Kooyonga Annual Report 2021-22

NOTES TO AND FORMING PART OF THE ACCOUNTS For year ended 31 March 2022 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 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 The 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 top-up amounts passed onto employees on top 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 2021/22 Page 49

NOTES TO AND FORMING PART OF THE ACCOUNTS For year ended 31 March 2022 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Note 1 - Statement of Significant Accounting Policies (cont.) Depreciation (cont.) Category Useful Lives Buildings - Brick & Stone 20-40 Years - Wood & Iron 10 Years Course development 10 Years Watering system 25 Years Bores 20 Years Furniture, Plant & equipment Computer equipment 5-10 Years 3⅓ Years 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 2021/22 Page 50

NOTES TO AND FORMING PART OF THE ACCOUNTS For year ended 31 March 2022 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 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 (i.e. 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 2021/22 Page 51

NOTES TO AND FORMING PART OF THE ACCOUNTS For year ended 31 March 2022 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS 2022 2021 FOR THE YEAR ENDED 31 MARCH 2022 $ $ Note 2 - Auditors' Remuneration 8,350 8,150 Remuneration of the auditor for: - - - auditing or reviewing the financial report 8,350 8,150 - other accounting service 1,600 1,600 Note 3 - Cash and Equivalents 169,304 509,291 Cash on hand - - Cash at bank 170,904 510,891 Short term deposits 225,282 240,071 Note 4 - Trade and Other Receivables - - Trade receivables 225,282 240,071 Less: Provision for impairment of receivables 133,933 124,243 Note 5 - Inventories 20,083 18,810 228,631 Stock - Bar 196,995 Stock - Dining Room 3,816 5,816 Stock - Golf Shop 386,463 Stock - Miscellaneous 345,864 144,502 Note 6 - Other Current Assets 3,055 114,496 41,150 Prepayments 147,557 Other 155,646 Annual Report 2021/22 Page 52

NOTES TO AND FORMING PART OF THE ACCOUNTS For year ended 31 March 2022 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Note 7 - Property, Plant and Equipment 2022 2021 $ $ Freehold land & buildings (at cost) Less: Accumulated depreciation 16,091,247 14,965,308 (3,609,559) (3,477,829) Course development (at cost) 12,481,688 11,487,479 Less: Accumulated depreciation 2,212,172 2,151,133 Watering equipment (at cost) (1,485,318) (1,355,570) Less: Accumulated depreciation 726,854 795,563 Course building, plant & equipment (at cost) Less: Accumulated depreciation 1,773,371 1,770,411 (1,439,324) (1,371,732) Furniture, fittings & equipment (at cost) Less: Accumulated depreciation 334,047 398,679 Golf Shop Equipment & Buggies (at cost) 2,706,080 2,642,529 Less: Accumulated depreciation (1,958,930.0) (1,829,492) Right-of-use-asset 747,150 813,037 Less: Accumulated depreciation 2,995,357 2,815,249 Residential Property (Building) (819,011) (573,530) Less: Accumulated depreciation 2,241,719 The residential land is recorded under freehold land totalling $2,484,379 2,176,346 Total property, plant and equipment 400,782 400,169 (232,484) (271,464) 168,298 128,705 347,686 350,320 (31,179) (93,898) 316,507 256,422 225,000 720,159 (2,250) (16,469) 703,690 222,750 17,554,902 16,444,032 Note 7(a) -Movement in Carrying Amounts Watering Course P&E & Furniture & Golf Shop Right of Use Residential Fittings Property Land & Buildings Course Develop Equip Buildings $ Equip Asset $ Total $$ $ $$ 2,241,719 $$ 222,750 182,788 495,159 16,444,032 Balance at beginning 11,487,479 795,563 398,679 813,037 (1,043) 168,298 316,507 2,293,466 of the year 1,472,034 72,539 2,960 64,728 (247,118) 623 2,635 - (1,426) - - - - (14,219) (1,181,170) Additions - (383) Disposals (477,825) (141,248) (67,592) (130,232) (40,216) (62,720) Depreciation expense Carrying amount at the 12,481,688 726,854 334,047 747,150 2,176,346 128,705 256,422 703,690 17,554,902 end of the year Annual Report 2021/22 Page 53

NOTES TO AND FORMING PART OF THE ACCOUNTS For year ended 31 March 2022 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Note 8 - Capital Work in Progress 2022 2021 $ $ Maintenance Facility Masterplan Irrigation Masterplan 16,300 4,750 Practice Facility 28,700 25,000 On-Course Toilet 412,881 Other 15,494 1,782 - Note 9 - Trade and Other Payables 4,113 477,488 91,479 TTCrHuarEdreeKnpOatyOabYlOesNGA GOLF CLUB INCORPORATED 123,011 Clubhouse upgrade payables NSuOnTdErySpaTyOabAleNsDanFdOaRccMruIeNdGexPpAeRnsTesOF THE ACCOUNTS 403,811 476,670 FOR THE YEAR ENDED 31 MARCH 2022 - - 223,073 230,818 626,884 707,488 Annual Long Service Total Leave Leave Note 10 - Provisions Opening balance at 1 April 2021 223,743 186,363 410,106 Additional provisions 185,757 38,384 224,141 Taken during the year (154,427) (2,910) (157,337) Closing balance at 31 March 2022 255,073 221,837 476,910 Current: 2022 2021 Annual leave $ $ Long service leave 255,073 223,743 187,795 128,571 442,868 352,314 Non-current: 34,042 57,792 Long service leave Note 11 - Borrowings 2022 2021 Current: $ $ CBA Bank Loan - Clubhouse Upgrade CBA Bank Loan - Property 2,445,000 500,000 Kooyonga Foundation Loan 67,860 24,527 250,000 250,000 2,762,860 774,527 Non-current: - 2,678,365 CBA Bank Loan - Clubhouse Upgrade 2,992,334 1,263,527 CBA Bank Loan - Property Kooyonga Foundation Loan - - 2,992,334 3,941,892 a) Borrowings Annual Report 2021/22 Page 54 The clubhouse bank debt has a facility limit of $4.5M as at 31st March 2022 and is secured by Registered Mortgages over the Club's freehold

NOTES TO AND FORMING PART OF THE ACCOUNTS For year ended 31 March 2022 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Note 11 - Borrowings 2022 2021 Current: $ $ CBA Bank Loan - Clubhouse Upgrade CBA Bank Loan - Property 2,445,000 500,000 Kooyonga Foundation Loan 67,860 24,527 250,000 250,000 2,762,860 774,527 Non-current: - 2,678,365 CBA Bank Loan - Clubhouse Upgrade 2,992,334 1,263,527 CBA Bank Loan - Property Kooyonga Foundation Loan - - 2,992,334 3,941,892 a) Borrowings The clubhouse bank debt has a facility limit of $4.5M as at 31st March 2022 and is secured by Registered Mortgages over the Club's freehold property. The facility has a renewal date of 31st July 2022 and therefore must be represented as current liability, however prior to the 31st July 2022 the Club will renegotiate the terms of the loan and expect the facility will contain repayment terms beyond 12 months with a significant amount to revert to non-current. The extension of the loan facility on similar commercial terms is being finalised with the CBA at the date of these accounts and the Committee has no reason to believe the facility will not be rolled over. The property bank debt facility limit is $3.060M (split over two separate loans) as at 31st March 2022 secured by Registered Mortgages over tThHeEreKspOeOctYivOe NprGopAerGtiOesL. OFnCeLfaUcBilitIyN(C$1O.2R6P3OMR)AhaTsEaDrenewal date of 18th December 2023 at which time the loan terms will be renegotiated. The other facility ($1.797M) has a renewal date of 17th January 2025 at which time the loan terms will be renegotiated. TtFNhhOOeerRTeKEooTfSoHaytEToanOYngyaEAtAFNimoRDuenEF,deNOaitDtRhioEMenrDIlaNot3aGt1nhPeMisArAleeRqRnuTtCeaOHsttFa2on0fTat2Hht2EecaCAllluCbbaCsoOisr tUahnNedTKiSsooreyvoinegwaedFoaunnnduaatliloyno.n the 31st March. The Club will repay the funds or any part Note 12 - Statement of Cash Flows Reconciliation of cash flow from operations with operating surplus/(deficit): 332,329 389,805 Operating surplus/(deficit) 1,181,170 1,037,279 1,245 319,113 Non-cash items in operating surplus/(deficit) (57,698) Depreciation (109,133) (Profit)/losses on sale of property, plant & equipment (107,824) Adjustment to Entrance Fees as a result of changes in accounting policy 14,788 (55,017) 8,089 (58,659) Changes in Assets and Liabilities (40,600) 704,365 (Increase)/Decrease in receivables (48,960) 80,398 (Increase)/Decrease in other assets 66,803 240,292 (Increase)/Decrease in inventories (80,604) Increase/(Decrease) in other liabilities 1,325,127 2,492,054 Increase/(Decrease) in provisions Increase/(Decrease) in payables and accruals Cash flow from operations Annual Report 2021/22 Page 55

THE KOOYONGA GOLF CLNFUoBOrINTyCeEOaRSPrOTeROnAdTAEeDNd D31FMOaRrMchIN20G2P2ART OF THE ACCOUNTS NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Note 13 - Credit Standby Facilities A bank overdraft facility of $150,000 is available however at balance date no amount was drawn against this facility. The facility is secured by Registered Mortgages over the Club's freehold property. THE KOOYONGA GOLF CLUB INCORPORATED Note 14 - Remuneration of Committee Members NNOo aTmEoSuTntOs wAeNreDreFcOeiRveMdIoNrGduPeAanRdTreOcFeivTaHblEe fAroCmCtOheUCNluTbSby the Committee. FOR THE YEAR ENDED 31 MARCH 2022 Note 15 - Financial Instruments a) Interest Rate Risk The Club's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on those financial assets and financial liabilities, is as follows: Weighted Floating Fixed Interest Rate Total Average Interest Rate Maturing Within Effective 1 Year Interest Rate 2022 2021 2022 2021 2022 2021 2022 2021 %% $ $ $ $ $ $ Financial Assets -- 169,304 509,291 - - 169,304 509,291 Cash at bank -- - - - - - - Short term deposits Total Financial Assets 169,304 509,291 - - 169,304 509,291 Financial Liabilities: CBA Bank Loan - Clubhouse Upgrade 2.38 2.38 2,445,000 3,178,365 - - 2,445,000 3,178,365 3,060,194 1,288,053 - THECKBOAOBYanOkNLGoaAnG-OPrLoFpeCrLtyUB INCORPOR2A.3T8ED 2.38 - - 3,060,194 1,288,053 250,000 250,000 Kooyonga Foundation Loan 1.50 1.50 - 250,000 250,000 NOTTEoStaTlOFiAnaNnDciFaOl LRiaMbINiliGtiePsART OF THE ACCOUNTS 5,755,194 4,716,418 - - 5,755,194 4,716,418 FOR THE YEAR ENDED 31 MARCH 2022 b) Credit Risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets is the carrying amount, net of any provisions for doubtful debts, as disclosed in the balance sheet and notes to the financial statements. The Club does not have any material credit risk exposure to any single debtor or group of debtors under financial instruments entered into by the Club. c) Net Fair Values The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the balance sheet and the notes to and forming part of the accounts. Annual Report 2021/22 Page 56

NOTES TO AND FORMING PART OF THE ACCOUNTS THE KOOYONGA GOLF CLUB INCORPORATED For year ended 31 March 2022 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Note 15 - Financial Instruments (cont.) d) Sensitivity Analysis The Club has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. The sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks. As at 31 March 2022, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows: Change in profit 2022 2021 - Increase in interest rate by 2% $ $ - Decrease in interest rate by 2% (111,718) (84,143) 111,718 84,143 Change in equity (111,718) (84,143) - Increase in interest rate by 2% 111,718 84,143 - Decrease in interest rate by 2% Note 16 - Leasing Commitments Lease commitments being for the lease of land and motorised carts payable: 56,908 58,718 Payable – minimum lease payments: 170,226 216,977 - not later than one year 41,688 - later than one year but not less than five 34,119 317,383 - later than five years 261,253 Minimum lease payments - Less future finance charges - 317,383 Present value of minimum lease payments 261,253 Note 17 - Related Party Transactions (a) The names of the Committee in office at the date of this report are: Mr Crawford David Giles Mr David Michael Fraterman Mr Geoffrey Ross Kay Mr Michael Sean Gilroy Mr Geoffrey Keith Brennan Mr Bevan O'Connor Mrs Zoee Michelle Dolling Mr Simon Craig Tamke Mr Rowan Andrew Fielke Mrs Jill Trenorden (b) During the financial year, no members of the Committee have received directly or indirectly from the Club, other than mentioned in (c), any payments or other benefits of pecuniary value other than in the case of officers employed by the Club who received approved salaries which have been determined in accordance with general market conditions. (c) During the financial year, the Club purchased wine from ‘Fox Gordon Pty Ltd’, a company controlled by Mr Samuel Atkins who retired as a committee member at the AGM 24th June 2021. The company was paid $940.75. The Club purchased air-conditioning services from ‘Specialist Air Management’, a company controlled by Mr Michael Gilroy for $23,596.27. The Club purchased food produce from ‘Thomas Foods’, a company at which Mr Simon Tamke is a senior employee for $96,624.45. Mr Simon Tamke was elected to Committee at the AGM 24th June 2021. Mr Crawford Giles, provided the Club with a short-term cash loan of $1.150m in December 2021. This loan was provided until the loan facilities approved by the Commonwealth Bank of Australia (CBA) for 7 Willingale Avenue, Lockleys were funded on 28th January 2022. When the CBA loan was funded, Mr Crawford Giles loan principal was repaid with interest of $6,456.71. The effective interest rate was 3.795% which was the rate that Mr Crawford Giles was charged by his bank. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties. Page 21 Annual Report 2021/22 Page 57

NOTES TO AND FORMING PART OF THE ACCOUNTS For year ended 31 March 2022 THE KOOYONGA GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Note 18 - Contingent Liabilities There were no contingencies facing the Club as at 31 March 2022 that have not been brought to account in the financial statements. Note 19 - After Balance Date Events No significant after balance date events. Note 20 - Capital Management The Committee members control the capital of the Club in order to maintain a good debt-to-equity ratio and to ensure that the Club can fund its operations and continue as a going concern. The Club's debt and capital includes financial liabilities, supported by financial assets. There are no externally imposed capital requirements. The committee members effectively manage the Club's capital by assessing the Club's financial risks and adjusting its capital structure in response to changes in these risks and in the market. The responses include the management of debt levels. There have been no changes in the strategy adopted by management to control the capital of the Club since the prior year. This strategy is to ensure that there is sufficient cash to meet trade and sundry payables and borrowings. Note 21 - Club Details The principal place of business of the Club is: May Terrace Lockleys SA 5032 Annual Report 2021/22 Page 58

STATEMENT BY THE COMMITTEE In the opinion of the Committee of the Club the financial report as set out on pages 41 to 58: 1 Presents fairly the financial position of the Club as at 31 March 2022 and it's performance for the year ended on that date in accordance with Australian Accounting Standards, mandatory professional reporting requirements and other authoritative pronouncements of the Australian Accounting Standards Board. 2 At the date of this statement, there are reasonable grounds to believe that the Club will be able to pay its debts as and when they fall due. 3 During the financial year ended 31 March 2022 no officer of the Club, firm of which any officer of the Club is a member or body corporate in which any officer of the Club has a substantial financial interest has received or become entitled to receive a benefit as a result of a contract between any officer, firm or body corporate and the Club, except for those disclosed in Note 17. 4 During the financial year ended 31 March 2022 no officer of the Club has received directly or indirectly from the Club any payment or other benefit of a pecuniary value, except for those disclosed in Note 17. 5 Under AASB 15, the Accounting Standard for revenue recognition, entrance fees received from all members must be recorded as a liability and recognised as revenue via an annual assessment of the remaining membership tenure of each member, calculated using the average tenure of our current membership base. This change in recognition has resulted in a $109,133 increase in entrance fee revenue reported for the 2021/22 financial year. Committee is of the view that the entrance fee revenue reported as $228,965 in the cashflow statement provides more useful information to the users of the Financial Statements. This statement is made in accordance with a resolution of the Committee and is signed for and on behalf of the Committee by: CD Giles GR Kay Captain Chairman - Finance, Audit, Risk & Governance Committee DDaatteeddaattLLoocckklleeyyss,,SSAAoonntthhee 2266tthh ddaayy ooff MMaayy 22002222 Annual Report 2021/22 Page 59

Independent Audit Report to the members Bentleys SA Audit Partnership of Kooyonga Golf Club Inc. Level 5 63 Pirie Street Adelaide SA 5000 GPO Box 939 Adelaide SA 5001 ABN 43 877 091 903 T +61 8 8372 7900 F +61 8 8372 7999 [email protected] bentleys.com.au Opinion We have audited the financial report of Kooyonga Golf Club Inc, being a general purpose financial report which comprises the statement of financial position as at 31 March 2022, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date, accompanying notes to the financial statements and the statement by the board of management. In our opinion, the financial report of Kooyonga Golf Club Inc. presents fairly, in accordance with Australian Accounting Standards, the Association Incorporations Act 1985 (SA) and other mandatory professional reporting requirements in Australia, the financial position of Kooyonga Golf Club Inc. and the entity as at 31 March 2022 and the results of their operations and cash flows for the financial year then ended. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Club in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. A member of Bentleys, a network of independent advisory and accounting firms located throughout Australia, New Zealand and China that trade as Bentleys. All members of the Bentleys Network are affiliated only, are separate legal entities and not in partnership. Liability limited by a scheme approved under Professional Standards Legislation. A member of Allinial Global – an association of independent accounting and consulting firms.

Committee's responsibility for the financial report The Committee of the Club is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Association Incorporations Act 1985 (SA). This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In preparing the financial report, management is responsible for assessing the Club’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Club or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Club’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/Home.aspx. This description forms part of our auditor’s report. Bentleys SA Audit Partnership David Papa PARTNER Dated this 26th day of May 2022

FIVE YEAR SUMMARY 2018 2019 2020 2021 2022 2023 Membership 537 518 524 532 509 4,511 Category One 316 323 324 304 309 451 Category Two 174 186 184 175 172 Honorary Social Members 462 475 465 479 495 $4,962 Other Member Categories 1,489 1,502 1,497 1,490 1,485 Total Members 3,371 3,590 3,770 3,959 4,256 Category One Fee (excl. levies) 337 359 377 396 426 Add GST Total $3,708 $3,949 $4,147 $4,355 $4,682 Income $,000 $,000 $,000 $,000 $,000 Membership Subscriptions Hospitality Net 3,048 3,195 3,322 3,419 3,713 Golf Net (43) (41) (134) (199) (102) Property Net 333 266 Other - - 319 88 463 Government Subsidies 75 91 - (5) (23) Total - - (227) 112 776 97 Less Overheads 3,413 3,511 - 3,852 41 Course 4,189 Administration 3,619 Clubhouse 1,379 1,377 1,480 1,515 Other 932 943 1,360 856 1,042 Depreciation 373 379 968 361 Total Overheads 26 29 327 107 398 863 912 33 134 Operating Surplus/(Deficit) 892 1,035 1,167 Add Entrance Fees 3,572 3,603 3,839 4,255 Kooyonga Foundation Distribution 3,580 State & National Golf Events (159) (89) 13 (66) 174 290 39 367 338 Total Surplus/Deficit - 220 40 33 61 (117) (13) - (23) - (12) (102) 228 390 332 247 Annual Report 2021/22 Page 62

JAMES THREDGOLD JEWELLER KOOYONGA FOUNDATION GOLF DAY UNVEILING OF ‘MAY’S PADDOCK’ BY SAM LEACH KOOYONGA FOUNDATION LOTTERY The Kooyonga Foundation Annual Report 2021 - 2022

THE KOOYONGA FOUNDATION INC. Annual Report The Foundation year was again very At the upcoming Annual General Members donating $100 successful, and I thank all members Meeting, a resolution recommended or more qualify for membership who participated in the events, and by the Capital Fund Sub Committee, of The Foundation. During the year supported the fundraising efforts. will be put to Foundation members we welcomed 33 new ‘Members’, 1 During the year the Management to approve the transfer of a further new ‘Friend’, 2 new ‘Partners’, 1 new Committee, comprising myself as $90,500 to The Capital Fund to create ‘Supporter’, 1 new ‘Advocate’ and 1 Chairman, Mr Gary Chenoweth, Mrs an initial investment fund of $100,000. new ‘Leader’ following significant Megan Thredgold, Mrs Melissa Emmett, The investment program will be guided donations. Mr Ross Dillon, Mr Ian Sargent, Dr. Peter by the Capital Fund Sub Committee The Works of Art and Heritage Project Robinson and ex officio Club Captain and an independent financial advisor. Fund coordinated by Ross Dillon, was Mr Crawford Giles, or his delegate, held The minutes of the Fifteenth Annual well supported during the year and five meetings. The General Manager, General Meeting of the Kooyonga we thank all members who donated Mr Brett Lewis and Marketing & Foundation Incorporated, held on as we were able to raise the full sum Communications Manager, Amanda Thursday the 24th of June 2021, required to fund the works of Sam Sewell attends meetings and provides were approved and signed by Leach and Tsering Hannaford. On Friday valued input. me, as Chairman of that AGM, at 27 August, we unveiled Sam Leach’s On Wednesday 21 April 2021, a joint the Committee meeting held on abstract painting, ‘May’s Paddock’ with meeting was held with The Finance, Wednesday the 7th of July 2021. an intimate gathering of those who Audit, Risk and Governance Sub Thank you to all club members who contributed to the commissioning of this Committee (FARG). The Sub Committee contributed to the Foundation via the piece. This unique piece of art features outlined the issues of finance and membership subscription notice. a number of aspects and individuals membership at Kooyonga. The specific to Kooyonga over our 100 years Foundation Chairman summarised the and is a piece we trust will be enjoyed by Foundation’s objectives. Secretary/ members and guests for many years to Treasurer Gary Chenoweth summarised come, especially as we head towards our the Foundation’s financial position, Centenary year. and outlined the funds committed to junior development, coaching, practice VISION OF THE KOOYONGA FOUNDATION facility lighting, art works and the on course toilet facility. Committee member Dr Peter DEVELOP Robinson presented a summary of the proposed Foundation Capital Fund. Develop Selected facilities for An agreement was reached to create the benefit of all members the ‘Kooyonga Foundation Capital Fund Project’. The rules governing this PROMOTE ASSIST project fund were approved by the membership at the Foundation’s 15th Promote junior development Assist Club representation Annual General Meeting and an initial for our Club’s future golfers for our elite golfers donation of $10,000 was received (nett $9,500 after ASF fees).

THE KOOYONGA FOUNDATION INC. Annual Report Unfortunately COVID-19 has impacted our ability to hold a Total income raised for the five year period from March 2018 ‘Lunch with Tsering Hannaford’ where guests will be treated to February 2022 was $564,111, enabling the support of these to a special Q&A with this runner up Archibald Prize Winner. projects. However, we will be rescheduling this planned event to later Donations through The Australian Sports Foundation, are tax in 2022 and will advise members when a date has been deductible for registered projects of The Kooyonga Foundation. confirmed. In addition to these beautiful pieces of art, during The Kooyonga Foundation Teaching Academy, is a completed the year the Foundation also acquired a Japanese washi paper project, which has been removed from the ASF list. The original art piece of Nelly Korda at Kooyonga created by one of our Kooyonga Foundation Project Fund to support pennant teams talented members, Kay Miki. with coaching fees, and expenses for elite golfer’s competition Our annual fundraising efforts this year have been outstanding, events, is ongoing. Current projects listed include: selling out the 2021 Foundation Lottery and raising a record • The On-course Toilet Facility Project $18,700 in ticket sales. Similarly we raised record funds in the • The Kooyonga Foundation Capital Fund 2021 James Thredgold Jeweller Kooyonga Foundation Golf • The Kooyonga Foundation Works of Art and Heritage Fund Day, raising $57,000. Sponsorship packages sold out with 27 • The Kooyonga Practice Facilities Project Corporate teams, and four member teams also participating. In addition to donations through The Australian Sports The Foundation Committee sincerely thanks all the sponsors, Foundation, all members are encouraged to consider leaving a donors and volunteers, with a special thank you extended to bequest to The Foundation, to celebrate the years of golf and our Naming Rights Sponsor, James Thredgold Jeweller for camaraderie at Kooyonga. Bequests and specified donations supporting this important event on the Foundation calendar. can be directed by the donor to support any of the current The outstanding success is a tribute to the hard work and listed project funds. skilled organisation of Ian Sargent and Amanda Sewell. Finally, after 13 years on this Committee and 10 years as Sadly, the passing of three foundation members, Don Chairman of the Foundation, I have decided not to stand for Rutherford, John Muller and Bill Frogley, occurred during the re-election at the upcoming meeting. I am confident that, aided year. Don, a Friend of the Foundation, was the driving force by the generosity of Kooyonga members, The Foundation will behind the creation of the initial pennant squad funds and later prosper and support our Club with it’s main roles, in brief, to the formulation of the Rules leading to the Incorporation of foster the involvement of junior golfers and pennant players The Kooyonga Foundation in March 2006. John Muller was a at Kooyonga, and to support projects for the continuing Foundation Member, 1978 Club Champion, pennant player and development of facilities of excellence at Kooyonga, to the coach. Bill Frogley served on the Kooyonga Committee, and was benefit of all members. a Friend of The Foundation. I wish to acknowledge the tireless work of my enthusiastic In line with Object 2.3. of the rules, “To promote and support Committee. The Foundation Committee’s aim is to have all the continued excellence of The Kooyonga Golf Club members of this great Club join, donate and consider bequests Incorporated”, at the meeting on the 29th of September, The for the future success of Kooyonga, as exemplified in our Foundation Committee agreed to support the Practice Facilities mission statement: Upgrade Project, which has been registered with The Australian Sports Foundation. The Kooyonga Golf Club General Committee has agreed to take “Our Foundation, our Future” over the costs of constructing the On Course Toilet Facility, to which The Foundation had committed $200,000. $15,000 was raised through donations to this project. At the meeting in December, The Foundation Committee resolved to provide: 1. $15,000 for the On Course Toilet Facilities Walford Thyer 2. $250,000 for the Practice Facilities Upgrade Chairman The Kooyonga Foundation Incorporated. ($65,000 being a former commitment to the lighting, and $185,000 being the balance of the $200,000 less the project specific $15,000 in 1. above.) 3. All project specified grants through the ASF will be passed on to the specified projects. With great pleasure, The Foundation acknowledges a $100,000 donation (less $5,000 ASF fees) received from one member for the Practice Facilities Upgrade. Annual Report 2021/22 Page 65

THE KOOYONGA FOUNDATION INC. Annual Report KOOYONGA FOUNDATION WALL OF HONOUR Our Leaders ($100K AND ABOVE) Our Members ($100 AND ABOVE) Crawford Giles Colin Alexander John Hamilton Graham Parker Deb Alexander Mary Hammer Craig Parsonage Our Advocates ($25K AND ABOVE) John Anderson Sally Hammer Kevin Patterson Richard Anderson Hugh Harley Cameron Pearce Ross Dillon Terry Anderson James Harley Paige Perkins David McKee Graham Ascough Jo Harley Louise Pittman Walford & Sue Thyer Ian Badger John Harvey Keith Plummer Ken Ballantyne Jim Hazel Peter Priest Our Supporters ($10K AND ABOVE) Dennis Basheer Elizabeth Heath Allan Pring Neil Beagley Geoffrey Heithersay Nicholas Pyne Angas Hains Ann Saunders* Elizabeth Beckwith Scott Henchliffe Mark Rankmore Peter & Sandy Robinson Dean* & Margaret Southwood Peter Beckwith Henry Heuzenroeder Michael Raphael Ian Sargent Alistair Begg Samuel Hicks Carrol Reynolds Panayot Boyaci Tony Higginbottom Judith Roberts Our Partners ($5K AND ABOVE) Bob Brooke Alan Hill Geoff Robertson Libby Broomhead Tony Hobby Wendy Rorrison Ken & Joan Babidge^ Stephen & Gill Hicks Anne Brown John Holyoak David Rowe Bruce Bavistock* Bill & Yvonne Johnson Donald Brown Kym Horsell Ken Russell Di & Frank Bamford Peter Leaney* Jennifer Brown Skye Jarvis Don Sarah AM Tim Cooper Grahame Moore Ros Brown Greg Jaunay James Sarah Brian Fricker* Grant Raymond Barbara Burnet Lyn Jaunay Neil & Sally Sarah John & Merrilyn Garrett Pauline Sanderson Simon Burnet Ross Johnson James Sargent Gower Family Terry Burns Michael Johnston Jonathon Semmler Stephen Carapetis Peter Johnston Tim Sennett Our Friends ($1K AND ABOVE) Tim Carracher Bill Jolley John Sharpe Judith Carrig Joan Jones Duncan Soang Gary Allison Roma Grant* Tony Carrocci Robert Jones Ian Southwood John Bishop Gail Hamilton Ian Charlton Anita Just Ryan Sparrow Richard Blandy^ Peter Hewitt^ Karen Chenoweth Geoff Kay Ben Speirs Kathy Booth Mark Irwin Chai Ching Yoko Kishimoto John Speirs Quentin Brown Wayne Jackson Alan Chugg David Klingberg Luke Steele Tony Carrig Maurice Klemich* Barbara Clapp Kathryn Kruys Lynn Stewart Gary Chenoweth Grant & Helen Laidlaw Dean Clayton Theo Kruys Pam Stewart John Clayton^ Keith* & Alison Lewis Chris Codling Andrew Kuliwaba John Sulan Andrew Cohen Jan & Gary Marriott Marc Colquhoun Adrian Lacey Anne Sved Williams David & Patricia Cosh Kay Miki Ben Corso Virginia Lacey John Swift Gerald* & Sue Cox^ Tossie Nitschke Ken Daunt Dennis Laundy John Symons Judy Crafter Peter Noblet Mike Davey Wing Li Jack Thomas Grant Crowhurst Rex Pearlman Bill DeGaris Simon Lovering Julie Thompson Zoe Daw* Jeff Rogers Phillip Desteno Sandra Lunn Tony Timmins Bill Dawson Don Rutherford* Jarrod Eckermann Paul Lynch Bob Townsend Robert Day Bill Rymill^ Helen Egar Alastair Maclennan Jillian Trenorden Pam Dixon Kym Sawers John Elliott David Mann Mitch Trenorden Roger Drake Bardie Simpson^ Melissa Emmett Wendy Mann Neil Tuckwell Colin Dunsford AM Bruce Spangler^ Ann Ewer Jude Marlow Kerrie Van Dissel Linda Ferris Jim Sweeney^ Angela Fleming Anne Marshall Con Vanco Trish Fricker* Darren Thomas Richard Fleming Peter Marshall Craig Vinall William Frogley* Shirley Uhrig^ Christine Flynn Craig Mason Graham Walch Damian Gallagher Mark Wood Emma Fraser David Mattner Penny Wark Michael Gilroy John Frogley Greg May Ian Watson AM Merry Frogley Robert McCabe Thomas Wightman Sue Fuller John McEntee Tony Williams John Gallard Jack McKean Margie Wilson David Garrett Marg McLeay Allan Winter Allan Gilbert David Meegan Patrick Winter Heather Gilbert John Meijer Rachel Winter Michael Gilchrist Keith Middleton Ian Wong Emily Giotis Kym Millard Richard Wood Mark Goddard Suzanne Moffatt Timothy Wood Thomas Gray Harry Moore Patrick Woods Helen Greenslade Alex Morkunas David Worthley Hugh Greville Daniel Mosler Anna Wyett Christine Gun Melissa Nelligan Meredith Wyles Nicholas Haan Alex Nemer George Yatzis Colin Hackett Mark Nicholls Jane Young Thomas Hales Michael Nugent Robert Young Bob Hall Steve Officer David Hall Simon O’Loughlin Alan Hambly Helen Papas *Deceased ^Past Member

THE KOOYONGA FOUNDATION INC. Statement of Income & Expenditure (for year ended 31 March 2022) BALANCE 1ST APRIL 2022 2021 $ $ Income: Kooyonga Foundation Golf Day 287,815 243,102 Annual Lottery and Other Fundraising Procceds on Sale of Honor Boards 57,190 - Ladies Dinner Fundraising 22,680 17,205 Members Donations Interest Received 2,890 - - 2,830 Expenditure: 58,644 Grant to KGC for Artwork Purchases 173,440 1,865 Coaching Fees 3,750 80,544 Expenses for Elite Competitions Lottery and Raffle Prizes 259,950 32,560 High Perfomance Squad Training Grants - PGA Trainee Grants 61,655 Presentation Evening Costs 40 1,784 Gift to Guest Speaker 739 Annual Lottery and Auction Costs 3,224 - Bank Fees 5,485 - 2,100 - Balance as at 31st March 2022 3,000 85 661 782 2 - 35,831 1,010 10 287,815 77,306 470,459 Statement of Assets & Liabilities as at 31 March 2022 Loan Kooyonga Golf Club 250,000 250,000 Commonwealth Bank Balance 216,709 37,815 Debtor - Kooyonga Golf Club - 3,750 Balance to Statement above 287,815 470,459 Annual Report 2021/22 Page 67

THE KOOYONGA FOUNDATION INC. Annual Report Annual Report 2021/22 Page 9



The Kooyonga Golf Club Inc May Terrace, Lockleys PO Box 119, Brooklyn Park SA 5032 t 08 8352 5444 [email protected] www.kooyongagolf.com.au