Name Age Occupation Held Attended Appointed

Transcription

1 Directors Report The directors present their report together with the financial report of Golf NSW Limited ( the Association ) for the financial year ended 31 December 2009 and the auditor s report thereon. Directors The directors of the Association at any time during the financial year and the number of directors meetings attended by each of the directors of the Association during the financial year are: Name Age Occupation Held Attended Appointed C Allen 64 Retired D A Coulton 61 Engineering Technical Officer S C Cox 38 Self Employed I W Fraser 64 Senior Hospital Scientist F S Gal 62 Retired R C Griffiths 67 Retired A R Harrison 49 Manager H E James 76 Retired B A Nairn 75 Retired P C Thomas 60 Business Manager * J B Waanders 62 Chemical Engineer D Watts 60 Insurance Consultant J D Miller 64 Primary Producer * * J D Miller was elected to the Board on 27 April 2010 * P C Thomas resigned from the Board on 27 April 2010 All directors are experienced golf administrators. Principal Activities The principal activities of the Association during the course of the financial year were the promotion of the efficiency, progress, general control and development of the game of golf in New South Wales. Results of Operations The net operating profit / (loss) for the financial year was ($216,443) (2009: $1,157,261). Due to the corporate structure of the NSW Golf Foundation there is a legal requirement for the accounts of the Foundation to be consolidated with the Association. Prior to consolidation the net operating profit of the Golf NSW was $170,874 (2009: $480,113). The NSW Golf Foundation recorded a loss of $387,317 (2009: $677,148) 31

2 Directors Report cont. Changes in State of Affairs No significant changes in the state of affairs of the company occurred during the financial year except for: Amalgamation: As at 1 July 2010, the Association has merged with Women s Golf New South Wales. Events Subsequent to Reporting Date There has not arisen during the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Association, to affect significantly the operations of the Association, the results of those operations, or the state of affairs of the Association in future financial years. Likely Developments Information about likely developments in the operations of the Association and the expected results of those operations in future financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudice to the Association. Indemnification and Insurance of Officers and Auditors: Insurance Premiums Since the end of the previous financial year, the Association maintained an insurance policy in respect of directors and officers liability insurance contracts, for current and former directors and officers of the Association. The insurance policies do not contain details of the premiums paid in respect of individual directors or officers of the Association. Indemnification The insurer will pay on behalf of the directors and officers any loss which the directors and officers may not be legally indemnified by the Association arising out of any claim, by reason of any wrongful act committed by them in their capacity as director of officer, first made against them jointly or severally during the period of insurance and notified to the insurer during the indemnity period. The insurer will pay on behalf of the Association any payment which it is legally permitted to make arising out of any claim, by reason of any wrongful act, committed by any director of officer in their capacity as a director or officer, first made against the director of officer during the period of insurance and notified during the indemnity period. By order of Golf NSW Limited: John Waanders Director Date 6th October

3 Balance Sheet for the period ended 30 June 2010 Note 30-Jun Dec-09 $ $ Current Assets Cash and cash equivalents 5 5,236,152 2,955,862 Trade and other receivables 6 140, ,429 Inventories 7 2,914 13,702 Prepayments 4, ,797 Total Current Assets 5,384,495 3,851,790 Non-Current Assets Plant and equipment 8 3,249,287 3,307,708 Total Non-Current Assets 3,249,287 3,307,708 TOTAL ASSETS 8,633,782 7,159,498 Current Liabilities Trade and other payables 9 324, ,083 Deferred income 10 1,861,336 88,537 Employee benefits 11 99,217 09,941 Total Current Liabilities 2,284, ,561 Non-Current Liabilities Employee benefits 11 9,798 14,456 Total Non-Current Liabilities 9,798 14,456 TOTAL LIABILITIES 2,294, ,017 NET ASSETS 6,339,038 6,555,481 EQUITY Retained profits 12 4,517,735 4,346,861 Reserves - Golf Foundation 13 1,821,303 2,208,620 TOTAL EQUITY 6,339,038 6,555,481 The notes on pages 36 to 43 Are an integral part of these financial statements. 33

4 Income Statement for the year ended 30 June 2010 Note 30-Jun Dec-09 $ $ Revenue Affiliation Fees 4 1,826,536 3,760,375 Other Revenue 4 339,111 1,830,775 Total Revenue 2,165,647 5,591,150 Expenses Employee Expenses (518,237) (1,091,371) Depreciation Expense (104,216) (202,659) Coaching and Development (87,889) (326,594) Consulting Expenses - (18,344) Golf Australia Fees (687,090) (1,034,330) Tournament Expenses - General (60,074) (130,789) - NSW Open - (219,928) NSW Golf Foundation Expenses (436,586) (572,887) Jack Newton Junior Golf Foundation Grant (48,636) (108,636) Other expenses from ordinary activities (439,362) (728,351) Total expenses (2,382,090) (4,433,889) Profit/(Loss) Before income tax (216,443) 1,157,261 Income tax expense - - Net Profit/(Loss) attributable to members (216,443) 1,157,261 Income Statement for the year ended 30 June 2010 Retained Profits Balance at start of period 4,346,861 3,866,748 Profit/(Loss) for the period (216,443) 1,157,261 Total for the period 4,130,418 5,024,009 Transfer from/(to) NSW Golf Foundation reserve 387,317 (677,148) Balance at end of period 4,517,735 4,346,861 Reserves - Golf Foundation Balance at start of period 2,208,620 1,531,472 Transfers from/(to) Retained Earnings (387,317) 677,148 Balance at end of period 1,821,303 2,208,620 Total Equity 6,339,038 6,555,481 The notes on pages 36 to 43 Are an integral part of these financial statements. 34

5 Statement of Cash Flows for the year ended 30 June 2010 Note 30-Jun Dec-09 $ $ Cash flows from operating activities Receipts in the course of operations 3,973,035 6,061,316 Payments in the course of operations (1,661,467) (5,038,010) Interest received 44,310 63,398 Net cash from operating activities 14(b) 2,355,878 1,086,704 Cash flows from investing activities Proceeds from sale of plant & equipment - 4,000 Acquisition of property, plant & equipment (75,588) (138,654) Net cash used in investing activities (75,588) (134,654) Cash flows from financing activates - - Net cash used in financing activities - - Net increase/(decrease) in cash and cash equivalents 2,280, ,050 Cash and cash equivalents at 1 January 2,955,862 2,003,812 Cash and cash equivalents at 30 June 5 5,236,152 2,955,862 The notes on pages 36 to 43 Are an integral part of these financial statements. 35

6 Notes to the for the year ended 30 June 2010 Note 1: Reporting Entity Golf NSW Limited is a public company limited by guarantee domiciled in Australia. The address of the Association s registered office is 50 Princes Highway, Arncliffe, NSW The financial report was authorised for issue by the Association s Board of Directors on 28 September Note 2: Basis of Preparation (a) Statement of Compliance The financial report is a general purpose financial report that has been prepared in accordance with Australian equivalents to International Financial Reporting Standards (AIFRS), Urgent Issues Group Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act The financial report of Golf NSW Limited complies with all Australian equivalents to International Financial Reporting Standards (AIFRS) in their entirety. The following is a summary of the material accounting policies adopted by the Association in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. (b) Basis of Measurement The financial report has been prepared on an accruals basis and is based on historical cost. Note 3: Significant Accounting Policies (a) Income Tax The association has been granted exemption from income tax under the provisions of Section of the Income Tax Assessment Act The financial statements have been prepared on the basis of this exemption. (b) Plant and Equipment Plant and equipment are measured on the cost basis less depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. The cost of fixed assets constructed within the association includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads. Subsequent costs are included in the asset s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the association and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they incurred. Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation reserve in shareholders equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the income statement. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to the income statement and depreciation based on the assets original cost is transferred from the revaluation reserve to retained earnings. 36

7 Notes to the cont. Depreciation The depreciable amount of all fixed assets including building and capitalised lease assets, but excluding freehold land, is depreciated on a straight line basis over their useful lives to the company commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Buildings Furniture and equipment Motor Vehicles Depreciation Rate 50 years 3-10 years 4 years Depreciation methods, useful lives and residual values are reassessed at the reporting date. (c) Inventories Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the average cost principle, and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less selling expenses. (d) Impairment of Assets At each reporting date, the company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such 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 assets carrying value. Any excess of the asset s carrying value over its recoverable amount is expenses to the income statement. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. (e) Employee Benefits Provision is made for the company s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on costs. 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. (f) Provisions Provisions are recognised when the company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. (g) Revenue Operating Revenue Operating Revenue represents revenue earned through affiliation fees and is recognised when the fees become receivable. Goods Sold Revenue from the sale of goods is measured at the fair value of the consideration received or receivable. Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer. Other Revenue Other revenue includes sponsorship income, interest income, Golf Access Australia fees and and government grants, which is recognised on the basis of the fair value of consideration received. 37

8 Notes to the cont. Government Grants Government grants are recognised initially as deferred income when there is reasonable assurance that it will be received and that the Association will comply with the conditions associated with the grant. Grants that compensate the Association for expenses incurred are recognised as revenue in profit or loss on a systematic basis in the same periods in which the expenses are recognised. Grants that compensate the association for the cost of an asset are recognised in profit or loss as other income on a systematic basis over the useful life of the asset. (h) Deferred Income Deferred Income relates to funds received in advance. The carrying value of deferred income approximates net fair value (i) 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 balance sheet are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. (j) New South Wales Golf Foundation The New South Wales Golf Foundation ( the Foundation ) was formed pursuant to a charter in 2001 as a joint initiative of the Association and Women s Golf NSW, and was legally structured as part of the Association for administrative purposes. The Foundation is controlled by a separate Board of Governors appointed by the Association. The results and financial position of the Foundation have been reported within the Association. The total revenue and expenses of the Foundation are included in the Income Statement, and its assets and liabilities are included in the Balance Sheet. The NSW Golf Foundation Reserve recognises the total accumulated funds that have been generated by the activities of the Foundation and are available for the specific purposes of the Foundation. (k) (l) Segment Reporting The Association administers and promotes the game of golf within NSW, Australia Liability Guarantee Golf NSW Limited is a public company limited by guarantee. The amount of liability guaranteed which may be incurred only in the event of and for the purpose of winding up of the Association is $232 as at 30 June 2010 (2009:$234) by virtue of the Association s Constitution 38

9 Notes to the cont. 30-Jun Dec-09 $ $ Note 4: Revenue Operating revenue: Affiliation fees from operating activities 1,826,536 3,760,375 Other revenue: Sponsorship - General & Tournament income 201, ,469 - NSW Open - 228,000 Interest Received 44,310 63,398 NSW Golf Access Australia Fees - 20,950 NSW Government Grant 15,000 30,000 Sundry Income 29,439 22,727 NSW Golf Foundation - external revenue 49,267 1,224,231 Total other revenues 339,111 1,830,775 Total Revenue 2,165,647 5,591,150 Note 5: Cash and Cash Equivalents Cash on hand 1,000 1,000 Cash at bank or on deposit 3,353, ,966 Cash at bank or on deposit - NSW Golf Foundation 1,881,776 2,223,896 5,236,152 2,955,862 The weighted average interest rate on cash assets as at 30 June 2010 is 3.95% (2009: 5.00%) Note 6: Trade and other Receivables Trade receivables 140, ,323 GST refund due - 53, , ,429 Trade receivables 140, ,429 39

10 Notes to the cont. 30-Jun Dec-09 $ $ Note 7: Inventories Finished goods 2,914 13,702 Note 8: Property, Plant and Equipment Land $ Building $ Furniture & Equipment $ Motor Vehicles $ Total $ Cost Balance at 1 January ,200,000 1,704,544 1,385, ,910 4,442,520 Additions ,200 39, ,653 Disposals (43,818) (43,818) Balance at 31 December ,200,000 1,704,544 1,484, ,545 4,537,355 Balance at 1 January ,200,000 1,704,544 1,484, ,545 4,537,355 Additions ,416 60,172 75,588 Disposals - - (5,001) (71,744) (76,745) Balance at 30 June ,200,000 1,704,544 1,494, ,973 4,612,943 Depreciation and impairment losses Balance at 1 January , ,735 64,000 1,060,599 Depreciation for the year - 34, ,458 36, ,659 Disposals (33,611) (33,611) Balance at 31 December , ,193 66,499 1,229,647 Balance at 1 January , ,193 66,499 1,229,647 Depreciation for the year - 17,045 65,316 21, ,216 Disposals - - (5,002) (41,950) (46,952) Balance at 30 June , ,507 46,404 1,286,911 Carrying amounts At 1 January ,200,000 1,505, ,331 88,910 3,381,921 At 31 December ,200,000 1,471, ,073 82,046 3,307,708 At 1 January ,200,000 1,471, ,073 82,046 3,307,708 At 30 June ,200,000 1,454, ,174 90,569 3,249,287 40

11 Notes to the cont. 30-Jun Dec-09 $ $ Note 9: Trade and Other Payables Trade payables and accruals 316, ,042 Other trade payables 7,733 30, , ,083 Note 10: Deferred Income Deferred income 1,861,336 88,537 Note 11: Employee Benefits Current Provision for annual leave 66,836 76,587 Provision for long service leave 32,381 33,354 99, ,941 Non-Current Provision for long service leave 9,798 14,456 Number of employees Number of employees at year end Note 12: etained Earnings Retained earnings at the beginning of the year 4,346,861 3,866,748 Net profit/(loss) (216,443) 1,157,261 Transfer to NSW Golf Foundation reserve 387,317 (677,148) Retained earnings at the end of the year 4,517,735 4,346,861 Note 13: Reserves - Golf Foundation NSW Golf Foundation reserve 2,208,620 2,208,620 Opening balance 2,208,620 1,531,472 Transfer from retained earnings 387,317) 677,148 Closing Balance 1,821,303 2,208,620 41

12 Notes to the cont. Note 14: Reconciliation of Cash Flows from Operating Activities (a) Reconciliation of Cash 30-Jun Dec-09 $ $ Cash at the end of the financial year as shown in statements of cash flows is reconciled to the related items in the balance sheet as follows: Cash on hand 1,000 1,000 Cash at Bank 5,235,152 2,954,862 5,236,152 2,955,862 (b) Reconciliation of cash flow from operations with loss from ordinary activities after income tax Profit/(loss) from ordinary activities (216,443) 1,157,261 Non-cash flows in profit from ordinary activities: Depreciation 104, ,660 Loss on disposal of fixed assets 3,805 6,207 Changes in assets and liabilities (Increase)/decrease in receivables 34,589 (34,121) (Increase)/decrease in inventories 10,788 (6,994) (Increase)/decrease in prepayments 702,208 (465,557) (Increase)/decrease in other assets 26,008 (37,724) Increase/(decrease) in payables (66,690) 201,440 Increase/(decrease) in deferred income 1,772,779 49,269 Increase/(decrease) in employee entitlements (15,382) 14,263 Net cash flows from operating activities 2,355,878 1,086,704 Note 15: Directors Remuneration Total income paid or payable, or otherwise made available to all directors of the Association from the Association or any related party. - - Note 16: Related Parties Key Management personnel compensation included in Employee Expenses in the income Statement is as follows: Short term employee benefits 126, ,200 Post-employment benefits 11,371 27, , ,118 The key management personnel of the association include the Board of Directors. The Directors do not receive any remuneration from the Association (refer Note 15) 42

13 Notes to the cont. Directors The names of each person holding the position of director of Golf NSW Limited during the financial year were: C Allen J D Miller D A Coulton S C Cox I W Fraser F S Gal R C Griffiths A R Harrison H E James B A Nairn P C Thomas J B Waanders D Watts A number of directors are affiliated to member clubs. The terms and conditions of these clubs membership of the Association are in accordance with the general terms for member clubs. Since the end of the previous financial year, no director has received or become entitled to receive a benefit by reason of a contract made by the Association or a related corporation with the director or with a firm of which he is a member, or with an Association in which he has a substantial financial interest. 30-Jun Dec-09 $ $ Note 17: Auditors Remuneration Bell Partners Audit of financial report 10,000 17,000 Other services - 2,550 10,000 19,550 43

14 Directors Declaration In the opinion of the directors of Golf NSW Limited: (a) the financial statements and notes, set out on pages 33-43, are in accordance with the Corporations Act 2001, including: (b) (i) giving a true and fair view of the financial position of the Company as at 30 June 2010 and of its performance, as represented by the results of its operations and their cash flows, for the year ended on that date; and (ii) complying with Australia Accounting Standards and the Corporations Regulations 2001; and there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the directors: John Waanders Director Date 6th October

15 Independent Audit Report To the members of NSW Golf Association Limited. Scope We have audited the financial report of Golf NSW Limited (the Company ) for the interim financial year ended 30 June 2010, including the Income Statement, Statement of Recognised Income and Expenses, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, Notes to and Forming Part of the and the Statement by Directors. The directors of the Company are responsible for the true and fair presentation of the financial report in accordance with the Corporations Act We have conducted an independent audit of the financial statements in order to express an opinion on them to the members of the Company. Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the financial statements are free of material misstatement. Our procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial statements, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial statements are presented fairly in accordance with Accounting Standards, other mandatory professional reporting requirements and statutory requirements so as to present a view which is consistent with our understanding of the Company s financial position and of its performance as represented by the results of its operations and cash flows. The audit opinion expressed in this report has been formed on the above basis. Audit Opinion In our opinion, the financial report of Golf NSW Limited is properly drawn up: a) so as to give a true and fair view of the Company s financial position as at 30 June 2010 and of its performance for the interim financial year ended on that date: b) in accordance with the Corporations Act 2001: c) in accordance with applicable Accounting Standards and other mandatory professional reporting requirements. Auditor Independence In accordance with the requirements of the Corporations Act 2001 and ethical pronouncements of the Institute of Chartered Accountants in Australia, we herewith confirm our independence in relation to our duties to the members of the Company. The declaration set out in the directors report would be in the same terms if it had been given by the relevant directors at the time that this audit report was made. D.F.BELL Dated this 6th October,

16 Detailed Statement of Income and Expenditure for the year ended 30 June Jun Dec-09 $ $ Expenditure Administration 42,624 80,543 Audit Fees 10,000 19,550 Bank Charges & Card Fees 1,723 4,034 Clothing - Promotional Coaching & Development 87, ,594 Computer 18,773 40,351 Committees & Council expenses - - Consulting Expenses 18,344 Country Expenses - Delegates 27,880 56,865 Course Rating Expenses 35,798 7,927 Depreciation 104, ,659 Electricity 10,252 13,666 Fringe Benefits Tax 13,788 13,248 Golf Australia 687,090 1,034,330 Insurance 22,786 61,839 Interstate Teams 11,941 95,155 JNJGF Grant 48, ,636 Legal and Industrial Expenses 58,950 42,246 Loss on disposal of fixed assets 3,805 6,207 Merchandise expenses 12,615 - Motor Vehicle Expenses 16,409 50,279 NSW Golf Foundation Grant 12,636 25,804 NSW Institute of Sport 22,500 45,000 Payroll Tax 12,978 26,812 Postage 13,177 27,381 Printing & Stationery 54,842 52,262 Provision for Employee Entitlements (6,219) 30,150 Public Relations & Entertainment 26,388 25,839 Rates & Taxes - 7,733 Repairs & Maintenance 9,614 17,466 Rules Seminars 5,458 12,492 Salaries & Wages 453, ,538 Superannuation 44,399 85,623 Telephones 8,956 19,989 Tournament Expenses - General 60, ,789 - NSW Open 219,928 Travelling Expense 12,031 41,007 NSW Golf Foundation: - Current year external expenses 436, ,887 - Elimination of internal expenses - (25,804) Total Expenditure 2,382,090 4,433,889 Total Income 2,165,647 5,591,150 Profit/(Loss) for Year (216,443) 1,157,261 46

17 Detailed Statement of Income and Expenditure for the year ended 30 June Jun Dec-09 $ $ Income Affiliation Fees 1,826,536 3,760,375 Interest 44,310 63,398 NSW Government Grant 15,000 30,000 Sundry Income 2,758 4,452 Golf Access Australia - Members Fees - 20,950 Merchandise Income 18,981 - Rules Seminars 7,700 18,275 Sponsorship - General 201, ,469 - NSW Open - 228,000 NSW Golf Foundation: - Current year revenue 49,267 1,250,035 - Elimination of internal revenue - (25,804) Total Income 2,165,647 5,591,150 47

18 New South Wales Golf Foundation Chairman s Report The NSW Golf Foundation continued to grow through the first half of John and Jill Kinghorn s commitment to the game of golf and unquestionable support of Jack Newton Junior Golf s programs is a tribute to two marvellous human beings. The opportunities their benevolence has provided to Peter van Wegen and his team is really starting to make that point of difference. The exciting plans referred to in the previous report are now coming to fruition and it will be no surprise to see other states wanting to get involved in the programs that have been created. The NSW Golf Foundation is obviously honoured to facilitate the process between the Kinghorn Foundation, the Australian Sports Foundation and Jack New Junior Golf. The annual Ladies Committee Day was professionally delivered yet again under Jane Buckley s guidance along with her team of willing and capable volunteers. We thank Jane and each of the ladies who committed their time to make the event happen and we very much appreciate their involvement. This time Ryde-Parramatta Golf Club played host and their input also contributed to the success of the day. We must additionally express our sincere thanks to all those Committee Ladies who played and participated in the other activities that ultimately produced a very pleasing result where in excess of $8,000 was raised. On the giving side, the Foundation once again approved a number of grant applications, those being:- Manildra Golf Club $4,000 West Wyalong S&C Sports Club $1,000 Grenfell Country Club $2,500 Ray McGuiness (Represent Australia in 8th World Deaf Golf Championships) $1,500 Dunedoo Lady Golfers (laptop) $1,000 Portland Golf Associates (laptop) $1,000 Parkes Golf Club (laptop) $1,000 Each recipient expressed their gratitude for the financial assistance provided by the Foundation which is gratifying to say the least. To the Foundation s Board of Governors, I take this opportunity to thank each of them for their ongoing support and commitment. I would also like to thank the Boards of both NSWGA and WGNSW for their effort and backing over the last six months, and we now look forward to continuing our work under the Golf NSW Banner. Chris Allen for Richard Hattersley NSW Golf Foundation 48

19 New South Wales Golf Foundation Income Statement for the year ended 30 June 2010 * $ $ Income Donations - - Grant - NSW Golf Association - 25,804 Grant - Australian Sports Foundation - 1,134,924 Function income - 16,226 Interest 49,267 73,081 Total income 49,267 1,250,035 Expenditure Administration Bank charges & card fees Function expenses - 3,614 Grants 436, ,640 Total expenditure 436, ,887 NET SURPLUS for the period (387,317) 677,148 Balance Sheet as at 30 June 2010 * $ $ Current Assets Cash assets 1,881,777 2,223,896 Receivables - 14,449 Total assets 1,881,777 2,238,345 Current Liabilities Payables 60,474 29,725 Total liabilities 60,474 29,725 NET ASSETS 1,821,303 2,208,620 NSW Golf Foundation Accumulated Funds Retained surplus at the beginning of the year 2,208,620 1,531,472 Surplus for the year (387,317) 677,148 TOTAL ACCUMULATED FUNDS 1,821,303 2,208,620 ( * Audited by Bell Partners as part of the audit of Golf NSW Limited ) 49

20 Metropolitan Affilated Club Membership Membership/Sponsorship Club Adult Junior Antill Park Golf Club Ashlar Golf Club Asquith Golf Club Avondale Golf Club Balgowlah Golf Club Bankstown Golf Club Bardwell Valley Golf Club Barnwell Park Golf Club Bayview Golf Club Beverley Park Golf Club Bexley Golf Club Bondi Golf and Diggers Club Bonnie Doon Golf Club Botany Golf Club Cabramatta Golf Club Camden Golf Club Camden Lakeside Country Club 40 Camden Valley Golf Resort Cammeray Golf Club Campbelltown Golf Club Carnarvon Golf Club Castle Hill Country Club Castlecove Country Club Chatswood Golf Club Concord Golf Club Cromer Golf Club Cronulla Golf Club Cumberland Country Club Dunheved Golf Club Eastlake Golf Club Elanora Country Club 787 Fairfield Golf Club Fox Hills Golf Club Georges River Golf Club Glenmore Heritage Valley Golf Assoc Gordon Golf Club Club Adult Junior Hurstville Golf Club Kareela Golf Club Killara Golf Club Kogarah Golf Club Lane Cove Country Club Leonay Golf Club Liverpool Golf Club Long Reef Golf Club Lynwood Country Club Macquarie Links Int. Golf Club Manly Golf Club Marrickville Golf Club Massey Park Golf Club Mona Vale Golf Club Monash Country Club Moore Park Golf Club Muirfield Golf Club New Brighton Golf Club New South Wales Golf Club North Ryde Golf Club Northbridge Golf Club Oatlands Golf Club Orchard Hills Golf Club 140 Palm Beach Golf Club Parramatta Golf Club Pennant Hills Golf Club Penrith Golf Club Pymble Golf Club Randwick Golf Club Richmond Golf Club Riverside Oaks Golf Club 1134 Roseville Golf Club Rosnay Golf Club Royal Aust. Engineers Golf Club Rum Corps Barracks Golf Club 47 1 Ryde-Parramatta Golf Club Sefton Golf Club 34 3

21 Metropolitan Affilated Club Membership Club Junior St. Michael's Golf Club Strathfield Golf Club Terrey Hills Golf Club The Australian Golf Club The Coast Golf Club The Lakes Golf Club The Royal Sydney Golf Club Wakehurst Golf Club Wallacia Panthers Golf & Country Club Warringah Golf Club Windsor Golf Club Wisemans Ferry Golf Club 46 4 Woollahra Golf Club Woolooware Golf Club TOTAL METROPOLITAN MEMBERS 52,083 2,711 TOTAL METROPOLITAN CLUBS Membership/Sponsorship

22 District Golf Associations Affiliated Club Membership ACT MONARO 24 CLUBS Adult Junior Bombala Golf Club 42 1 Braidwood Golf Club 49 2 Capital Golf Club Coolamatong Country Sports Club Cooma Golf Club Crookwell Golf Club 99 7 Delegate Country Club 17 Federal Golf Club Gold Creek Golf Club Goolabri Golf Club 50 5 Goulburn Golf Club Gungahlin Lakes Golf Club Jindabyne Golf Club 14 Murrumbidgee Country Club Queanbeyan Golf Club Fairbairn Golf Club Royal Canberra Golf Club Royal Military College Golf Club Taralga Golf Club 16 5 Thredbo Golf Club 36 Tully Park Early Birds Golf Club Belconnen Magpies Golf Club Yass Golf Club Yowani Country Club TOTAL BLUE MOUNTAINS 12 CLUBS Adult Junior Blackheath Golf Club Grose River Golf Club Gulgong Golf Club 69 6 Henbury Sport & Recreation Club 89 4 Katoomba Golf Club Kurrajong Hills Golf Club 39 4 Leura Golf Club Lithgow Golf Club Oberon Golf Club Portland Golf Club Springwood Country Club Wentworth Falls Country Club TOTAL CENTRAL COAST 11 CLUBS Adult Junior Everglades Country Club Gosford Golf Club Green Hill Golf & CC 34 Kooindah Waters Golf Club Magenta Shores G & C Club Mangrove Mountain Golf Club Morisset Golf Club Terrigal Memorial Country Golf Toukley Golf Club Tuggerah Lakes Golf Club Wyong Golf Club TOTAL Membership/Sponsorship 52

23 District Golf Associations Affiliated Club Membership CENTRAL NORTH 12 CLUBS Adult Junior Barraba Golf Club 42 7 Boggabri Golf Club 29 1 Gunnedah Golf Club Longyard Golf Club Manilla Golf Club 56 3 Nundle Golf Club 21 Quirindi RSL Golf Club 126 Spring Ridge Golf Club 22 Tamworth Golf Club Uralla Golf Club 80 8 Walcha Golf Club 66 2 Werris Creek Golf Club 50 3 TOTAL CENTRAL WESTERN 13 CLUBS Adult Junior Bathurst Golf Club Blayney Golf Club 68 Canowindra Golf Club Cumnock Golf Club 32 1 Duntryleague Golf Club Lyndhurst Golf Club 13 Manildra Golf Club 53 2 Molong Golf Club 15 Mudgee Golf Club Orange Ex-Services Golf Club Wellington Golf Club Wentworth Golf Club Yeoval Golf Club 17 2 TOTAL FAR SOUTH COAST 13 CLUBS Adult Junior Bega RSL Golf Club Bermagui Golf Club Candelo Kameruka Golf Club 29 1 Catalina Country Club Eden Country Golf Club Mandeni Golf Club 16 Mollymook Golf Club Moruya Golf Club Narooma Golf Club Pambula-Merimbula Golf Club Tathra Beach Golf Club Tura Beach Country Club Tuross Head Country Club TOTAL HUNTER RIVER 16 CLUBS Adult Junior Aberdeen Golf Club Branxton Golf Club The Oaks Golf & Country Club Cypress Lakes Golf and Country Club Denman Golf Club 59 1 Dungog & District Golf Club Kurri Kurri Golf Club Easts Leisure & Golf (Maitland GC) Merriwa Golf Club 16 Murrurundi Golf Club 44 3 Muswellbrook Golf Club Paterson Golf Club Scone Golf Club Singleton Golf Club Stroud Golf Club 29 The Vintage Golf Club TOTAL Membership/Sponsorship

24 District Golf Associations Affiliated Club Membership Membership/Sponsorship ILLAWARRA 23 CLUBS Adult Junior Bowral Golf Club Callala RSL Country Golf Club Gerringong Golf Club Gibraltar Country Club Highlands Golf Club HMAS Creswell Golf Club Jamberoo Golf Club Kangaroo Valley Golf Club 80 Kiama Golf Club Moss Vale Golf Club Mount Broughton Golf & Country Nowra Golf Club Penrose Country Golf Club 12 Port Kembla Golf Club Russell Vale Golf Club Shoalhaven Ex-Servicemens Golf Club Shoalhaven Heads Golf Club St Georges Basin Golf Club Sussex Inlet Golf Club The Grange Golf Club The Links Shell Cove Vincentia Golf Club Wollongong Golf Club TOTAL LACHLAN VALLEY 14 CLUBS Adult Junior Bogan Gate Golf Club 16 Burcher Golf Club 6 1 Caragabal Country Club 10 Condobolin Golf Club 98 8 Forbes Golfers Association Grenfell Country Club 22 Lake Cargelligo Golf Club 25 3 Menindee Golf Club 5 1 Parkes Golf Club Peak Hill Golf Club 22 2 Rankins Springs Golf Club 6 Trundle Golf Club 60 Weethalle Country Club 3 Wilcannia Golf Club 12 TOTAL LOWER NORTH COAST 12 CLUBS Adult Junior Bulahdelah Golf Club Camden Haven Golf Club Coomba Park Golf & Country Club 20 Forster-Tuncurry Golf Club Gloucester Country Club Harrington Waters golf Club Krambach Golf Club 71 2 Port Macquarie Golf Club Tallwoods Golf Club Club Taree - Golf Wauchope Golf Club Wingham Golf Club TOTAL

25 District Golf Associations Affiliated Club Membership MID NORTH COAST 15 CLUBS Adult Junior Bellingen RSL Golf Club Bonville International Golf Club Bowraville Golf Club 85 5 Coffs Harbour Golf Club Crescent Head Country Club Dorrigo Memorial RSL Golf Club 43 2 Frederickton Golf Club Grafton Golf Club Kempsey Golf Club Macksville Golf Club Nambucca Heads Island Golf Club Sawtell Golf Club Woolgoolga Golf Club 262 South West Rocks Golf Club Urunga Golf & Sports Club TOTAL MURRAY 15 CLUBS Adult Junior Adelong Golf Club 12 Commercial Golf Resort Albury Batlow Golf Club 24 2 Corowa Golf Club Corryong Golf Club 31 1 Culcairn Golf Club 25 4 Holbrook Golf Club 50 7 Howlong Golf Club Jindera Country Golf Club 40 3 Khancoban Country Club 42 2 Rand Golf Club 6 Thurgoona Golf Club Tumbarumba Golf Club 32 Walwa Golf Club 30 3 Welaregang Golf Club 17 TOTAL NEW ENGLAND 10 CLUBS Adult Junior Armidale Golf Club Ashford Golf Club 15 Bundarra Golf Club 8 3 Deepwater Golf Club 10 2 Delungra Golf Club 16 Emmaville Golf Club 18 3 Glen Innes Golf Club Guyra Golf Club 82 5 Inverell Golf Club Tenterfield Golf Club TOTAL NEWCASTLE 17 CLUBS Adult Junior Belmont Golf Club Beresfield Golf Club Charlestown Golf Club Hawks Nest Golf Club Horizons Members Golf Club Karuah Golf Club Merewether Golf Club Muree Golf Club Nelson Bay Golf Club Newcastle Golf Club Pacific Dunes Golf Club 46 3 Shortland Waters Golf Club Sugar Valley Golf Club Tanilba Bay Golf Club The Palms Golf Club 67 1 Toronto Country Club Waratah Golf Club TOTAL Membership/Sponsorship

26 District Golf Associations Affiliated Club Membership Membership/Sponsorship NORTHERN RIVERS 17 CLUBS Adult Junior Bonalbo Golf Club 13 Ballina Golf Club Byron Bay Golf Club Casino Golf Club Coolangatta-Tweed Heads Golf Club Coraki Golf Club Iluka Golf Club Kyogle Golf Club 84 Lismore Golf Club Maclean Golf Club Mullumbimby Golf Club Murwillumbah Golf Club Ocean Shores Country Club Teven Golf Club 43 1 Twin Towns Services Men's Golf Club Woodburn-Evans Head Golf Club Yamba Golf and Country Club TOTAL NORTH WEST 8 CLUBS Adult Junior Bellata Golf Club 21 4 Bingara Sporting Club 41 3 Coonabarabran Golf Club Moree Golf Club Mungindi Golf Club 10 Narrabri Golf Club Warialda Golf Club 66 8 Wee Waa Golf Club 51 8 TOTAL RIVERINA 13 CLUBS Adult Junior Coolamon Golf Club 40 2 Ganmain Golf Club 3 Grong Grong Golf Club 5 2 Henty Golf Club 20 1 Junee Golf Club 57 1 Kapooka Golf Club 25 2 Leeton Golf Club Lockhart Golf Club 40 2 Narrandera Golf Club RAAF Wagga Golf Club 20 The Rock Golf Club 51 Wagga Wagga Country Club Wagga RSL GC TOTAL SOUTH WEST 15 CLUBS Adult Junior Ariah Park Golf Club 10 2 Bigga Golf Club 10 2 Binalong Golf Club 27 1 Boorowa Golf Club 30 5 Clover Leigh Golf Club 25 Cootamundra Country Club Gundagai District Services Golf Club Harden Country Club 73 4 Jugiong Golf Club 11 Talbingo Country Club 47 Temora Golf Club Tipperary Golf Club 23 1 Tumut Golf Club West Wyalong S & C Sports Club 64 Young Golf Club TOTAL

27 District Golf Associations Affiliated Club Membership WESTERN 21 CLUBS Adult Junior Albert Golf Club 17 1 Binnaway Golf Club 14 Darling River Golf Club 16 1 Brewarrina District Golf Club 26 Carinda Golf Club 8 Cobar Bowling and Golf Club Coolah Golf Club 24 1 Coonamble Golf Club 68 2 Dubbo Golf Club Dunedoo Golf Club 31 2 Gilgandra Golf Club 66 2 Gulargambone Golf Club 20 1 Lightning Ridge Golf Club 34 2 Mendooran Golf Club 16 1 Narromine Golf Club 90 2 Nyngan Golf Club 65 Tottenham Golf Club 38 2 Trangie Golf Club 36 Walgett District Sporting Club 51 Wanaaring Golf Club 6 1 Warren Golf Club 77 3 TOTAL WESTERN RIVERINA 12 CLUBS Adult Junior Berrigan Golf & Bowling Club 60 8 Colleambally Golf Club 32 8 Deniliquin Golf Club Finley Golf Club Goolgowi Golf Club 9 9 Griffith Golf Club Hay Golf Club 60 1 Jerilderie Golf Club 40 2 Lachlan River Sporting Club 19 1 Oaklands Golf Club 24 Tooleybuc Sporting Golf Club 60 3 Yenda Diggers Golf Club 34 3 TOTAL NSW TOTALS Adult Junior Metropolitan 87 Clubs 52,083 2,711 Country 293 Clubs 70,777 4,864 NSW TOTAL 380 Clubs 122,860 7,575 ASSOCIATED MEMBERS Fiji Golf Association Lord Howe Island Golf Club Norfolk Island Golf Club Port Vila Golf & Country Club Aust. Veterans Golfers Assoc. (NSW) 57 Membership/Sponsorship

28 Golf NSW Limited would like to thank the following golf clubs for hosting NSW State events during 2010 NSW Medal Championship and NSW Champion of Champions Newcastle / Muree NSW Amateur Championship The Royal Sydney NSW Senior Amateur Championship Port Macquarie NSW Mid Amateur Championship Gold Creek Country Club Par 3 Championship Penrith Par 3 Golf Course NSW Sand Greens Fourball Championship Coolamon NSW Foursomes Championship The Coast NSW Mixed Foursomes Championship Cabramatta NSW Family Bowl Mt Broughton Membership/Sponsorship 58

29 Sponsors Major Supporting Partners Business & Event Partners 18 Hole Club Members creating the perfect impression NSW Open Partners Membership/Sponsorship

30 Golf NSW Limited Sponsors cont. Other NSW Open Sponsors 2009 Membership/Sponsorship 60

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