Finance & Property Expenses: 1 (h) 106,737 350 Interest & bank fees Interest on Lease Liabilities 549 33,107 107,286 The accompanying notes form part of the financial statements. The accompanying notes form part of the financial statements Annual Report 2020/21 Page 41

Statement of Financial Position As at 31 March 2021 Current Assets Note 2021 2020 $ $ Cash & cash equivalents 3 Trade & other receivables 4 510,891 950,700 Inventories 5 240,071 132,247 Other current assets 6 345,864 287,205 155,646 100,629 Total Current Assets 7 8 1,252,472 1,470,781 Non-Current Assets 9 16,444,032 7,171,248 Property, plant and equipment 10 123,011 4,018,955 Capital works in progress 11 1 (a) 16,567,043 11,190,203 Total Non-Current Assets 1 (h) 17,819,515 12,660,984 Total Assets 11 1 (a) 707,488 1,252,195 Current Liabilities 10 2,780,792 2,076,427 1 (h) Trade & other payables 352,314 300,289 Subscriptions and other monies in advance 774,527 402,771 Short term provisions 218,428 216,794 Borrowings 32,704 Entrance Fee Liability 58,718 Lease Liabilities 4,281,180 4,892,267 Total Current Liabilities - 3,941,892 2,434,255 Non-Current Liabilities 2,374,924 29,420 Borrowings 57,792 11,960 Entrance Fee Liability 258,666 Long term provisions 2,475,635 Lease Liabilities 6,633,274 6,756,815 Total Non-Current Liabilities 11,525,541 5,904,169 Total Liabilities 6,293,974 5,904,169 Net Assets 6,293,974 5,904,169 Equity 6,293,974 Retained earnings Total Equity The accompanying notes form part of the financial statements. The accompanying notes form part of the financial statements Annual Report 2020/21 Page 42

Statement of Changes in Equity For year ended 31 March 2021 Retained Total Earnings $ $ 2020 8,266,908 8,266,908 Balance as at 1 April 2019 - Restated 1 (i) (2,609,728) (2,609,728) Cumulative adjustment upon adoption of new accounting standard - AASB 15 Total surplus (deficit) for the year 246,989 246,989 Balance as at 31 March 2020 5,904,169 5,904,169 2021 5,904,169 5,904,169 Balance as at 1 April 2020 Total surplus (deficit) for the year 389,805 389,805 Balance as at 31 March 2021 6,293,974 6,293,974 The accompanying notes form part of the financial statements Annual Report 2020/21 Page 43

Statement of Cash Flows For year ended 31 March 2021 Cash Flows from Operating Activities Note 2021 2020 12 Receipts from customers/members $ $ Receipts from government subsidies 3 Entrance fees 6,679,290 5,948,382 Payments to suppliers & employees 775,930 - Interest paid 309,432 Interest received 261,720 (5,194,000) (5,335,300) Net cash provided by (used in) operating activities (78,604) 6 (2,516) Cash Flows from Investing Activities 37,710 2,492,054 Payments for purchase of property, plant & equipment 909,996 Payments for capital work in progress (7,109,187) Proceeds from sale of property, plant & equipment (96,478) (331,642) Amounts received for new assets 4,407 (2,948,186) - Net cash provided by (used in) investing activities 85 (7,201,258) - Cash Flows from Financing Activities 4,313,648 (3,279,743) Proceeds from Borrowings (44,253) Payments for Lease Liabilities 402,771 4,269,395 (54,244) Net cash provided by (used in) investing activities (439,809) 348,527 Net increase/(decrease) in cash held 950,700 (2,021,220) Cash at beginning of the year 510,891 2,971,920 Cash at end of the year 950,700 Annual Report 2020/21 Page 44

Notes to and Forming Part of the Accounts For year ended 31 March 2021 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 Note 1 - Statement of Significant Accounting Policies The financial report is a general purpose financial report that has been prepared in accordance with Accounting Standards Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporation Act of 1985 (SA). The financial report of Kooyonga Golf Club Inc complies with all Australian equivalents to International Financial Reporting Standards (IFRS) in their entirety. Basis of Preparation The financial report has been prepared on an accruals 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 the exchange for assets. Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year. The following is a summary of the material accounting policies adopted by the entity in preparation of the financial report. The accounting policies have been consistently applied unless otherwise stated. a) Recognition of Revenue The Club records entrance fees as non-operating revenue rather than as an item of operating revenue in the income statement. The Club recognises entrance fees over the average tenure of our current membership which is currently 21.2 years as required by AASB 15. This results in a difference between the cashflow from entrance fees during the year and the recorded entrance fee in the statement of comprehensive income. The Club recognises subscription revenue in the year to which they relate with amounts received prior to 1 April being recognised as Subscriptions in advance. The Club recognises Bar, food and Golf shop revenue at the time of sale. The Club recognises Job Keeper revenue under other income and includes the portion that related to hours worked. The Club receiving Job Keeper was incidental and the portion of income recorded under Job Keeper were for wages that would have been incurred regardless. Any JobKeeper topup amounts passed onto employees ontop of the hours worked were netted off. b) Income Tax The Club is exempt from income tax under Section 23(g)(iii) of the Income Tax Assessment Act . Therefore no tax has been provided in the accounts. c) Inventories Inventories are measured at the lower of cost and net realisable value. d) 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 Plant and equipment are measured on the cost basis less depreciation and impairment losses. Depreciation The depreciable amount of all fixed assets including buildings, but excluding freehold land, is depreciated on a straight line basis over their useful lives to the Club commencing from the time the asset is held ready for use. The depreciation rates for each class of depreciable assets are: Annual Report 2020/21 Page 45

Notes to and Forming Part of the Accounts For year ended 31 March 2021 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 Note 1 - Statement of Significant Accounting Policies (cont) Depreciation (cont.) Category Useful Lives Buildings 2.5-5% - Brick & Stone 10% - Wood & Iron 10% Course development 4% Watering system 5% Bores Furniture, Plant & equipment 10 -20% Computer equipment 30% 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 recoverable amount of an individual asset, the Committee estimates the recoverable amount of the cash-generating unit to which the asset belongs. e) Employee Benefits Provision is made for the Club's liability for employee benefits arising from services rendered by employees to balance date. Employee benefits expected to be settled within one year together with benefits arising from salaries and wages, annual leave and sick leave which will be settled after one year, have been measured at their nominal amount. Other employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability for employee entitlements to long service leave the Club has satisfied itself that based on past experience, the accrual of the Club's long service leave liability based on remuneration rates and on costs current at balance date for all employees with five or more completed years of service provides an estimate of the long service leave liability not materially different from the estimate determined using the present value basis of measurement. f) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the Statement of Financial Position are shown inclusive of GST. g) 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. Annual Report 2020/21 Page 46

Notes to and Forming Part of the Accounts For year ended 31 March 2021 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 Note 1 - Statement of Significant Accounting Policies (cont) h) Leases At inception of a contract, the Club assesses if the contract contains or is a lease. If there is a lease present, a right-of-use asset and a corresponding lease liability is recognised by the Club where the Club is a lessee. However, all contracts that are classified as short-term leases (ie a lease with a remaining lease term of 12 months or less) and leases of low-value assets are recognised as an operating expense on a straight-line basis over the term of the lease. Initially, the lease liability is measured at the present value of the lease payments still to be paid at commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, the Club uses the incremental borrowing rate. The right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease payments made at or before the commencement date, as well as any initial direct costs. The subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever is the shortest. Where a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Club anticipates to exercise a purchase option, the specific asset is depreciated over the useful life of the underlying asset. i) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. Certain comparative figures have been restated where necessary to conform with current period presentation. Annual Report 2020/21 Page 47

Notes to and Forming Part of the Accounts For year ended 31 March 2021 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 Note 2 - Auditors' Remuneration 2021 2020 $ $ Remuneration of the auditor for: - auditing or reviewing the financial report 8,150 7,900 - other accounting service - - Note 3 - Cash and Equivalents 8,150 7,900 Cash on hand 1,600 7,000 Cash at bank Short term deposits 509,291 943,700 Note 4 - Trade and Other Receivables - - 510,891 950,700 Trade receivables Less: Provision for impairment of receivables 240,071 132,247 Note 5 - Inventories - - 240,071 132,247 Stock - Bar Stock - Dining Room 124,243 65,141 Stock - Golf Shop 18,810 18,516 Stock - Miscellaneous 195,300 196,995 8,248 Note 6 - Other Current Assets 5,816 287,205 Prepayments 345,864 Other 114,496 95,726 41,150 4,903 155,646 100,629 Annual Report 2020/21 Page 48